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Posted on 8-5-2004
Treasury Wants to Relax Land
Controls
7 JUNE 2004
A Treasury paper to Finance Minister Michael Cullen has recommended relaxing
controls on the sale of non-coastal land worth more than $10 million to
overseas investors.
The paper also recommends that only company sales over $250 million be
investigated, and that the Overseas Investment Commission
be abolished in favour of Land Information New Zealand.
Dr Cullen confirmed he had received a paper containing the recommendations
but said that did not mean they would be acted upon.
"(This) is about a Treasury paper which isn't even what is going to be
going to cabinet when I finally finish having my discussions
and drafting, which
isn't yet," he said.
"The purpose of the exercise is actually to tighten up on the sale of
sensitive land but also to clear out stuff which isn't worth
spending time on."
Dr Cullen said the recommendations around loosening controls on sales
other than sensitive land were "Treasury's view of life".
"It's not unknown that I and Treasury don't agree on some things," he said.
However, he pointed out that no company sale had been turned down for at
least 10 years.
Dr Cullen said the recommendations would be considered by cabinet in the
next few months, and legislation could be required to implement
some changes.
CAFCA, Campaign Against Foreign Control of Aotearoa
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