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CGT or asset sales? Which do you prefer?

Written By: - Date published: 7:24 am, July 14th, 2011 - 106 comments
Categories: capital gains, election 2011, privatisation - Tags:

Generally, no-one likes taxes, so Labour’s polling shows that Kiwis are surprisingly receptive to capital gains tax with 31% supporting CGT on its own merits to 43% opposed.

But head to head with National asset sales plan, the choice was clear: 55% prefer CGT vs 32% for privatisation. In a contest of economic plans, Labour wins hands down.

Even John Whitehead agrees. The just retired head of Treasury is the biggest name so far to come out in favour of Labour’s CGT, which he says has been carefully thought through and has major equity arguments in favour of it. He points out that Turkey is the only other OECD country that doesn’t tax capital gains.

National continues to flounder. English could manage yesterday was to scaremonger about the 35% debt ceiling, even though he can’t guarantee that his own policies won’t breach it because he has booked the revenue from asset sales but not the cost of lost dividends:

Hon David Cunliffe: Given that the Minister’s 2011 Budget has already booked the proceeds of those asset sales, for which he has just confirmed that he lacks a mandate, did his Government’s Budget 2011 Fiscal Strategy Report set the upper net debt ceiling at 35 percent, and what guarantee can he offer that his policies will not break this limit when his Budget does not properly account for the costs of his Government’s plan to sell public assets?

Hon BILL ENGLISH: The 35 percent ceiling is well above where we expect net debt to peak, which will be just under 30 percent. I think this will be more of an issue for the member. If he says he will use a capital gains tax to offset sales of assets, he cannot count the dividends, because they are still in the Budget now. He cannot add dividends from retaining State assets. They are still in the Budget.

Old Double Dipton up to his old tricks. Giving himself a lower debt projection by counting the proceeds from asset sales but not the ongoing cost of lost dividends.

Kiwis aren’t buying it though.

The polls show that disillusionment with National has been increasing for some time but Labour has been unable to capitalise and take voters away from them because it has not been seen as a credible alternative. CGT changes that. Today, we are going to see the guts of Labour’s economic policy. Every economic heavy-hitter is backing it, which will give great confidence to the public that it’s viable.

Now, it just comes down to a simple choice about this country’s future:

Do you want our strategic assets sold off to foreigners while some of the wealthy continue to avoid paying their fair share?

Or do you want us to own our future with a fair tax system that takes the burden off work and on to capital gains?

(Awesome image of the Cake Tin from Red Alert, photoshopped of course – as if a political party can afford that kind of advertising spend 🙂 – didn’t stop capital gains tax supporter Cameron Slater getting upset though).

106 comments on “CGT or asset sales? Which do you prefer?”

  1. Old Double Dipton up to his old tricks. Giving himself a lower debt projection by counting the proceeds from asset sales but not the ongoing cost of lost dividends.

    Can someone, anyone, defend Blinglish’s actions here?

    To me it is one of two things, either a sign of his utter incompetence in that he banked the sale proceeds but did not deduct the income flow from dividends OR it is extreme cynical manipulation of the system to present us with figures that dodgy you could use it as fish bait.

    Either way he should no longer be Minister of Finance.

    • Lanthanide 1.1

      It’s fraud.

      I’d like to see the Serious Fraud Office make a public statement about it.

    • mik e 1.2

      Borrowing Bill is one of the worst finance ministers this country has ever had . He has managed to get little more than 1% growth in our economy in %years in the job 98-99 -.3% 08,09 – 09,10 -10,11 less than 1% growth but in those years he has managed to borrow more every single year.

  2. sdm 2

    But if the proceeds from those asset sales are re-invested into capital, then the amount of capital owned by the taxpayer has not diminished.

    Personally, I think there are a number of assets that should be sold. Why, for example, does the government own Quotable Value and VTNZ

    • Blighty 2.1

      VTNZ was privatised in 1999.

      Why does the govt own Quotable Value?

      a) it’s a natural monopoly, which would give a private owner the power to charge monopoly prices

      b) it performs an important structural function – QV is the basis of our rating system – that must be above commercial influences. SOEs are required to consider the impacts of their actions on New Zealand society, private companies are not.

      • sdm 2.1.1

        Incorrect, many private valuation companies provide services to TLAs as to their rating valuations. QV does auckland city, and is the biggest player, but not the rest of the country.

        Its not a monopoly – why is it owned by the state

        • Akldnut 2.1.1.1

          It’s a monopoly in Auckland, err why would we sell a monopoly that we own only to pay more to a private owner? Shades of telecom.

