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- By Christopher Luxon, Prime Minister and MP for Botany
I was recently overseas at APEC and the East Asia Summit building relationships with other world leaders and pushing New Zealand’s case as a great place to do business and trade with.
In New Zealand, one in four of our jobs are tied to trade, which is why it’s a key part of our plan to grow the economy, create jobs, lift wages, and provide more opportunities for all Kiwis.
During this visit it was great to see two Malaysian companies announce they’re investing in New Zealand.
Yinson Renewables announced plans to invest in a pipeline of energy projects worth 1 Gigawatt – that’s enough to power around 750,000 homes.
The company has been working with InvestNZ, an initiative set up by our Government, to bring this investment here.
YTL Corporation announced they’ve acquired the 225-room Hotel Indigo in Auckland in a $160 million deal. The agreement is the second-largest hotel transaction in New Zealand this year.
Both these announcements are a strong vote of confidence in our economy. While my team and I were hard at work promoting New Zealand overseas, Labour, the Greens, and Te Pāti Māori were dreaming up new ways to tax you.
Labour has announced a Capital Gains Tax which would impose a new tax on every piece of rental and commercial property.
It will hit businesses, savings, and investment which New Zealand needs for a growing economy.
Make no mistake, this is a broad tax and will impact most New Zealanders. If you have a Kiwisaver that invests in New Zealand businesses, you could face lower returns as your investments are hit by this tax.
If you’re flatting, your rent could rise because of this tax. And it may not stop there.
The Greens believe they can make [Labour Party leader] Chris Hipkins go even further, in the form of a wealth tax.
This could see most farmers and even pensioners face tens of thousands of dollars in extra taxes every year.
The contrast could not be clearer. National is working hard to grow the economy to make you and your family better off while Labour is focused on taxing you more.
