Politics πŸ—³οΈ NZ Politics

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wizard of Tauranga said:
The books are bad - but keeping stupid legislation that makes the economy worse still needs fixing. And it’s not a tax cut, it’s the ability to claim a legitimate expense.

It’s like a drug addict saying we can’t go clean because it’s going to have short term bad consequences… CUT OUT THE FAILED EXPERIMENT.

No other country denies interest deductibility, it wasn’t supported by treasury or IRD and it has resulted in the predicted huge rental increases. It’s wrong and dud policy.
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Interest deductibility was still available on new builds, it was a worthy policy to encourage increase in housing stock rather than investors trading in existing housing stock, inflating prices.
 
Rizzah said:
Interest deductibility was still available on new builds, it was a worthy policy to encourage increase in housing stock rather than investors trading in existing housing stock, inflating prices.
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Did it work… 🀣

Housing developers are currently going bankrupt left right and centre and new build sales have collapsed.

I do support increasing new builds but Labour just didn’t have a clue how to achieve it.
 
wizard of Tauranga said:
Did it work… 🀣

Housing developers are currently going bankrupt left right and centre and new build sales have collapsed.
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Biggest increase in house building since the 60s, if i remember correctly. So yes it did work. The RBNZ has been doing all it can to fuck the construction sector and the whole economy for the past 13-14 months.
 
wizard of Tauranga said:
Do you support baseless allegations that are purely designed as a dirty politics smear campaign?

Does Labour have Cam Slater advising them now?

I don’t think anyone likes that sort of dirty politics and it will backfire on Hipkins if he can’t back it up…
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You don't know it's baseless.
 
Rizzah said:
Biggest increase in house building since the 60s, if i remember correctly. So yes i did work. The RBNZ has been doing all it can to fuck the construction sector and the whole economy for the past 13-14 months.
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2 years ago BEFORE the interest deductibility came in there was a surge in new builds. It’s not fully implemented yet and the housing market has already stalled because rentals are uneconomic.

In tinkering to fix it, they killed the market.
 
Rizzah said:
You don't know it's baseless.
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I’ve said that.

As I said I hope there’s some truth to it and if Hipkins is smart he’s dribbling out his info trying to trip Luxon up and make him look incompetent when he goes for the king hit.

But if it’s just mud rucking…
 
wizard of Tauranga said:
2 years ago BEFORE the interest deductibility came in there was a surge in new builds. It’s not fully implemented yet and the housing market has already stalled because rentals are uneconomic.

In tinkering to fix it, they killed the market.
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New Interest deductibility rules were announced in 2021.
I don't agree that the new(ish) tax rules were a good long term plan - but I think they were right for that moment in time. They should have been set for a review in ~5years.
Just so happens that they were kicked out in 3.
 
Rizzah said:
New Interest deductibility rules were announced in 2021.
I don't agree that the new(ish) tax rules were a good long term plan - but I think they were right for that moment in time. They should have been set for a review in ~5years.
Just so happens that they were kicked out in 3.
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Honestly it was an ill thought out reaction to not getting the capital gains tax thorough. A capital gains tax would have been better. I understand the logic of trying to get a cut of housing profits but this doesn’t allow relief for housing loses like a capital gains tax would.

There’s a saying all businesses thrive when times are good but the bad ones are exposed when times are tough.

You can load taxes on when times are good but this has failed and crippled the market when the economy slowed down. You simply cant bring in taxes that make a business uneconomic and unviable.
 
Glad the new government is pushing back against this entitled view from the māori elite.

β€˜The claimants argued by failing to engage with Māori on an issue that would lead to the loss of Māori lives, the government was failing to meet its obligations under Te Tiriti o Waitangi.’

No, it was decided by a democratic election and it impacts all NZers, not just māori.

Stuff: Latest breaking news | New Zealand

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