        • Ed 2.1.1.2

          Having private firms provide services does not negate the responsibility of VTNZ for ensuring that valuations are free from commercial bias, and that valuations by any valuer (regardless of whether employed or a contractor) are suitably checked for validity.

          Proposing that values be set by private companies (presumably chosen and paid for by owners?) is similar to having private house inspectors replace council inspectors, or removing mine inspectors because companies can be trusted to look after safety . . .

          • sdm 2.1.1.2.1

            No its not. Rating valuations are done by marginal regression analysis. it is about taxation. to compare it with health and safety, or life and death, is wrong.

        • Ari 2.1.1.3

          Perhaps we own QV so we can set publicly acceptable standards for valuations, and thereby encourage any private businesses competing to live up to the same standards in their competition.

          In short: For the same sorts of reasons we own Kiwibank.

          • davidc 2.1.1.3.1

            Yeah we “own” Kiwibank but it uses GE Money for all its lending.

            Fail.

            • Colonial Viper 2.1.1.3.1.1

              Your fail is in understanding that all banks who operate in NZ are connected to wholesale money markets and source funds from offshore.

              Your next fail is understanding that the profits of the Australian banks are repatriated to Australia, and we get to keep the profits from KiwiBank in NZ.

            • Deadly_NZ 2.1.1.3.1.2

              Prove it!! or shut up.

  3. logie97 3

    Is Joky Hen a new “unacceptable face of capitalism”?
    Can we expect a book out anyday (published under a pseudonym of course)
    on how to beat the tax.
    Fancy a person in a leadership position suggesting to Kiwi Mums and Dads all the ruses to avoid paying a CGT. But then he would know after all – and begs the question just how many other tax avoidance ruses might have been used to avoid rendering unto Caesar that which…

  4. It shouldn’t be an either/or question. We can have neither or either or both. And bits of any mix.

    • Help, help.  Peter Dunne is posting under the name Secret Squirrel and is engaging in the stating of the bleedingly obvious.
       
      Explain this SS.
       
      The budget only balanced because the Government put the $6b from sale proceeds into it.  Labour wants to keep the power company shares.  It has to find $6 billion.  It can do this by borrowing this amount and then having a new tax introduced to pay for interest and capital repayments as time goes by.
       
      Address the specifics rather than stating the bleedingly obvious.
       

      • higherstandard 4.1.1

        Mickey what’s the interest on $6 billion at government borrowing rates ?

      • Are you too excited to think this morning? Are you Phil Goff blaspheming under the name of mickysavage?

        Now, it just comes down to a simple choice about this country’s future:

        Do you want our strategic assets sold off to foreigners while some of the wealthy continue to avoid paying their fair share?

        Or do you want us to own our future with a fair tax system that takes the burden off work and on to capital gains?

        It isn’t a simple choice on two completely different types of policy.

        National are proposing a watered down partial asset sale program involving a handful of state assets.

        From what has been leaked Labour is proposing a watered down CGT with exemptions for it’s targeted demographic.

        There’s a hell of a lot more important things than either of those pet voter pandering policies.

        • mickysavage 4.1.2.1

          National are proposing a watered down partial asset sale program involving a handful of state assets.
           
          No they are planning selling $6 b of assets in a strategically vital area that return 17% to pay off debt interest on which is 5%.  There is nothing watered down about that.
           
          There’s a hell of a lot more important things than either of those pet voter pandering policies.
           
          Like what?  Who smiles and waves best?
           
          Selling a significant interest in our power companies to overseas interests is not a trivial matter.
           
           
           
           
           
           
           
           

    • Lanthanide 4.2

      “It shouldn’t be an either/or question. We can have neither or either or both. And bits of any mix.”

      After the election either National will be in power and will sell state assets, or Labour will be in power and enact CGT.

      Choose one.

      If you don’t like it, start your own political party and propose something else.

      • There’s a lot more to choose from than one policy over another. Labour seems to want to put all it’s money on CGT, but asset sales are a sideline pander for National.

        And what if National, or Labour, get the most seats and have to form a coalition with, say, the Maori Party who will only agree to a coalition if neither are done?

        • Lanthanide 4.2.1.1

          “but asset sales are a sideline pander for National”

          No, asset sales are not a sideline pander for National. Apparently you’ve been under a rock and haven’t noticed them talking up “kiwi mums and dads” buying into these assets.

          “And what if National, or Labour, get the most seats and have to form a coalition with, say, the Maori Party who will only agree to a coalition if neither are done?”

          Then if worst comes to worst, no government is formed and we have a new election. But raising a theoretical outcome such as this (where has the MP said they would not form a coalition with either party based on these policies?) doesn’t actually detract from the point of the question: the major parties are proposing different policies, choose the one you like best.

