The Overseas Investment Office approved 72 farm sales to foreigners in the 18 months to June, while two were declined, figures released by Finance Minister Bill English's office show.
English released the figures in reply to Written Parliamentary Questions from Labour Party economic development spokesman David Parker. See the monthly break down of sales numbers here.
The figures also included a monthly breakdown of OIO-approved farm sales in the 24 months between January 2007 and December 2008, showing 74 sales in that period. Figures for sales approved through 2009 were not given.
The government tightened overseas investment rules from the start of this year, giving Ministers more power to deny applications on grounds of character and economic interest. The new rules applied to applications made from 2011, with applications made before that, such as Natural Dairy's failed bid to buy the 16 Crafar Farms, were subject to less stringent rules.
Labour has proposed even tighter overseas investment rules than those currently in place. See its policy here.
Further figures supplied by English show only two applications to the Overseas Investment Office for farms were turned down in the 18 months to June - both in 2010. See the breakdown here.
More soon.
7 Comments
oh no! And hopefully not to those horrible terrible Chinese people! Ew! Thanks for pandering to your readers, i.c.nz.
Now if you guys were sort of like the afr you would do some actual analysis: How does this compare to Australia and other developed countries on a per capita basis? What is the net inflow - ie, what level of farms are being sold off by foreigners? When foreigners sell do they sell to other foreigners or back to kiwis, and do they do so at a loss or capital gain?
These guys are asleep at the wheel, this is the perfect example of why Capital gains tax is needed.
Instead these guys bring in no capital controls, no CGT, just nothing, they are once again too scarred to do anything in case it might annoy someone.
Their excessive borrowing, caused by their excessive tax cutting, has lead to a high dollar ruining exporters, now they try to blame on the US dollar.
The world economic situation has changed dramatically over the last 4 years with record low interest rates everywhere, yet these guys just can't seem to get with the program and realise unless they take some action, this country will be in higher debt, than the already very high debt state it's in.
If Bill English can't do the job (and I don't think he can) they need to replace him quickly with someone who can.
I'll say it again, it makes no difference who is in control, red , blue or purple. The outcome is the same, lies , spin & more debt. BE is no finance minister anymore than JK is a PM or his cabinet & himself are capable of managing their portfolios. How long will it take for people to accept that we have been played , and will continually be played , until such time as this is accepted as not being good enough & folk get of their arse and contribute in some way.
We welcome your comments below. If you are not already registered, please register to comment.
Remember we welcome robust, respectful and insightful debate. We don't welcome abusive or defamatory comments and will de-register those repeatedly making such comments. Our current comment policy is here.