1 00:00:00,120 --> 00:00:02,600 Speaker 1: The business of foreign buyers. Government finally got across the 2 00:00:02,600 --> 00:00:04,840 Speaker 1: line on the deal. Of course you Golden visa brigade 3 00:00:05,320 --> 00:00:07,240 Speaker 1: get to buy or build something worth more than five 4 00:00:07,240 --> 00:00:09,720 Speaker 1: million dollars. Winston Peter's New Zealand First Leader. 5 00:00:09,600 --> 00:00:12,319 Speaker 2: Is with us. Good morning, good morning. 6 00:00:12,440 --> 00:00:14,280 Speaker 1: Does it feel good now you've done it? 7 00:00:15,880 --> 00:00:20,200 Speaker 2: Well? Look you recall twenty eighteen we were reacting to 8 00:00:20,640 --> 00:00:24,440 Speaker 2: a total shambles in the Zeeland housing market, also learning 9 00:00:24,440 --> 00:00:27,320 Speaker 2: from the Canadian experience where on the West Coast and 10 00:00:27,400 --> 00:00:30,800 Speaker 2: Vancouver in particular, there was a massive escalation and prices 11 00:00:30,800 --> 00:00:34,479 Speaker 2: because of allowing foreign buying and absentee buying at that, 12 00:00:34,600 --> 00:00:37,760 Speaker 2: absenty ownership at that and we decided to put a 13 00:00:37,760 --> 00:00:41,320 Speaker 2: bracket ban on things. But the reality is they were 14 00:00:41,520 --> 00:00:43,879 Speaker 2: investors who were saying, look, we've put money in the 15 00:00:43,880 --> 00:00:46,519 Speaker 2: country as we could also come and live here when 16 00:00:46,520 --> 00:00:49,800 Speaker 2: we feel like it down again. And so we had 17 00:00:49,800 --> 00:00:51,960 Speaker 2: a good hard look and said, well, it was going 18 00:00:52,040 --> 00:00:54,840 Speaker 2: to be not national parties two million, because that'll been 19 00:00:55,160 --> 00:00:58,840 Speaker 2: interfering with the market where qwis are seriously involved. But 20 00:00:58,920 --> 00:01:01,360 Speaker 2: it was the very top end and you've got five 21 00:01:01,400 --> 00:01:04,520 Speaker 2: million in invested. Then if you were buying a new 22 00:01:04,560 --> 00:01:08,160 Speaker 2: house or an existing house, then we'd make that an exception, 23 00:01:08,280 --> 00:01:10,279 Speaker 2: so ninety nine percent of the market would be denied 24 00:01:10,319 --> 00:01:12,840 Speaker 2: to them, they'd be accessing less than one percent of it. 25 00:01:13,000 --> 00:01:16,760 Speaker 1: Exactly, do it seemed to me observation, Correct me if 26 00:01:16,760 --> 00:01:19,200 Speaker 1: I'm wrong that yesterday you were a bit angsty about it, 27 00:01:19,280 --> 00:01:21,840 Speaker 1: angry about it, upset about it, whatever the case may be. 28 00:01:21,959 --> 00:01:24,399 Speaker 1: Did you have to get dragged kicking and screaming to 29 00:01:24,480 --> 00:01:25,720 Speaker 1: this particular conclusion? 30 00:01:27,040 --> 00:01:31,479 Speaker 2: Now? What my answer was about those who so set 31 00:01:31,560 --> 00:01:34,399 Speaker 2: in the mainstream media they can't get their head around 32 00:01:34,400 --> 00:01:38,319 Speaker 2: it that this is not a change to the foreign buyers. Man, 33 00:01:38,959 --> 00:01:41,880 Speaker 2: it's a change through the investment rules to attract people 34 00:01:41,880 --> 00:01:45,120 Speaker 2: to come to this country for money that we desperately need. 35 00:01:45,800 --> 00:01:48,880 Speaker 2: And it's the different emphasis if you had listened to 36 00:01:48,920 --> 00:01:51,640 Speaker 2: seven point thirty want to report. The first thing they 37 00:01:51,720 --> 00:01:54,160 Speaker 2: set out to my interview was that it was about 38 00:01:54,360 --> 00:01:57,120 Speaker 2: living the foreign buyers. Maan, Now this is the breathtaking 39 00:01:57,120 --> 00:01:59,440 Speaker 2: stuff I just finished the interview pointed out that they 40 00:01:59,440 --> 00:02:02,320 Speaker 2: were accessing in one percent of the market and nine 41 00:02:02,320 --> 00:02:04,600 Speaker 2: percent of the market was available to the illness. And 42 00:02:04,640 --> 00:02:09,800 Speaker 2: they still said that. So my anxiety was around misrepresentation well, that's. 43 00:02:09,639 --> 00:02:12,280 Speaker 1: What you get for dealing with low reentis Winston. I mean, 44 00:02:12,280 --> 00:02:13,800 Speaker 1: what can I say? 45 00:02:16,560 --> 00:02:18,280 Speaker 2: Well, look at the thing. I was part of the 46 00:02:18,320 --> 00:02:19,519 Speaker 2: mainstream media and you were. 47 00:02:20,000 --> 00:02:22,919 Speaker 1: Well as far as the split we had luxon on 48 00:02:22,960 --> 00:02:25,360 Speaker 1: before he was keen to split. So in other words, 49 00:02:25,360 --> 00:02:28,280 Speaker 1: five million, four Queenstown and Auckland something else around the 50 00:02:28,320 --> 00:02:29,920 Speaker 1: rest of the country. You didn't seem to like that. 51 00:02:30,000 --> 00:02:31,040 Speaker 1: What was your issue with that? 52 00:02:32,800 --> 00:02:36,600 Speaker 2: Because when you did the calculations it was so marginal. 