NZ First leader Winston Peters says his changes to the tax system to attract foreign investment are aimed at people with more than a “lousy $20 million”.
He made the initial announcement before the arrest of two people for allegedly shoving one of his ministers trying to shield him from protesters.
His speech at the NZ First conference in Hamilton yesterday to make the announcement was interrupted before Peters was accosted outside the venue.
Peters told Mike Hosking the changes to the tax system were there to entice people willing to spend a lot of money.
When asked if $20 million would be enough, he called the sum “lousy”.
“If someone is going t
Mark as Played
Transcript
Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Speaker 1 (00:00):
Back to the idea of more foreign investments into this country,
particularly for infrastructure. It's a policy in New Zealand. First
we'll take to the next election. Apparently Leader Winston Peter says, well,
that's very good morning to you.
Speaker 2 (00:10):
Good morning.
Speaker 1 (00:11):
It's not something you could roll out now, seeing it's
a half sensible idea.
Speaker 2 (00:17):
That's not bad coming from you. Look that if it's
worked in Taiwan, it's worked in Singapore, and has worked
in Ireland and worked in places like Iceland and Order countries,
of course it'll work here. It is so sad that
we who used to think that way have stopped doing
it and as a consequence we're paying a huge place
for a lack of investment and a lack of infrastructure
in our country.
Speaker 1 (00:38):
How does this doubtail in with what David Seymour was
talking about over the weekend foreign money coming in for
businesses et cetera. I mean they're all related, aren't they.
We need to open ourselves up more to the world.
Speaker 2 (00:50):
Well I couldn't quite follow what he was saying on
that because we hadn't seen that policy, and what he
seemed to be saying is a little change the emphasis.
So if you there no reason why you can't come.
You should be allowed to come, rather another way around
putting the barriers ferst and making exemptions. I think that's
what he was saying in that document. But our approach
has been to say, look, if it's worked seriously o
(01:12):
diseas and we definitely need the money because we've sailed
to put a we've failed to put away a savings
fun we've failed to save in the past and give
us the capacity to do what Singapore has done because
of a sovereign fund or Norway has done. Then we
need to find the money and humble ourselves and get
it and get our economy back in the state it
should be where we can be. You know, but at
(01:34):
the very front of the world's economic performance countries.
Speaker 1 (01:37):
From luxan'se travels and your travels as foreign minister, you
would have no doubt there is one money out there
to be spent and to money that would come here
if we were more open to it.
Speaker 2 (01:49):
Oh, most definitely you're right on both counts. But the
god they want the question to answered, why do we
why would we come to New Zeman, And we have,
over a long period of time, failed to answer that question.
I can pull Ruth richardson Circle only ninety one going
offshore days with the whole ot of business people and thought,
she's going to fail for certain because she can't answer
the question why would I pick then over another country?
(02:09):
And we have failed to answer that question for a
decade after decade. It's he's disappointing. We need to answer
that question. Now.
Speaker 1 (02:15):
What is the answer?
Speaker 2 (02:17):
Well, because it's worth of it. We've been centivised it.
You're going to get guarantees that you will get advantage
by investing in New Zealand. Why Well, I think that's
important because if we've got nothing, then we haven't got
business workforce, a workforce like we need. If we get
that workforce being paid wages, and then all of a
suddenly our comedy is going to be strengthened by the
intervention of foreign money. I'm not talking about global foreign ownership.
(02:37):
I'm talking about a willing investor to our mutual advantage.
Speaker 1 (02:41):
So like a PPP. Yes, right, so the government's already
talking about that. But back to my original question, why
are we doing it right here right now? I mean,
why do you have to wait until twenty twenty six
In Seymour's Meed's talking about passing the legislation by the
end of twenty twenty five. Why don't we just do
it because you all seem aligned on the idea, Why
don't we just do it now?
Speaker 2 (03:01):
Yes, but once so many years and I've heard this
sort of what I call neo li or eclectic view
that tax policy should be neutral, that you cannot pick winners,
when every other smart country has been doing precisely that,
And that's what our problem is. They're paralyzed by their education.
Speaker 1 (03:19):
What tax of it, what tax treatment or incentivization needs
to be implemented to get the money here.
Speaker 2 (03:27):
Well, you've got to say, if you come to this country,
then you're going to get an a balance to do as
will match most of the best in the world. Your
taxation will be substantially lower than it would have been
in another country, and therefore this will be a wise
country to invest in. I did it, Singapore, did it? Taiwan?
Did it? Taiwan? Look the variations on a theme. Taiwan
(03:48):
had seven, ten, and even forty new tax breaks to
get something started in the second highest population density country
in the world with no resources.
Speaker 1 (03:58):
When at some point and it's not with equity firms,
but it might be with a bloke from wherever who
wants to invest ten twenty million dollars into this country
to start a business and employ some people. But at
some point you're going to have to deal with your
I don't like foreigners buying houses thing, aren't you?
Speaker 2 (04:14):
Oh sorry, it is going to come in with the
lousy twenty million. I think we're not going to be
cutting ice for him. But if he's in with a
whole or she's in with a whole lot of money
beyond that, we'd consider it. Because you know, the first
thing they're going to do is spend about five or
six million on twenty five million dollars investment. I dream
and gone on the house and then it's one quarter
gone straight up. Okay, that's good enough.
Speaker 1 (04:35):
Okay, all right, you're open that you are open to
the idea. But because here's my point. My point is
that if you want to.
Speaker 2 (04:41):
Invest in the country as a center for the right
investor will consider anything.
