Fletcher Tabuteau MP

Spokesperson for Trade
13 OCTOBER 2015

Groser Blind to TPPA Hit on Housing

Trade Minister Tim Groser has his head in the clouds believing the TPPA will not affect New Zealanders ability to buy homes, says New Zealand First.

“Mr Groser told Parliament today the focus of the TPPA negotiations was on addressing strategic problems for New Zealand,” says Spokesperson on Trade Fletcher Tabuteau.

“There could be nothing more strategic for thousands of Kiwis than house prices and availability, both of which are barring them from the first rung of the home ownership ladder.

“But Mr Groser has admitted the New Zealand government did not argue at all on the TPPA clause that will ban us from stopping foreigners buying New Zealand property. The government has sold out home buyers who are forced to compete with cashed up foreign buyers, who have a favourable exchange rate, and many who have access to low interest rates from overseas,” says Mr Tabuteau.

“We can only conclude if any New Zealand government in the future wants to ban or put taxes or stamp duties on foreign property purchases, the government could well be sued under the TPPA Investor State Dispute Settlement clause.

“Minister Groser and Economic Development Minister Steven Joyce simply refused today to answer New Zealand First’s questions about the TPPA. They evaded the questions on banning property sales to foreigners, and they avoided specific questions on how the TPPA will benefit the regions,” says Mr Tabuteau.

ENDS

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