Prime Minister Jacinda Ardern says she rejects the idea that somehow I am trying to bring a tax on capital gains from the back door.
In question on The AM show on Monday in connection with the rapid rise in house prices, Ardern said he was concerned that the heat in the housing market was making it difficult for first-time home buyers.
And she accepted the request for the Reserve Bank to consider unemployment in its decision-making, creating or exacerbating another problem.
Ardern said there were some things she would object to in comments made by Green Party co-chair Marama Davidson stuff last week.
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Davidson said the Labor Government had suggested that the Government could expand the Bright Line Test or tax asset wealth in another way to overcome the Arderns self-imposed moratorium on a capital gains tax.
This idea that I am somehow trying to bring a tax on capital gains from the back door, of course I reject, said Ardern.
Three attempts were made to bring in a tax on capital gains and we could not get the Zealanders on board.
The government will continue to look for ways to encourage and support first home buyers and to try and encourage people to invest in productive parts of the economy, Ardern said.
Former Prime Minister John Key, who is chairman of ANZ Bank New Zealand, said house prices were likely to stay strong enough. This was due to low interest rates, unemployment that was not as bad as expected and migration levels, he further said. The AM show.
Supplying new homes was the way to fix the problem, Key said, pointing to the experience in Christchurch where large amounts of land were made available for housing construction after the quake.
House prices did not move in Christchurch for a very long period of time, Key said.
The houses mostly do not sit down to sleep. So if they were built enough, eventually you fix the issue, much more than anything else.
Reserve Bank Governor Adrian Orr was facing a difficult problem. On the one hand he wants to lower interest rates, put money in banks, make sure they lend because he wants the economy to be fluid and is reluctant to do a good job of that, Key said.
But the problem is, he is in a world where all interest rates are low … it is not easy at the moment.
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