53 00:02:37,120 --> 00:02:39,639 Speaker 2: We did those calculations around the rest of the country, say, 54 00:02:39,680 --> 00:02:43,840 Speaker 2: adjusted pro rata on values across the rest of the country, 55 00:02:44,080 --> 00:02:46,160 Speaker 2: there wasn't a great deal of difference. There's a lot 56 00:02:46,160 --> 00:02:48,800 Speaker 2: of places up north of them worth more than five million. 57 00:02:49,240 --> 00:02:52,240 Speaker 2: There are a lot of places even in a Tarna, 58 00:02:52,280 --> 00:02:55,040 Speaker 2: worth more than five million. And so it didn't work. 59 00:02:55,040 --> 00:02:57,880 Speaker 2: And we said, no, stick to the blanket five million. 60 00:02:58,400 --> 00:03:02,040 Speaker 2: If they're investing in they want to buy a five 61 00:03:02,080 --> 00:03:05,720 Speaker 2: minon dollar houses, will not be a serious unerous charge 62 00:03:05,720 --> 00:03:06,280 Speaker 2: against them. 63 00:03:06,440 --> 00:03:10,520 Speaker 1: No, exactly the obviously this you must have. You mean, 64 00:03:10,840 --> 00:03:13,920 Speaker 1: no one's traveled around the world more than you have 65 00:03:14,000 --> 00:03:15,680 Speaker 1: in the last couple of years, and your role as 66 00:03:15,720 --> 00:03:18,160 Speaker 1: foreign minister, it must have struck you as the obvious 67 00:03:18,160 --> 00:03:20,280 Speaker 1: thing to do that you can't be in the world 68 00:03:20,360 --> 00:03:22,440 Speaker 1: saying come to New Zealand. Look at New Zealand. We're 69 00:03:22,480 --> 00:03:25,040 Speaker 1: open in New Zealand. Help us out and at the 70 00:03:25,040 --> 00:03:26,840 Speaker 1: same time make them rent. I mean that must have 71 00:03:26,840 --> 00:03:27,920 Speaker 1: struck you as being absurd. 72 00:03:29,639 --> 00:03:33,040 Speaker 2: Well, what concerned me was that we were having an 73 00:03:33,040 --> 00:03:36,560 Speaker 2: investment in New Zealand thrust without answering the question why 74 00:03:36,680 --> 00:03:39,720 Speaker 2: New Zealand, and this was one of the answers to 75 00:03:39,760 --> 00:03:44,120 Speaker 2: why New Zealand for wealthy foreign investors. Yes, this struck 76 00:03:44,120 --> 00:03:46,840 Speaker 2: me as unusual. But also I was in Canada not 77 00:03:46,960 --> 00:03:50,800 Speaker 2: so many years ago when I learned about firsthand the 78 00:03:50,920 --> 00:03:54,920 Speaker 2: appalling offshore bidding that was going on, driving the west 79 00:03:54,920 --> 00:03:59,680 Speaker 2: coast of Vancouver market mad at the very expense of 80 00:03:59,720 --> 00:04:02,560 Speaker 2: cross to the local people, and we decided we needed 81 00:04:02,560 --> 00:04:03,080 Speaker 2: to avoid that. 82 00:04:04,080 --> 00:04:06,960 Speaker 1: What'd you make of Hopkins's reaction yesterday? He would still 83 00:04:07,000 --> 00:04:10,240 Speaker 1: ban everybody? I mean, does that must worry you as 84 00:04:10,280 --> 00:04:12,800 Speaker 1: a as a country that's looking to get people here 85 00:04:12,840 --> 00:04:16,000 Speaker 1: to grow stuff. Then suddenly we're going to go back 86 00:04:16,000 --> 00:04:17,880 Speaker 1: to nineteen eighty three if he gets back into power. 87 00:04:19,600 --> 00:04:23,239 Speaker 2: Oh, the thing is about mister Hopkins with the greatest respect. 88 00:04:23,960 --> 00:04:26,279 Speaker 2: What does he know about anything to do with business. 89 00:04:26,720 --> 00:04:30,640 Speaker 2: He's never been out of a university by labor party 90 00:04:31,360 --> 00:04:34,680 Speaker 2: hierarchy background, has never had a real job. Wouldn't I 91 00:04:34,680 --> 00:04:36,599 Speaker 2: how to run the school tuch shop. So I'm not 92 00:04:36,680 --> 00:04:40,400 Speaker 2: surprised at this sort of massive reaction from him when 93 00:04:40,520 --> 00:04:44,920 Speaker 2: all we're doing is saying for serious prime investors who 94 00:04:44,960 --> 00:04:48,599 Speaker 2: could bring bid into this country, then there is one 95 00:04:48,640 --> 00:04:52,120 Speaker 2: benefit that we need to add to our incentivized to 96 00:04:52,160 --> 00:04:53,240 Speaker 2: invest in New Zealand plan. 97 00:04:53,480 --> 00:04:55,760 Speaker 1: Yeah, can't argue with it, all right, Appreciate it very much. 98 00:04:55,760 --> 00:04:58,479 Speaker 1: Winston Peter's New Zealand first Leader, got there at last. 99 00:04:59,040 --> 00:05:02,240 Speaker 1: For more from the Casking Breakfast, listen live to News 100 00:05:02,320 --> 00:05:05,839 Speaker 1: Talk SETB from six am weekdays, or follow the podcast 101 00:05:05,880 --> 00:05:06,720 Speaker 1: on iHeartRadio.