web analytics

Listen to Nick Smith trying to defend fudged foreign ownership data

Written By: - Date published: 10:30 am, August 2nd, 2016 - 22 comments
Categories: housing, national, useless - Tags: , , , , ,

The Nats are peddling dodgy statistics again – 3 per cent of NZ house buyers officially from overseas. Note “officially” not “actually”. As for last quarter the current figures are well fudged, and the real rate of foreign ownership could be anywhere between 3 and 48 percent. Labour points out some of the major problems – National continues to mislead with selective foreign buyers data

“National has removed the ability for corporations and trusts to be identified as foreign so has skewed the data from the start. They have also counted foreign students and temporary workers who don’t intend to stay in the country or live in the home they’ve bought as New Zealanders.

“Both these groups would be excluded from buying existing properties under Labour’s policy to ban non-resident foreign buyers.

“The Land Information data shows 2,300 properties were bought by non-residents in the last three months. A further 5,700 were bought by people here on temporary visas who did not intend to occupy the property.

“That’s 8000 houses sold to foreign buyers in the past three months – 13 per cent of total sales and four times the number the Government is claiming.

“National also continues to fudge the data by counting any property bought via a corporation or trust as a domestic sale. This is demonstrably misleading.

“Since the initial foreign data was released all New Zealand’s major banks have stopped lending to foreign buyers. They accept what National refuses to – that foreign buyers are a significant presence in housing market.

Anyone who believes the Nats’ figures needs to listen yesterday’s interview – Grant Robertson and Duncan Garner ask – Why won’t Nick Smith answer this one simple question? Excellent work from Garner.

22 comments on “Listen to Nick Smith trying to defend fudged foreign ownership data ”

  1. Enough is Enough 1

    He would have been better off counting the number of buyers who have Chinese sounding names.

  2. Draco T Bastard 2

    As I say: National has to lie because reality never matches what they say their ideology will bring about.

  3. Sabine 3

    this image says it best.

  4. Wensleydale 4

    Statistics are wonderfully malleable things, aren’t they?

    “Plagued by an inconvenient political reality? Haemorrhaging public trust like a stuck pig? Embarrassed by your own blindingly apparent incompetence? Running in circles like a fox terrier with a firecracker tied to its tail? Don’t know what the fuck to do?! Make shit up. Just make that crap up. Pull it out of your arse. Statistics are like Play-Doh. You can make them into anything you like! Hooray!”

  5. DH 5

    Labour might also want to dig into the statistics a little. The LINZ report quotes this;

    “There were 57,678 property transfers registered with Land Information New Zealand from April to June 2016”

    That’s an average of 19,226 per month. I’m pretty sure I read that house sales in NZ were well below 10,000 per month, can anyone confirm the numbers? (REINZ report 7,864 sales nationwide in June but I don’t know if that covers all house sales)

    I suspect the word ‘transfer’ may have a different meaning to LINZ than it does to others. It could be transactions such as transferring your home to a family trust would be included in LINZ figures. It may also include commercial property(?)

    The point being…. if there’s a lot of local ‘transfers’ which aren’t actual sale & purchases it could skew the figures & make the percentage of foreign buyers look lower than it really is.

    • dukeofurl 5.1

      Im guessing here, but some purchases may involve more than 1 Lot ? Each lot is a transfer but only one overall transaction.
      Rural land and larger sites may involve many lots. As well a subdivision could well produce 300 lots.

      • DH 5.1.1

        We could guess a lot of things, perhaps that’s what they want us to do.

        What isn’t guesswork is the 3% they quote is almost certainly calculated from total property transfers – 1794 is 3% of 57,678.

        REINZ figures say there were 25,507 dwellings sold in that period. Presumably each of those sales is a single property transfer with LINZ, if so what are the remaining 32,171 transfers?

        I could note that 1794 is 7% of 25,507. If all foreign tax-resident buyers bought only dwellings and REINZ figures are correct then foreign buyers would make up 7% of house sales. Without clarification the numbers are worthless IMO.