          You might be a Kiwi Party voter, that doesn’t mean you can’t choose between CGT and privatisation even if the KP stands for neither.

          Put it another way: if you are FORCED to have either of the outcomes, what would you prefer?

          • Secret Squirrel 4.2.1.1.1

            I’d look at the whole policy package plus personnel and make a judgement on that.

            I’m dubious about the benefits of partial asset sales but a lot worse things could happen.
            I’m dubious about a CGT that picks and chooses too many groups via exemptions.

            I don’t think either will affect me much, but I think both are being driven for the wrong reasons.

            I’d base my decision on much more than either of these two vote orientated policies.

            • Lanthanide 4.2.1.1.1.1

              “I’d look at the whole policy package plus personnel and make a judgement on that.”

              They’re not asking who you’re going to vote for, they’re asking, if you have to choose one of the policies, which you’d prefer.

              If they were asking who you were going to vote for, the question would be “Who are you going to vote for”, not “which do you prefer: CGT or privatization”, which is the question they actually asked.

              • That’s the question asked here. On the surface.

                You don’t think the whole angle is Natonal=Assets versus Labour=CGT?

                • Lanthanide

                  Given that the polls strongly indicate that National are more preferred over Labour, no, I don’t believe that the people who answered the question interpreted it as Nat = asset sales and Labour = CGT, because if they had, we would expect to see asset sales as more preferred.

                  I think the people answering the question answered it as asked – which of the two policies would you prefer.

                  Note that the Greens have had a CGT policy for a long time, and I believe that Mana does also. Someone who prefers CGT over asset sales may not be a Labour voter.

  5. Herodotus 5

    As someone who supports the concept I am already taken back by these comments, and I bet that the 31% polled were not aware of Labs lolly scramble of exceptions already being touted.
    “Labour will exempt the first $250,000 in gains from the sale of small business assets to protect those who have invested in their enterprises as a means of saving for their retirement.” So why is not every NZer treated equally. I would love to have my retirement savings also have $250k tax free subsidy, giving me an additional $37.5k tax savings over everyone else.
    http://www.nzherald.co.nz/nz/news/article.cfm?c_id=1&objectid=10738345
    “A panel of tax experts will be invited to resolve the complex issues involved in constructing a viable and loophole-free capital gains tax. ” So there was not a well thought out policy so how can we support a policy with no details – do we trust politicans that much? remember 84 or 91 !!!
    So how can the likes of “Even John Whitehead agrees. The just retired head of Treasury is the biggest name so far to come out in favour of Labour’s CGT” come out in supprt when there are no details just a concept!!!!
    Unfortunately the details or should I say the lack of could stall this policy.

    • davidc 5.1

      Key and co will slaughter Labour over this lack of detail. Goff will have estimated tax takes based on assumptions with all the detail of the policy missing. Impossile to defend.

      • r0b 5.1.1

        You’re comfortable defending the Nats booking the profit for asset sales, without accounting for the lost income stream?  Is that the level of your bar for credible economic performance?

      • Blighty 5.1.2

        who says the detail of the policy is missing? We’ve seen heaps of detail so far.

        Of course mere operational details will worked out by IRD, they always are. But the policy choices are for the politicians and it seems like Labour has sorted them.

      • Zaphod Beeblebrox 5.1.3

        So a short term dumb policy (asset sales to Australian Super Funds) is better because its easier to explain?

        CGT is not being proposed because it will be popular or easy to explain.

        • Secret Squirrel 5.1.3.1

          Then why try to simplistically frame it as “CGT or asset sales? Which do you prefer?”

          • Lanthanide 5.1.3.1.1

            See 4.2.

          • bbfloyd 5.1.3.1.2

            ss, the question as framed is utterly clear. the choice is stark. what is really going on in that mind of yours?

            if you have a compulsion to wallow in minutiae, then go for it, but posing obviously simplistic questions that have self evident answers is exposing flaws in either your intellect, or emotional balance.

            or are you just being contrary because you can?

            • Lanthanide 5.1.3.1.2.1

              I’ve often argued pedantically over minutia.

              But I honestly don’t think there’s any reasonable argument that can be made in this case.

      • mik e 5.1.4

        So read my lips John Key no new tax.s .What about the loss of 17.6% of dividends loss on the asset sale no mention where thats coming from .Borrowing bill will just borrow more and sell more while the economy stagnates.

    • Colonial Viper 5.2

      Gotta agree with Herod, the more exemptions the more loopholes for the big players to exploit.

      • Chris 5.2.1

        Yeah I agree as well. I am for a capital gains tax but it needs to be as simple as possible it is the only way to close loopholes, which is the main benefit of the tax.

