Rt Hon Winston Peters
New Zealand First Leader

21 November 2014

Prime Minister’s Keenness on Foreign Ownership Shocks Winston Peters

Prime Minister John Key’s enthusiasm for the foreign ownership of farmland and now hotels, shows how naïve the Government is.

“What does one make of Mr Key telling Federated Farmers, if the only buyers were domestic buyers and he was a credit officer, he would regard the position as much riskier in theory than if international buyers could come into the market?” says Rt Hon Winston Peters.

“With some economists saying Fontera’s milk price forecast may be heading to as low as $4.70 per kilogram of milksolids or about 39.1 cents a litre.

“Dairy farmers are in for an austere season whilst the Prime Minister labels them less of a good bet than an overseas investor?

“What can farmers expect from a government with a record so bad on the overseas ownership, that it is running scared of a registry on foreign ownership? This is hardly a radical position since Federated Farmers also wants a registry that New Zealand First has proposed.

“In 2001, the financial and insurance services sector accounted for $89 billion of New Zealand's international liabilities but in 2014, that sum was $163 billion; 83 percent higher over 13 years.

"That is the record no New Zealander should ignore.

“It has been a very long time between drinks since ‘NZ Inc’ was last in the black.

“Is it common sense to flog off more of our farmland and yet more hotels into foreign ownership, which only increases New Zealand's international liabilities in finance and insurance, not to mention tourism?

“Mr Key’s vision for New Zealand seems to be about us providing the backdrop and labour. While we may get some GST, wages and construction money, the profits head offshore and there’s no way we’ll ever get into the black by being the world’s doormat.

“New Zealand First unapologetically stands for regaining more control over strategic assets in order to keep profits here,” Mr Peters concluded.

ENDS

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