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The Government is launching the second chapter in its rewrite of the Overseas Investment Act to ensure investments are consistent with New Zealand’s national interest.

The Bill to put in place the Government’s policy of banning overseas buyers of existing homes has passed its third and final reading in the House.  

Associate Finance Minister David Parker said he is saddened by National’s attempts to amend the ban on foreign buyers to make it easier for the wealthiest foreigners to outbid New Zealanders.

The Bill putting in place the Government’s policy of banning overseas buyers of existing houses has been reported back to Parliament by the Finance and Expenditure Select Committee.

New figures showing a high level of overseas house buying in New Zealand’s least affordable areas vindicates the Government’s move to ban foreign buyers of existing homes, Associate Finance Minister David Parker says.

Investments in sensitive land involving forestry rights will be brought into the scope of the Overseas Investment Act under changes proposed today by Associate Finance Minister David Parker.

Cabinet has agreed to changes to the treatment of overseas investments in forestry rights that will see them brought into the Overseas Investment Act screening regime.