  6. vto 6

    Hey Bill English..

    Can I have some of that shit whereby you get to sell a business and yet keep the ongoing income stream from that business?

  7. vto 7

    If the assets are no good and not worth owning then why would some other person want to own them?

    If the assets are good and well worth owning and will be snapped up by investors then why would we sell them?

    • Draco T Bastard 7.1

      If we had politicians that were doing the best for the country that they can then they wouldn’t. But we don’t have those in government ATM. The government is pandering to its base – rich, foreign investors.

  8. Tangled up in blue 8

    CGT or asset sales? Which do you prefer?

    I much prefer a CGT but think it’s a somewhat misleading question as asset sales provides money the Govt. needs immediately and a CGT doesn’t. Many commentators are backing a CGT not because it’s a big money earner but because it’s a way to reallocate capital to more productive areas.

    Perhaps the question should be ‘Reverse top tax cuts or asset sales? Which do you prefer?’.

    • Lanthanide 8.1

      It’s asking people to compare the two major planks of economic/election policy so far released by the two largest parties.

    • Draco T Bastard 8.2

      …as asset sales provides money the Govt. needs immediately…

      No it doesn’t. The government can borrow the money or, even better, just print it and then increase taxes to cover the added money.

      • Tangled up in blue 8.2.1

        How doesn’t the Govt. not receive money from asset sales straight away?

        • Draco T Bastard 8.2.1.1

          Well, I suppose I should have been clearer. It’s not the only way a government could raise cash immediately and, considering that it leaves the government books worse off in the long run resulting in more borrowing later it’s not the best option either.

  9. queenstfarmer 9

    55% prefer CGT vs 32% for privatisation

    Well then it’s good to know that the Govt isn’t planning to privatise any state assets.

    • Blighty 9.1

      right. Are you saying that because National calls their privatisation scheme “mixed ownership”?

      Well, sorry to disappoint you, but even Key forgets his lines and says the P word sometimes, like on Tuesday:

      Rt Hon JOHN KEY: I do dispute that, and I do that on the basis of a report by Pattrick Smellie, which goes on to say: “One of the least defensible criticisms of the Key Government’s partial privatisation plans…”

      • queenstfarmer 9.1.1

        That’s right, partial privatisation != privatisation. I won the debate on this the other day.

        [note != means “not equal to”, I reckon it should be popularised as useful shorthand]

        • Lanthanide 9.1.1.1

          Partial privatisation is clearly a subset, or type, of privatisation. You can tell by the way it has “privatisation” in it.

          Much that same as a “plasma television” is still a television, “partial privatisation” is still privatisation.

          • queenstfarmer 9.1.1.1.1

            Yes, but that doesn’t apply to a verb such as privatise.

            For example, you wouldn’t described a house as “completed”, if in fact it was only “partially (ie 49%) completed”, or would you?

        • Blighty 9.1.1.2

          so when your girlfriend says she’s ‘a little bit pregnant’, it’s not the real thing?

        • Draco T Bastard 9.1.1.3

          No you didn’t, people just started ignoring your delusional ravings.

  10. DeeDub 10

    Well, we’re left in no doubt as to what Mike Hosking thinks.

    http://www.newstalkzb.co.nz/newsdetail1.asp?storyid=200442

    What a misspelled 10th century Danish king!

    • queenstfarmer 10.1

      I’m in some doubt, but only because he seemed quite in favour of CGT the other day.

  11. Matthew Hooton 11

    Where do I tick “I want both”?

    • You want everything!
       
      Any thoughts Matthew on Blinglish giving himself a lower debt projection by counting the proceeds from asset sales but not the ongoing cost of lost dividends?
       
       

    • Chris 11.2

      Haha yeah me too.

      • Blighty 11.2.1

        Well. If you vote Labour, you’ll get a CGT and there’s always the possibility of asset sales when National next gets in.

        If Labour loses, you’ll get asset sales but CGT will be a dead duck, and you’ll never see a major party implement it.

        So, vote Labour if you want both – it’s the option with the maximum probability that you’ll get both..

    • millsy 11.3

      So what have the Chinese promised you for helping them get their filthy hands on OUR hydro dams and coal mines?

      A place in our Vichy government perhaps?

    • mikesh 11.4

      Easy for me. I just don’t tick either.

  12. tsmithfield 12

    For all the talk on this site about how popular the CGT will be, it seems that the overseas experience is that people hate them and that governments are starting to withdraw from them.