    • RedBaronCV 5.2

      Resurveying your property and depositing the plan can trigger Linz to do stuff like notify the council as if you where a new purchaser,

  6. Lanthanide 6

    “Since the initial foreign data was released all New Zealand’s major banks have stopped lending to foreign buyers. They accept what National refuses to – that foreign buyers are a significant presence in housing market

    It’s nice rhetoric, but in itself, is just as misleading as what National is doing.

    The reasons the banks made that move was purely for PR reasons. There would be very few foreign investors who would be borrowing from NZ banks in order to buy property in NZ – why would they, when they can get much cheaper loans overseas?

    So by banning these foreign loans, of which there would have been very few (if any) anyway, they get a nice PR statement they can make to the public, without costing them much in the way of profit at all.

  7. save nz 7

    On Planet Key, NZ is not a tax haven, foreigners and new residents are not buying up the country, and there is no housing crisis.

    It’s just so weird that the EU is investigating our tax dodging status, we were mentioned in the Panama papers 60,000 times, house prices are sky rocketing but wages are static, the real estate firms are now marketing to Chinese in China, and local people with jobs now live in cars.

    Must just be a glitch that Labour caused.

    Case closed.

    Off overseas to hang out with Royalty, sports people and Coup leaders while the bad news blows over.

    • adam 7.1

      A bad and a bit of a inside the beltway joke, to those who understands anything about NZ political history.

      Sid Key – popular by his absence.

  8. Jack Ramaka 8

    Would help if we got some independent verifiable data 2-3 years ago 90% of the people in Barfoots Auction Rooms were Asian, and many would have been new immigrants or people acting on behalf of new immigrants. John Key and National are meeting their objectives in the Asianification of Auckland.

    What concerns me with the mass immigration is the infrastructure is not here to support this immigration growth and is starting to get up peoples noses here in Auckland, the motorways are at a standstill most of the day.

    • Anno1701 8.1

      “Asianification”

      i dont think race matters mate,

      • save nz 8.1.1

        It is not about race or ethnicity, so no one wants to make it about that, but since we have few jobs in NZ and wages just keep getting lower with all the immigration but every thing else is rising in price and the last 10 years have not made NZ any richer or more efficient, so adding more people at levels beyond per captita higher than every other country is obviously going to cause big problems.

        From what you can work out from the media – it costs $125,000 in infrastructure per new house that the locals have to subsidise. Then there is the cost of the roads or transport for every new car or person who needs to travel, so now wait for it, the next bright idea from the government will be to start selling off the water companies to pay for the new infrastructure for the new people who happen to not be improving GDP or productivity in NZ… And for the 4th, 5th generation Kiwis of the same ethnicity is it helping them when they are probably culturally pretty different from the newbies even if they are the same ethnicity?

        Sounds like a re think in policy. Yep it is helping the Natz in the short term, but long term, Kiwis will wake up one day and find out that NZ is now got similar problems to Hong Kong and we may not be centrally run. I think most of the immigrants are trying to get away from that situation.

        And what is going to happen when we get pulled in two different superpower directions…

  9. Keith 9

    Does anyone take Nick Smith the village idiot seriously? Nothing this guy says is worth a tin of shit!

  10. SimonM 10

    Becoming tenants in our own country while Prick Smith obfuscates and fiddles….

    https://www.barfoot.co.nz/commercial/buying/faqs-overseas-buyers

  11. SimonM 11

    And I thought Nick Smith was a useless wanker. Have a listen to this foran illustration of the competence of our current government…

    http://www.radionz.co.nz/national/programmes/morningreport/audio/201810495/upston-defends-reliability-of-latest-foreign-buyer-numbers

    • Wensleydale 11.1

      Nick Smith is a useless wanker. And Louise Upston is an obedient minion doing her best to spin, deny, evade and perpetuate the ludicrous myth that we’re “on the cusp of something special.”

  12. maninthemiddle 12

    Corporations and Trusts registered in NZ not foreign entities, they are NZ entities. They operate here and pay tax here. Labour have lost this argument for good, and you’re continued efforts on their behalf is just sour grapes.

    • Nick K 12.1

      Most trusts aren’t registered.

      Charitable trusts are, but they aren’t the concern.

