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Speaker 1: Heather Duplicy, Ellen, I Heather. In addition to attracting the

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Speaker 1: international foreign home buyers, the fifth rules that you've previously discussed,

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Speaker 1: the FAA rules still outstanding putting foreigners off coming to

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Speaker 1: New Zealand. Michael, thank you that those rules are the

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Speaker 1: ones about how long you need to stay in the

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Speaker 1: country or not stay in the country in order to

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Speaker 1: avoid certain taxes and stuff. It's all the shambles by

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Speaker 1: the looks of things. Eighteen past six now there are

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Speaker 1: fears that Finance Minister Nikola Willis might be opening a

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Speaker 1: can of worms if she lets young farmers withdraw their

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Speaker 1: kei we saver funds to buy a farm. Gr Native

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Speaker 1: Traney is The Herald's Wellington Business editor. Hey, Youna, Hey,

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Speaker 1: what's the problem?

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Speaker 2: Well, you know, if you say that you can dip

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Speaker 2: into your kei we saver to buy a farm, then

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Speaker 2: where does it stop. Can you dip into your key

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Speaker 2: saver to buy a business, or to buy cryptocurrency, or

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Speaker 2: to buy art or whatever else you think might help

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Speaker 2: set you up for your retirement? I mean, arguably already

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Speaker 2: by allowing people to use their Kiwi saver to buy

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Speaker 2: a house first home, you know, that that is a

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Speaker 2: controversial thing. But if you start allowing farms, then where

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Speaker 2: does it stop.

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Speaker 1: So could we say, okay, I mean I agree with

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Speaker 1: the distinction that's being made here because I think when

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Speaker 1: you start getting into buying herds and flocks and stuff

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Speaker 1: like that, then it's basically why don't you buy your

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Speaker 1: first set of tools or your coffee shop or whatever.

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Speaker 1: But could you say a farm is like a house

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Speaker 1: because you can live on it.

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Speaker 2: Well, I guess you could. But then you'd say, well,

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Speaker 2: if you want to live on the farm, then you

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Speaker 2: could use the exemption that exists, which says you can

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Speaker 2: use your key we sabor to buy your first home.

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Speaker 1: So you can't live in that first home. You can't

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Speaker 1: live in it yet because you're living on somebody else's

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Speaker 1: farm and working that FuMB Well.

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Speaker 2: You know that's true. I mean. The other thing is

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Speaker 2: like if I have to live in Wellington for my work,

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Speaker 2: but I want to buy a house in Auckland, then

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Speaker 2: then that's also a problem. Like if you need to

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Speaker 2: be here for work but you want to buy your

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Speaker 2: house there, then you know, then that's a problem. So

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Speaker 2: that's just how it works under the rules. You know,

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Speaker 2: I just wonder.

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Speaker 1: If that potentially the thing that needs to be eased

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Speaker 1: up a little bit, that you can live wherever you want,

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Speaker 1: but your first home, wherever it is, you're able to

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Speaker 1: use key we say before.

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Speaker 2: You know, look, as someone in that generation that has

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Speaker 2: struggled to get into property, you know, it's it's kind

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Speaker 2: of galling when they put these rules around things. But

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Speaker 2: I think the concern is that if you allow people

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Speaker 2: to buy houses they don't live in, then that's an

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Speaker 2: investment property. And and you know, do we want to

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Speaker 2: be encouraging people to use their QB savers for investment

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Speaker 2: property or do we want to help them use their

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Speaker 2: KB savers just to put a roof over their heads?

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Speaker 2: But I think this is the exact sort of debate

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Speaker 2: you know that would that the first home exemption has created,

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Speaker 2: but if you extend it, then it just sort of

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Speaker 2: exacerbates that debate. Now that you know that there might

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Speaker 2: be good merit and and you know, the farmers would say,

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Speaker 2: we're actually it's much better for us to invest in

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Speaker 2: a farm than have our money tied up in the

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Speaker 2: share market, you know, support American companies. That might be true,

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Speaker 2: but the issue is here that if you tinker with

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Speaker 2: Kiwi Save It, which is meant to be a really

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Speaker 2: stable scheme. You know, it has to be stable because

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Speaker 2: we're investing it in the long term. If you tinker

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Speaker 2: with it too much, people stop trusting it, and if

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Speaker 2: they stop trusting it, they don't want to invest through it.

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Speaker 2: So I think that's kind of one of the most

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Speaker 2: compelling arguments that people who don't like this idea have made.

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Speaker 1: Yeah, hey, thank you, Jane, I really appreciate it. Janejab traini,

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Speaker 1: the Herald's Wellington Business editor.

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Speaker 2: For more from Heather Duplessy Allen Drive, listen live to

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