    From the digital version of The Press (quoted in full here since a link won’t go through unless you are paid up with “the Press”):

    Capital gains tax ‘unpopular’ overseas

    Capital gains taxes are unpopular overseas and governments are being pressured to reduce them, a tax expert says.
    Aaron Quintal, tax partner at Ernst & Young, says a capital gains tax has been in place in Australia since 1986 covering not only property but the sale of businesses, shares and other investments.
    ‘‘There’s kind of a New Zealand mindset that it’s a human right to be able to make a capital gain and not pay tax on it, which the rest of the world doesn’t really share.’’
    However, Australia had softened its capital gains tax, with many exceptions and concessions for people not considered traders.
    Those who had owned an asset longer than 12 months only paid their personal tax rate on half their gain rather than the full amount, Quintal said.
    Other countries were also under pressure to reduce capital gains tax or increase exceptions.
    ‘‘It’s more of an unpopular tax.’’
    Ernst & Young also estimated that the tax take from a capital gains tax would be much lower than the $4.5 billion suggested by the Tax Working Group. It estimated that the annual revenue was $675 million, because the working group had based its figures on a more comprehensive tax base, including farms and businesses, and used marginal tax rates instead of the 15 per cent purportedly being proposed.
    ‘‘And that’s if everyone sells their properties,’’ Quintal added

    • Draco T Bastard 12.1

      tsmithfield states the bleeding obvious – that people don’t like taxes – and then tries to use that as an argument against a necessary tax.

  13. Question:
     
    Who said “[t]he right thing to do would be to have a comprehensive capital gains tax”?

    • It doesn’t sound like it’s going to be Phil Goff.

      I hope it’s not as full of exemptions as reports suggests, with distortions like 15% CGT (for those that can’t escape the holes) alongside raising the top tax rate even further away from that.

    • Tangled up in blue 13.2

      I’m hoping for a CGT that’s more than just electioneering from Labour.

      So applied somewhat retrospectively and close to 30% on most capital gains.

      • Lanthanide 13.2.1

        I’m sure Labour will refrain from electioneering if National does too.

        That means selling 100% state ownership in the power companies, Air NZ and Kiwibank, instead of just the 49% stakes they’re doing now purely for electioneering purposes.

        What’s good for the goose is good for the gander.

    • queenstfarmer 13.3

      If Blingish said it, could it signal a strategic shifting in National’s stance?

    • freedom 13.4

      but if Bill thinks its the right thing to do and he has been making all these terrible decisions lately does that mean it is a mistake to implement a CGT? A person could go nuts trying to understand that man.

    • Draco T Bastard 13.5

      Answer here

  14. johnm 14

    No Asset Sales and a CGT.(No way is it an either or) However with CGT it’s all a bit late.A CGT should have been operating 12 years ago.It’s now too late to remedy the speculative windfalls 200,000 kiwis have themselves bid into existence(Some of whom have 5,6,7 Houses in addition to their own homes,Surely the very definition of GREED?!) with the collusion of government and the banks and too late to remedy the unaffordability of buying their first family home for most young kiwis-: GREED triumphs again over social equity and fairness.

    • Treetop 14.1

      At least if you own more than the home you live in, you have time to sell the other houses before the GGT is implemented. I don’t know if savings in the bank are to be included in the GGT?

      If power assests are sold a person is unable to avoid this loss occurring as the seller is the government and not an individual.

      • mikesh 14.1.1

        Aristotl told us 2500 years ago that there can never be a capital gain with money. 1000 drachmata will always be worth 1000 drachmata.

  15. randal 15

    ha ha hooton. I want both too!

  16. randal 16

    sock it to ’em. if ya give the proletariat money in this country they just waste it on toys and hardly davisons and leaf blowers and trips to places they never knew existed before until the travel agent blew them a kiss.

  17. swordfish 17

    But hang on a minute, Eddie. That nice Mr Key has assured us that, if we adopt CGT, we’ll almost certainly all be murdered in our beds. I, for one, believe he’s sincere.

  18. Chris 18

    [deleted]

    [lprent. Chris has been persistently violating the ban. He is now permanent spam. ]

    • Kaplan 18.1

      This just in.
      Boy Racers against car crushing law.
      Pub owners against tighter liquor laws.
      Large corporation against capital gains tax.

  19. Bored 19

    Myself I reckon that there will be few capital gains to tax, the world is heading first for extreme deflation with a lack of liquidity…fewer transactions at lower prices, so no capital gains. That is likely to be followed by massive money prints etc, inflation of the money supply diluting real value, so as prices shoot up any capital gains be worth bugger all in real terms.

    CGT is a good idea, it should have been here years ago, now its far too late.

    • Colonial Viper 19.1

      Bored, in your scenario its even more important that we keep our hard assets. Oh, and buy gold.