  13. maninthemiddle 13

    If they operate in NZ, they pay tax in NZ. They are NZ entities, registered or not.

Recent Comments

Recent Posts

  • United Nations General Assembly: 76th General Debate Statement
    E ngā Mana, e ngā Reo, Rau Rangatira mā o tēnei Whare Nui o te Ao Prestigious people, Speakers of note, Chiefs one and all of this General Assembly Ngā mihi mahana ki o koutou katoa, mai i toku Whenua o Aotearoa Warm greetings to you all from my home ...
    BeehiveBy beehive.govt.nz
    4 hours ago
  • APEC 2021 Women and the Economy Forum prioritises women’s economic empowerment
    Minister for Women Jan Tinetti today chaired the virtual APEC 2021 Women and the Economy Forum, which is working to address outstanding issues for women and girls across the region as it recovers from the COVID-19 pandemic. The forum brought together Ministers and representatives from 21 economies to discuss gender ...
    BeehiveBy beehive.govt.nz
    6 hours ago
  • Upper Hauraki to move to Alert Level 2
    Upper Hauraki will move to Alert Level 2 from 11:59pm tomorrow, 25 September, COVID-19 Response Minister Chris Hipkins confirmed today. After positive cases were detected in the Upper Hauraki area on Sunday, extra Alert Level restrictions were put in place to immediately prevent any wider transmission of the virus.  “We’ve ...
    BeehiveBy beehive.govt.nz
    23 hours ago
  • Report into Aotearoa New Zealand’s export controls system released
    Foreign Affairs Minister Nanaia Mahuta today welcomed the findings of an independent review into Aotearoa New Zealand’s export controls system, which regulates the export of goods to foreign militaries, police forces or paramilitaries. Produced by David Smol, a former Chief Executive of the Ministry of Business, Innovation and Employment, the ...
    BeehiveBy beehive.govt.nz
    1 day ago
  • New District Court Judge appointed
    Attorney-General David Parker has announced the appointment of Brett Crowley of Wellington as a District Court Judge.  He is currently the Wellington Public Defender and started his career as a staff solicitor working in a range of litigation including criminal defence work. He went to the bar in 1999 specialising ...
    BeehiveBy beehive.govt.nz
    1 day ago
  • Mental health stocktake shows strong progress
    The first report of the Government’s Implementation Unit has found strong progress has been made since the Mental Health and Addictions Package was announced in 2019. “The report notes most initiatives funded in the Budget 2019 package are on track to deliver what is expected by 2023/24,” Grant Robertson said. ...
    BeehiveBy beehive.govt.nz
    1 day ago
  • Working together to grow the West Coast
    A project that has been crucial in allowing businesses to continue during the tourism downturn is among a number of initiatives to receive a boost from the Government’s Jobs For Nature programme, Conservation Minister Kiri Allan says. Sustaining South Westland is an extension of an initiative set up last year ...
    BeehiveBy beehive.govt.nz
    1 day ago
  • Next steps to improve safety in wake of Whakaari White Island tragedy
    The Government is moving to improve safety in light of the Whakaari White Island tragedy and has released proposals to reinforce safety standards in registered adventure activities. The package of proposals includes: Strengthening requirements for how operators, landowners and the regulator manage natural hazard risks Improving how risks are monitored, ...
    BeehiveBy beehive.govt.nz
    1 day ago
  • New Zealand donates more COVID-19 vaccines to COVAX and the Pacific
    Foreign Affairs Minister Hon Nanaia Mahuta and Associate Health Minister Aupito William Sio announced today that New Zealand is donating additional Pfizer vaccines to the Pacific and AstraZeneca vaccines to the COVAX Facility, to support equitable access to COVID-19 vaccines. “New Zealand is donating 708,000 doses of the AstraZeneca COVID-19 vaccine ...
    BeehiveBy beehive.govt.nz
    1 day ago
  • Speech to the Property Council of New Zealand
    Kia ora koutou katoa   Is it a pleasure to be able to speak with you today, and to be able to answer some questions you may have. I would like to acknowledge the organisers of this event, the Property Council. The theme of this year’s conference is City Shapers. Together ...
