Source: New Zealand Labour Party – Press Release/Statement:

Headline: Australians move on offshore speculators

John Key might want to have a quiet word with Australian Prime Minister Tony Abbott about Canberra’s just-announced crack down on offshore speculators when he visits New Zealand this week, Labour’s Housing spokesperson Phil Twyford says.

“Tony Abbott’s centre right government has announced a tax on foreign buyers, a register of foreign land and property ownership, and tough penalties for those who break the rules, following on from the recommendations of a parliamentary inquiry.

“Contrast that with John Key’s government who deny offshore speculators are a problem, despite KPMG warning today that bankers believe foreign buyers are inflating property prices and putting the economy at risk.

“KPMG think offshore speculators are a problem. The bankers think they are a problem. The Australian Government clearly thinks they are a problem. The National Government is increasingly isolated on this issue.

“National needs to decide whether it is on the side of offshore property speculators, or on the side of young New Zealand first home buyers.”

Selwyn Manning, BCS (Hons.) MCS (Hons.) is an investigative political journalist with 23 years media experience. He specializes in reportage and analysis of socioeconomics, politics, foreign affairs, and security/intelligence issues. Selwyn has extensive experience as a commentator and has provided live political analysis to a wide range of television and radio organizations broadcasting in New Zealand, Australia and globally including the BBC (Five Live, London) and BBC (World Service). He is currently a correspondent to Australia's FiveAA radio, and is a regular live-on-air panelist on Radio New Zealand's The Panel with broadcaster Jim Mora.