    • mikesh 19.2

      Yeah. That’s about the only thing I can think of in favour of a CGT. Nobody will ever have to pay it.

  20. The Gormless Fool formerly known as Oleolebiscuitbarrell 20

    “CGT or asset sales? Which do you prefer?”

    Only your tax won’t raise any money.

    • lprent 20.1

      Nor will asset sales over the long term – it will cost revenue. Or haven’t you bothered to read what the loss in dividends will be for the government?

      It is just another typical National short-term fix whilst avoiding the longer term issues. Just like I’ve seen from every National government since I started voting. Borrow and hope. Sell and hope. Do fuck all because they reflect their mayfly voters.

  21. chris73 21

    How about a third option: More mining

    • davidc 21.1

      Ok now I want all 3 options!

      Its weird but with a CGT I will actually pay less tax! yippeee! and I can own passive rentals again! yippee!

      • Colonial Viper 21.1.1

        Actually we need a viable landlord class to provide quality rental housing to the community.

        No need to say thanks, mate, just enjoy.

        • mikesh 21.1.1.1

          Amen to that. There are too operators making no profits and therefore paying no income tax. That’s the problem we should really be addressing. CGT is just a bandaid. And besides it hits profit making landlords as well as the non profit making ones.

  22. tc 22

    You NACT sycophants and rwnj’s need to get out more…….hear that, it’s the sound of your spin losing traction and the electorate waking up to the reality you have no plan just the same old slash n burn and sell us out to foreign interests.

    Pike rivers a sad reminder as to the impact of the rights belief that the market solves all…..last time I looked it only made the rich and powerful more so.

    • davidc 22.1

      tc, your Mesiah promised a tax policy to counter the partial asset proposed by the Govt and has instead put forward a mixed bag of over complicated bullshit that doesnt earn anything for the next 10 years. Roll on November your lads are going to get hammered if this is the best you can do.

      As for the Pike River mine, I am in favour of hanging for level of incompetence. and for the guy at LWR too.

      • Colonial Viper 22.1.1

        davidc, Labour is not looking at this year or next year to balance the budget. Over a decade, the CGT will bring in many billions of dollars of revenue, directly and indirectly.

    • mikesh 22.2

      Actually I’m a strong supporter of the Labour/Green ticket. But I don’t have to agree with everything they propose, and I think I have been one of the more vociferous opponents of CGT on this website.
      It may be termed a “gamechanger” but it’s a pretty feeble excuse for a plan.

  23. Reality Bytes 23

    If Do-nothing Dunster was Do ing his job properly this wouldn’t be an issue in the first place.

    Apparently we already have CGT. So why are the current team in power bitching about it?

    The buck stops with our revenue minister.

    Mr Dunne, care to comment?

  24. Drakula 24

    The way I see it selling our assets, especially our power producers is about as stupid as a person selling their fishing rod to buy fish!!!!

    With regards to CGT I think that there should be exemptions to our 1st home but I see the more exemptions, the more loop-holes. The legislation here will have to be absolutely water tight.

  25. NickC 25

    I quite like both.

