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The Campaign Against Foreign Control of Aotearoa (CAFCA) says this has a negative impact on the economy, arguing that when foreign investors buy up New Zealand companies, they tend to cut staff and push down wages. [37] It is also argued that growing foreign ownership has done nothing to reduce New Zealand's foreign debt.
The Overseas Investment Amendment Act 2018 was the result of an acute housing shortage in New Zealand during the early 21st century. In addition, national housing prices rose faster than incomes, with the gap rising from over 3.0 in January 2002 to 6.27 in March 2017. [7]
The property bubble in New Zealand is a major national economic and social issue. Since the early 1990s, house prices in New Zealand have risen considerably faster than incomes, [ 1 ] putting increasing pressure on public housing providers as fewer households have access to housing on the private market.
The New Zealand government has passed a ban on foreigners buying existing homes in the country in a bid to tackle soaring prices and rising homelessness.
Between 1985 and 1992, New Zealand's economy grew by 4.7% during the same period in which the average OECD nation grew by 28.2%. [51] [failed verification] From 1984 to 1993 inflation averaged 9% per year and New Zealand's credit rating dropped twice. [52] Between 1986 and 1992, the unemployment rate rose from 3.6% to 11%. [53]
By 2013 foreign ownership in New Zealand had increased dramatically from $9.7 billion in 1989 to $101.4 billion – an increase of over 1,000%. [2] Between 1989 and 2007, foreign ownership of the New Zealand sharemarket went from 19% to 41% but has since dropped back to 33%.
Immigration New Zealand is an agency within the Ministry of Business, Innovation and Employment that is responsible for facilitating and regulating immigration, tourism, foreign students and workers, and foreign investment in New Zealand. Immigration NZ's other responsibilities include migrant attraction, visa facilitation, border protection ...
These are collected by a range of government agencies such as the New Zealand Customs Service. There is no social security (payroll) tax. New Zealand went through a major program of tax reform in the 1980s. The top marginal rate of income tax was reduced from 66% to 33% (changed to 39% in April 2000, 38% in April 2009, 33% on 1 October 2010 and ...