    BeehiveBy beehive.govt.nz
    2 days ago
  • Additional MIQ for Christchurch
    An additional hotel will be added to our network of managed isolation and quarantine facilities, COVID-19 Response Minister Chris Hipkins said today. “I have approved and Cabinet is in the final stages of signing off The Quality Hotel Elms in Christchurch as a new managed isolation facility,” Chris Hipkins said. ...
    BeehiveBy beehive.govt.nz
    2 days ago
  • NZ COVID-19 response earns another major digital investment
    Minister for the Digital Economy and Communications Dr David Clark welcomes Amazon’s Web Services’ (AWS) decision to establish a Cloud Region on New Zealand shores, further boosting New Zealand’s growing digital sector, and providing a vote of confidence in the direction of New Zealand’s economic recovery. “Amazon is the second ...
    BeehiveBy beehive.govt.nz
    2 days ago
  • New Zealand invests in cutting edge cancer R&D
    Scaling up the manufacture of CAR T-cell cancer therapy for clinical trials Advancing New Zealand’s biomedical manufacturing capability Supporting future international scientific collaborations Transforming cancer care with targeted, affordable solutions Research, Science and Innovation Minister Hon Dr Megan Woods has announced that the fight against COVID-19 will not stop the ...
    BeehiveBy beehive.govt.nz
    2 days ago
  • Expert group appointed to lead New Zealand’s future health system
    An outstanding group of people with extensive and wide-ranging governance and health experience have been appointed to lead the Māori Health Authority and Health New Zealand, Health Minister Andrew Little says. “This Government is building a truly national health system to provide consistent, high-quality health services right across the country. This ...
    BeehiveBy beehive.govt.nz
    2 days ago
  • Funding to help clean up contaminated sites
    The Government is supporting the clean-up of contaminated sites in Northland, Dunedin and Southland to reduce risk to people’s health and protect the environment. Environment Minister David Parker said the funding announced today, through the Contaminated Sites Remediation Fund, will help us turn previously hazardous sites into safe, usable public ...
    BeehiveBy beehive.govt.nz
    2 days ago
  • Predator Free apprenticeships open up new job opportunities
    The expansion of a predator free apprenticeship programme is an opportunity for more people to kick-start a conservation career, Conservation Minister Kiri Allan says. “The Predator Free Apprenticeship Programme is focused on increasing the number of skilled predator control operators in New Zealand through a two-year training programme. “The Trust ...
    BeehiveBy beehive.govt.nz
    3 days ago
  • Further NCEA support confirmed for Auckland students
    The number of Learning Recognition Credits for senior secondary school students will be increased for Auckland students, Education Minister Chris Hipkins confirmed today. This recognises the extended time these students will spend in Alert Levels 3 and 4. “It means students in Auckland will have a fair opportunity to attain ...
    BeehiveBy beehive.govt.nz
    3 days ago
  • Long-term pathway next step to better mental wellbeing for New Zealanders
    The Government is taking a new approach to support people who experience mental distress, Health Minister Andrew Little says. “Kia Manawanui Aotearoa – Long-term pathway to mental wellbeing (Kia Manawanui) is the first 10-year plan of its kind that targets the cause of mental distress and also sets out how ...
    BeehiveBy beehive.govt.nz
    3 days ago
  • Keeping our Police safe to keep our communities safe
    The Government is committed to keeping our frontline police officers safe, so they in turn can keep New Zealanders safe – with one of the largest investments in frontline safety announced by Police Minister Poto Williams at the Police College today.   The $45 million investment includes $15.496 million in ...
    BeehiveBy beehive.govt.nz
    3 days ago
  • Clean Vehicles Bill passes first checkpoint
    The Land Transport (Clean Vehicles) Amendment Bill will help New Zealand drive down transport emissions by cleaning up the light vehicle fleet, Transport Minister Michael Wood says. The Bill passed its first reading today and will establish the legislative framework for key parts of the Government’s Clean Car Package, including ...