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    3 hours ago
  • Boost in Whānau Ora funding to keep changing lives
    Whānau throughout New Zealand are set to benefit from an extra three million dollars that will go directly to Whānau Ora Commissioning Agencies, the Minister for Whānau Ora Peeni Henare announced today.  Including previous funding boosts, the Agencies will now receive $87 million this year between them.  In Budget 2019 ...
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    7 hours ago
  • More people getting into work
    The December quarter benefit numbers released today show the Government’s plan to get people off the benefit and into work is starting to pay off,” Social Development Minister Carmel Sepuloni said.   “Nearly 19,000 people cancelled their benefit and went into work in the last few months of the year – ...
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    8 hours ago
  • Wairoa gets up to $6.1m to rebuild heart of CBD
    The Provincial Growth Fund (PGF) is investing up to $6.1 million to revitalise business and tourism opportunities in Wairoa, Parliamentary Under-Secretary for Regional Economic Development Fletcher Tabuteau announced today. The PGF is funding: Up to $4.8 million for the Wairoa Integrated Business and Tourism Facility Up to $960,000 for the ...
    BeehiveBy beehive.govt.nz
    1 day ago
  • Major Events support for creative and cultural events
    Creative and cultural events that highlight New Zealand’s diverse culture and build national pride are set to get a funding boost through the Major Events Fund, Economic Development Minister Phil Twyford said today. The new Creative and Cultural Events Incubator, which is funded through the Major Events Fund, will open ...
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    1 day ago
  • Classroom internet in hundreds of schools to get a boost
    The Government has begun a massive IT upgrade to provide more seamless internet access to 200 schools around the country. Te Mana Tūhono – Technology in Schools work programme will launch with a pilot of 10 smaller state schools early this year. IT equipment that gives students access to the ...
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    1 day ago
  • Construction workforce, apprenticeships hit record highs
    Working with industry and committing to rebuild New Zealand’s infrastructure has produced a record high number of Kiwis working in the construction industry and learning trades, says Minister for Building and Construction Jenny Salesa. New figures available today from the Ministry of Business, Innovation and Employment and the Tertiary Education ...
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    1 day ago
  • NZ concludes digital economy trade talks with Singapore and Chile
    A new trade agreement concluded today helps New Zealand exporters and consumers take advantage of opportunities from digital trade.    Minister for Trade and Export Growth David Parker together with Chile’s Vice Minister of Trade Rodrigo Yañez and Singapore’s Minister of Trade and Industry Chan Chun Sing, have announced conclusion of ...
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    2 days ago
  • Provincial Growth Fund to fund Waipukurau cultural development and tourism
    The Ngā Ara Tipuna -  Waipukurau Pā Site Interpretation project will receive $2.798 million from the Provincial Growth Fund to create an authentic cultural tourism experience, Under-Secretary for Regional Economic Development Fletcher Tabuteau announced today “The project will inform visitors about the history of six pā sites in Waipukurau with a combination ...
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    2 days ago
  • 21 new judges boost diversity, improve access to justice
    Twenty-one new District Court judges have been appointed in a move that will improve access to justice and boost diversity on the bench. The new judges include replacements for retirements and 10 new positions. Attorney-General David Parker today announced the 14 judges who can immediately be named, with the remainder ...
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    2 days ago
  • Puhinui to Auckland Airport in 10 minutes
    Aucklanders are another step closer to getting rapid transit to the airport, with the start of construction to upgrade State Highway 20B to the airport, Transport Minister Phil Twyford announced today. SH20B will be upgraded with additional lanes in each direction, dedicated to bus and high-occupancy vehicles between Pukaki Creek ...
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    2 days ago
  • Advancing New Zealand’s trade agenda focus of Europe meetings
    World Trade Organisation reform, agricultural trade and a free trade agreement with the United Kingdom will be the focus of Minister for Trade and Export Growth David Parker’s visit to Europe this week. David Parker leaves on Tuesday for a series of meetings in the UK and Switzerland that aim ...
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    3 days ago
  • Minister of Defence to visit counterparts in US and Canada
    The Minister of Defence, Ron Mark, departed today for the United States and Canada where he will meet with his counterparts.  While in Canada Minister Mark will meet with his counterpart, Minister of National Defence Harjit Sajjan.  “New Zealand and Canada are close friends, and share an instinctive like-mindedness on ...
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    3 days ago
  • Government to deliver family carers $2000 pay rise, expand scheme to spouses this year
    The Coalition Government is delivering this year the changes to Funded Family Care the disability sector has long-asked for, says Associate Minister of Health Jenny Salesa. “Today we are announcing the details of our big changes to Funded Family Care, including an annual average pay boost of $2,246.40 for funded ...
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    4 days ago
  • Ko te reo kua mū: Piri Sciascia
    Minister for Māori Development Nanaia Mahuta joins te ao Māori in their sorrow as they learn of the loss of one of the great orators and spokespersons of a generation – Piri Sciascia.  “The son of Pōrangahau was a staunch advocate for Māori development and served his people for over ...
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    5 days ago
  • Minister opens new ecosanctuary at Cape Farewell
    A new ecosanctuary with a predator proof fence on Golden Bay’s Cape Farewell, which will restore a safe home for sea birds, rare native plants, giant snails, and geckos, was officially opened today by the Minister of Conservation Eugenie Sage. “There has been a fantastic community effort supported by the ...
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    5 days ago
