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Speaker 1: We've got Patrick Smelly from Business Desk. It sounds like

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Speaker 1: New Zealand First has come to the party when it

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Speaker 1: comes to overseas buyers of property, and Patrick a Business

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Speaker 1: desk is reporting New Zealand First is set to agree

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Speaker 1: to allow wealthy people to buy homes above a certain threshold,

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Speaker 1: reportedly five million dollars. So Patrick Smeley from Business Desk

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Speaker 1: is with me. Now, Hello Patrick, Hi Andrew. I'm sure

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Speaker 1: I'm not the only person who has written there, you know, Okay,

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Speaker 1: do we know that the threshold is five million dollars?

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Speaker 2: We don't know that, and in many ways do pervot

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Speaker 2: arms with you. I think the more important thing is

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Speaker 2: that New Zealand First has agreed to a set of

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Speaker 2: reforms to the Overseas Investment Regime and so Act. And

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Speaker 2: it seems to me that that's actually even more significant

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Speaker 2: than the residential property thing, because that's what international investors

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Speaker 2: coming into the summit next month will be wanting to know.

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Speaker 2: So it's almost like that Summits has accelerated a debate

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Speaker 2: that had to be had at the Patnet table about

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Speaker 2: how they got to that point, and all this visa

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Speaker 2: stuff is really supporting all of that, so that people

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Speaker 2: who might want to come here in the course of

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Speaker 2: making investments will find that easier to do.

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Speaker 1: Yeah, okay, I understand act absolutely, but New Zealand first,

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Speaker 1: that is a sea change.

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Speaker 2: They have been persuaded over a period of time, and

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Speaker 2: Peter started talking about it last year, and I think

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Speaker 2: Shane Jones is particularly on board and has probably been

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Speaker 2: influential in changing Winston Peters's mind to a more nuanced

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Speaker 2: view about foreign investment. And as long as it's a

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Speaker 2: reasonably toppy threshold. I mean, there was a cartoon I

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Speaker 2: saw in a newspaper this morning which suggested that letting

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Speaker 2: rich people coming from from America or wherever by very

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Speaker 2: expensive homes would would increase homelesses. So I thought, I

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Speaker 2: don't really think that's very likely. They're not going to

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Speaker 2: be buying house that the average first home buyer is

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Speaker 2: looking for.

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Speaker 1: They might even be allowed to Yeah, exactly, well five

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Speaker 1: million goddon speak. You know, here we go. So you've

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Speaker 1: already mentioned, of course we've got the summit. It's coming

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Speaker 1: up very shortly, and this is setting quite a good

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Speaker 1: scene for the whole thing. When you look at all

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Speaker 1: the business settings that we are presenting before these international investors.

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Speaker 1: Are we starting to look attractive enough?

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Speaker 2: I doubt it, But I do think that there are

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Speaker 2: a number of things which start to come together, or

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Speaker 2: should start to come together, which maybe at the moment

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Speaker 2: they're a bit hard to see how they connect because

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Speaker 2: they're not the connections not happening. If you've put a

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Speaker 2: big list of fast track projects that need funding in

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Speaker 2: front of a whole bunch of people with lots of

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Speaker 2: money which they want to deploy in safe countries to

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Speaker 2: do good things and hopefully make some money, then fast

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Speaker 2: Track and the infrastructure projects that the government has on

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Speaker 2: its own books represents a whole bunch of opportunities for investment.

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Speaker 2: So it's now becoming possible to think that you could

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Speaker 2: get it. If you think in these terms, instead of

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Speaker 2: it taking ages, it will be reasonbly quick to get

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Speaker 2: the thing underway. So yeah, I think to some extent,

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Speaker 2: but I think it's the reality is only going to

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Speaker 2: set in very slowly.

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Speaker 1: But of course it means nothing if we don't actually

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Speaker 1: get people with investment capability, you know, and our higher

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Speaker 1: class of investment capability to come along. And they've been

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Speaker 1: very tight lipped about who's coming to the summit. I

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Speaker 1: interviewed neck Leggett the other day from Infrastructure New Zealand.

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Speaker 1: I said, mate, are you invited? And he went, I

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Speaker 1: don't know. Do you know? Do you live it?

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Speaker 2: Signed?

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Speaker 1: Yeah, I know exactly. I would have thought he would

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Speaker 1: have been number one or certainly high up there from

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Speaker 1: the New Zealand side. Do you know who's been invited?

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Speaker 2: I know a few of the people have been invited,

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Speaker 2: and I have make educated guesses about others. I mean

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Speaker 2: New Zealand first is very keen on the on the

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Speaker 2: Singaporean Government's Sovereign Wealth Fund Temasek. I would expect them

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Speaker 2: to be there. We know that Morrison and Co. Which

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Speaker 2: is the company that manages infratil infrastructure Investor, will be

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Speaker 2: there and has invited other parties that they deal with

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Speaker 2: internationally to be present, some banks, some some other. I

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Speaker 2: think she's struggling to remember who the hell we know

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Speaker 2: about all Black of course kind of lotted copy of it.

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Speaker 2: But they will send a reasonably senior person, which is

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Speaker 2: which is which is good? I kind of thought they'd

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Speaker 2: abandoned us.

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Speaker 1: Really, Okay, Patrick, Yes, Black Rock is coming and that's

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Speaker 1: gonna that's going to put some wolves amongst the sheep,

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Speaker 1: is it not? Anyway? Thank you so much for your time.

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Speaker 1: Patrick'smily from Business Desk. For more from Hither Duplasus Allen Drive.

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