    BeehiveBy beehive.govt.nz
    4 days ago
  • Funding boost supports ongoing Māori COVID-19 response
    The Government is responding to the need by whānau Māori and Māori Health providers to support their ongoing work responding to COVID-19 and to continue increasing rates of Māori vaccination, Associate Minister for Health (Māori Health), Peeni Henare and Minister for Māori Development Willie Jackson announced today.   This increased ...
    BeehiveBy beehive.govt.nz
    4 days ago
  • Significant increase to COVID-19 penalties
    Penalties for breaches of COVID-19 orders are set to significantly increase from early November 2021 to better reflect the seriousness of any behaviour that threatens New Zealand’s response to the virus, COVID-19 Response Minister Chris Hipkins said today. “Throughout this Delta outbreak we’ve seen the overwhelming majority of people doing ...
    BeehiveBy beehive.govt.nz
    4 days ago
  • Counter-Terrorism Legislation Bill returns to Parliament
    The Counter-Terrorism Legislation Bill has returned to Parliament for its second reading in an important step towards giving enforcement agencies greater power to protect New Zealanders from terrorist activity. “The Bill addresses longstanding gaps in our counter terrorism legislation that seek to protect New Zealanders and make us safer,” Justice ...
    BeehiveBy beehive.govt.nz
    4 days ago
  • Joint Statement: New Zealand and Australian Trade Ministers
    Hon Damien O'Connor MP, New Zealand Minister for Trade and Export Growth, and Hon Dan Tehan MP, Australian Minister for Trade, Tourism and Investment, met virtually on Monday 20 September to advance trans-Tasman cooperation under the Australia-New Zealand Closer Economic Relations Trade Agreement (CER). CER is one of the most ...
    BeehiveBy beehive.govt.nz
    5 days ago
  • Prime Minister’s Post Cabinet Press Conference/COVID-19 Update opening statement
    ***Please check against delivery***   E te tī, e te tā, nau mai rā [To all, I bid you welcome]   As you will have seen earlier, today there are 22 new community cases to report; three of which are in Whakatiwai in the Hauraki area, and the remainder in ...
    BeehiveBy beehive.govt.nz
    5 days ago
  • Major milestones for Māori COVID-19 vaccine rollout as new campaign launches
    Whānau Ora and Associate Health (Māori Health) Minister Peeni Henare acknowledges two major milestones in the rollout of the COVID-19 vaccination programme for Māori. “I am very pleased to announce more than 50 percent of eligible Māori have received their first dose and 25 per cent are now fully vaccinated,” ...
    BeehiveBy beehive.govt.nz
    6 days ago
  • Government funding to fight infectious diseases
    $36 million for research into Covid-19 and other infectious diseases The investment will improve our readiness for future pandemics Research will focus on prevention, control, and management of infectious diseases The Government’s investing in a new Infectious Diseases Research Platform to boost Aotearoa New Zealand’s Covid-19 response and preparedness for ...
    BeehiveBy beehive.govt.nz
    6 days ago
  • Quarantine-free travel with Australia to remain suspended for a further 8 weeks
    Suspension to be reviewed again mid to late November Decision brought forward to enable access from Australia to first tranche of around 3000 rooms in MIQ Air New Zealand working at pace to put on more flights from Australia from October    The suspension of quarantine-free travel (QFT) with Australia has ...
    BeehiveBy beehive.govt.nz
    1 week ago
  • Extra support for Ethnic Communities to share vaccination information
    Extra support is being made available to Ethnic Communities to help them share COVID-19 vaccination information within their communities, Minister for Diversity, Inclusion and Ethnic Communities Priyanca Radhakrishnan said. “We know we need to get every eligible person in New Zealand vaccinated. A fund being launched today will allow for ...
    BeehiveBy beehive.govt.nz
    1 week ago
  • School holidays remain unchanged for Auckland region