  • Pacific partners work together to provide additional support to Australia
    The NZDF continues to support the Australian Defence Force (ADF) as it battles fires in Victoria and New South Wales, including by transporting Republic of Fiji Military engineers from Nadi to Australia, announced Defence Minister Ron Mark. On Saturday morning a NZDF Boeing 757 will depart New Zealand to uplift ...
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    6 days ago
  • Kaikōura $10.88 million boost in tourism & business
    The Provincial Growth Fund (PGF) is investing $10.88 million to boost business and tourism opportunities in Kaikōura, Parliamentary Undersecretary for Regional Economic Development, Fletcher Tabuteau announced today. As part of the Kaikōura Marina Development Programme, the following two projects will receive PGF funding: A $9.88 million investment to begin the ...
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    6 days ago
  • Govt accounts in surplus, debt remains low
    The Government’s books are in good shape with the accounts in surplus and expenses close to forecast, Finance Minister Grant Robertson says. The Treasury today released the Crown accounts for the five months to November. The operating balance before gains and losses (OBEGAL) was above forecast by $0.7 billion resulting ...
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    6 days ago
  • Auckland focus for first Police graduation of 2020
    The number of Police on the Auckland frontline is increasing with the graduation today of a special locally-trained wing of new constables. Police Minister Stuart Nash says the graduation of eighteen officers from Recruit Wing 333-5 means that more than 1900 new Police have been deployed since the Coalition Government ...
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    1 week ago
  • Wairarapa gets $7.11m PGF water boost
    The Provincial Growth Fund is putting $7.11 million into creating a sustainable water supply for Wairarapa, Parliamentary Under-Secretary for Regional Economic Development Fletcher Tabuteau announced today. The following two projects will receive Provincial Growth Fund (PGF) funding: A $7 million investment in Wairarapa Water Limited for the pre-construction development of ...
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    1 week ago
  • Progress with new Police station in Mahia
    Community safety and crime prevention in the East Coast community of Mahia has moved forward with the opening of a new Police station to serve the growing coastal settlement. Police Minister Stuart Nash has officially opened the new station, which was relocated almost 20 kilometres along the coast from the nearby ...
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    1 week ago
  • Plans to protect the future of whitebaiting announced
    With several native whitebait species in decline the Minister of Conservation Eugenie Sage has today released proposals to standardise and improve management of whitebait across New Zealand. “The need for action for a healthy whitebait fishery has never been greater,” Eugenie Sage said.  “Four of the six whitebait species are ...
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    1 week ago
  • New resource for schools to increase awareness and understanding of climate change
    A new Ministry of Education resource available for schools in 2020 will increase awareness and understanding of climate change, Education Minister Chris Hipkins said today. “The resource, Climate Change – prepare today, live well tomorrow, will help students understand the effects of climate change at a local, national and global ...
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    2 weeks ago
  • Getting more out of our most productive firms
    Finance Minister Grant Robertson has approved the terms of reference for an Inquiry into the economic contribution of New Zealand's frontier firms. Frontier firms are the most productive firms in the domestic economy within their own industry. “These firms are important as they diffuse new technologies and business practices into ...
    BeehiveBy beehive.govt.nz
    2 weeks ago
  • NZDF sends more support to Australia
    The New Zealand Defence Force (NZDF) is sending an Environmental Health Team, a Primary Health Care Team and a Chaplain to Australia, boosting New Zealand support for the Australian Defence Force (ADF) as it battles bush fires in Victoria and New South Wales, Defence Minister Ron Mark announced today. The ...
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    2 weeks ago
  • New Zealand joins partners in calling for full investigation into air crash in Iran
    Acting Prime Minister and Minister of Foreign Affairs Rt Hon Winston Peters says that developments suggesting a surface-to-air missile is responsible for the downing of the Ukrainian International Airlines flight in Iran is disastrous news. “New Zealand offers its deepest sympathies to the families of the 176 victims. It is ...
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    2 weeks ago
  • Staying connected to Australian agriculture
    Agriculture Minister, Damien O’Connor, says the Ministry for Primary Industries is continuing to stay connected to federal authorities in Australia as devastating fires affect the country.  “The Ministry is using an existing trans-Tasman forum for discussions on the agricultural impact of the fires and the future recovery phase,” says Damien ...
    BeehiveBy beehive.govt.nz
    2 weeks ago
  • Investment in schools – a commitment to communities
    Thousands of school-age children, their teachers and wider communities are benefiting from the Government’s multi-million dollar investment upgrading and renewing schools, Education Minister Chris Hipkins said today. “We want New Zealand to be the best place to be a child and that means learning in warm, comfortable and modern classrooms,” ...
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    2 weeks ago
  • New Zealand Defence Force sends support to Australia
    Minister of Defence Ron Mark today announced New Zealand is sending three Royal New Zealand Air Force NH90 helicopters and crew, and two NZ Army Combat Engineer Sections as well as a command element to support the Australian Defence Force efforts in tackling the Australian fires.  The New Zealand Defence Force ...
    BeehiveBy beehive.govt.nz
    3 weeks ago
  • Better access to books for blind and low vision citizens on World Braille Day
    "Today is World Braille Day and I am delighted to announce that an international treaty giving blind and low vision New Zealanders access to books and literary works comes into force today,” Minister for Disability Issues Carmel Sepuloni announced today. “Today the Marrakesh Treaty and the associated amendments to the ...
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    3 weeks ago