    School holidays in Auckland will continue to be held at the same time as the rest of the country, starting from Saturday, 2 October, Education Minister Chris Hipkins said today. “I’ve carefully considered advice on the implications of shifting the dates and concluded that on balance, maintaining the status quo ...
    BeehiveBy beehive.govt.nz
    1 week ago
  • Government continues crackdown on gangs and organised crime
    Operation Tauwhiro extended until March 2022 Since it was launched in February, Operation Tauwhiro has resulted in:   987 firearms seized $4.99 million in cash seized 865 people charged with a firearms-related offence Gangs and organised crime groups will continue to be relentlessly targeted with the extension of Police’s successful ...
    BeehiveBy beehive.govt.nz
    1 week ago
  • Speech to Body Positive 'HIV Treatments Update Seminar 2021'
    E ngā mana E ngā reo E ngā iwi Tēnā koutou katoa Ka huri ki ngā mana whenua o te rohe nei. Tēnā koutou. He mihi hoki ki a tatou kua tau mai nei I raro I te kaupapa o te rā. Nō reira tēnā koutou katoa Acknowledgements It’s a ...
    BeehiveBy beehive.govt.nz
    1 week ago
  • Power bill changes bring fairness to charges
    A key recommendation of an independent panel to make electricity charges fairer across all households will be put in place, the Energy and Resources Minister Megan Woods has announced. “Phasing out the regulations on ‘low-use’ electricity plans will create a fairer playing field for all New Zealanders and encourage a ...
    BeehiveBy beehive.govt.nz
    1 week ago
  • NZ economy’s strong momentum will support rebound from Delta outbreak; COVID fund replenished
    The economy showed strong momentum in the period leading up to the recent Delta COVID-19 outbreak, which bodes well for a solid economic rebound, Grant Robertson said. GDP rose 2.8 percent in the June quarter, following on from a 1.4 percent increase in the previous March quarter. This was a ...
    BeehiveBy beehive.govt.nz
    1 week ago
  • Projects create benefits into the future
    Making a well-known lake swimmable and helping to halt the decline of the endangered hoiho/yellow-eyed penguins are among a suite of new projects being supported by the Government’s Jobs for Nature programme across the southern South Island, Conservation Minister Kiri Allan says. “It’s no secret that many of our most ...
    BeehiveBy beehive.govt.nz
    1 week ago
  • Opening statement for Whāriki Indigenous Small Business Roundtable
      Kei ngā tōpito e wha o te āo e rere ana te mihi maioha ki a koutou nō tawhiti, nō tata mai e tāpiri ana ki tēnei taumata kōrero mo te ao hokohoko arā mā ngā pākihi mo ngā iwi taketake Tēnā koutou, tēnā koutou katoa – Pai Mārire.  ...
    BeehiveBy beehive.govt.nz
    1 week ago
  • New members appointed to Kāpuia
    The Government is adding four additional members to Kāpuia, the Ministerial Advisory Group on the Government’s Response to the Royal Commission of Inquiry into the terrorist attack on Christchurch mosques. “I’m looking forward to having Pamela MacNeill, Huia Bramley, Melani Anae and Katherine Dedo  join Kāpuia and contribute to this group’s ...
    BeehiveBy beehive.govt.nz
    1 week ago
  • Timeline confirmed for Emissions Reductions Plan
    Cabinet has agreed to begin consulting on the Emissions Reduction Plan in early October and require that the final plan be released by the end of May next year in line with the 2022 Budget, the Minister of Climate Change, James Shaw confirmed today. “Cabinet’s decision allows organisations and communities ...
    BeehiveBy beehive.govt.nz
    1 week ago
  • Pay parity pathway for early learning teachers confirmed
    Pay parity conditions and higher funding rates for education and care services will come into force on 1 January, 2022, Minister of Education Chris Hipkins confirmed today. The Government signalled this work in Budget 2021. “From 1 January, 2022, centres opting into the scheme will receive government funding and be ...
    BeehiveBy beehive.govt.nz
    1 week ago
  • Speech to the New Zealand Nurses Organisation Conference 2021
    Kia Ora tatau katoa.   Ka tuku mihi ki nga nēhi, He pou Hauora o Aotearoa, E ora ai tatou.   Whakatau mai  I runga i te kaupapa o te ra Te NZNO conference.   Tena koutou tena koutou Tena tatou katoa   Good morning, and thank you inviting me ...
    BeehiveBy beehive.govt.nz
    1 week ago