Speaker 1 (04:46):
So because my point is, if you're going to invest
some serious money in the country, you want to be
part of that country. And if you want to be
part of the country, you go to own.
Speaker 2 (04:52):
A house or a hotel, yeah.
Speaker 1 (04:56):
Or whatever. But I mean you're you're the one who's
prevented that from how opening. So you're at least suggesting
the idea that you can change your mind.
Speaker 2 (05:04):
Now, I'm not the one that's spending that happening. I'm
the one that's bending an offshore ownership and mostly absentee
houses and remire and leaterally, somebers have walked on by
people who are buying houses and it's going to as
a bolt hoole. So something to go wrong somewhere else,
you know all about this. Look look at John Key's
a previous house. Is it it is occupied? No it's not.
So here we go again.
Speaker 1 (05:24):
No, no, we don't get it right. Round up, it's
only Monday. I'm just saying that if you want to
bring people into the country, eventually they're going to want
to have a house, and that.
Speaker 2 (05:36):
The right person with the right investment will get the
right place.
Speaker 1 (05:38):
Yes, okay, so what is the right investment then?
Speaker 2 (05:42):
Well, you know, I'm not so arrogant, it's just the
right a policy. I want to have a look at
the libal investment we require. But let me tell you this.
The world is a wash with money. They're looking for
a safe place and a secure place with the reason
why it's advantageous to companies h and to invest hee
it We won't provide that answer. Yeah, the buying a house,
if you get the right investor here, who's going to
(06:03):
argue about them buying her home? No? Not, it's to be,
but it's going to drive that diet. The price house
surprises up. When we had under member Labor National, the
same money was being rotated through the same bank account
as each time they came in and got permission to invest.
They were switching onto the next bank acount when over
and over and over again, and it made us look stupid, naive.
And we've done that sort of thing too many times.
Speaker 1 (06:24):
Shotting to look at you over the weekend. How did
just into price go? By the way?
Speaker 2 (06:29):
I was friendness two minutes to have. She gave a
very good speech. I'm so disappointed that she never got
the cover she deserved because it was a state of
the art speech in terms of what we believe in.
And she's saying, look, we don't want workers and we
want real delivery for real problems, and it's not to
do with race. She's half Aboriginals. She's half Irish. You know,
we're all half something and we like us and that's
(06:52):
why we had a We don't betray and ensnare and
stare hatefully at our pass in terms of about other
blood or other DNA. Some of us are Scottish, some
of the Samari Scottish. Nobody's perfect. But the reality is
where maybe one people and I've blatness person then, but
I achieved ready to come to expect that message because
(07:13):
it's not just for this country. But they were the
ones that defeated the Voice, which was going to have
a very lead to group of Aboriginals running the country
or running policy in Australia who had no reference to
the audery Aboriginals, just like elitist Mari in New Zealand,
and they needed to be stopped in their tracks.
Speaker 1 (07:31):
My observation of your work over the weekend was that
of all the times you've dealt with parties and been
in government in the thirty one years, you celebrated your
current arrangement White might early days might be the most
productive and professional and therefore potentially successful so far. What
would your read be?
Speaker 2 (07:53):
I think to be fair, both had three years working
with Ellen Clark, and I said Heather Simpson, and there
were people who kept their word like whatever you think,
like a bat or don't like thatt Alan Clark. She
did take my hand and keep it. Give her worked
for three years and I admire that. But on the person,
in terms of productive side, I think it could be
(08:14):
well right. We've got to make this scholars worked in
the interests of this country and reach you know, this
country is in such a serious need of being turned
around and we can't afford this sort of personal side
show that's often his politics. But I think about I
regret that some of these journals and somebody in the
Herald today actually no no Iran, said Worte of article Dan.
(08:35):
I thought, how dare he make that stupid statement? You know,
just around five minutes but he makes a cynical statement
about the future. He's got no idea what the future
is going to be. And Outdoor is to be successful
and the government going forward in twenty twenty six as well.
Speaker 1 (08:52):
Appreciate time as always, which simpleats the leader of New
Zealand First. For more from the Mic Asking Breakfast, listen
live to News Talks at b from six am weekdays.
Speaker 2 (09:02):
Or follow the podcast on iHeartRadio
Back to the idea of more foreign investments into this country,
particularly for infrastructure. It's a policy in New Zealand. First
we'll take to the next election. Apparently Leader Winston Peter says, well,
that's very good morning to you.
Speaker 2 (00:10):
Good morning.
Speaker 1 (00:11):
It's not something you could roll out now, seeing it's
a half sensible idea.
Speaker 2 (00:17):
That's not bad coming from you. Look that if it's
worked in Taiwan, it's worked in Singapore, and has worked
in Ireland and worked in places like Iceland and Order countries,
of course it'll work here. It is so sad that
we who used to think that way have stopped doing
it and as a consequence we're paying a huge place
for a lack of investment and a lack of infrastructure
in our country.
Speaker 1 (00:38):
How does this doubtail in with what David Seymour was
talking about over the weekend foreign money coming in for
businesses et cetera. I mean they're all related, aren't they.
We need to open ourselves up more to the world.
Speaker 2 (00:50):
Well I couldn't quite follow what he was saying on
that because we hadn't seen that policy, and what he
seemed to be saying is a little change the emphasis.
So if you there no reason why you can't come.
You should be allowed to come, rather another way around
putting the barriers ferst and making exemptions. I think that's
what he was saying in that document. But our approach
has been to say, look, if it's worked seriously o
(01:12):
diseas and we definitely need the money because we've sailed
to put a we've failed to put away a savings
fun we've failed to save in the past and give
us the capacity to do what Singapore has done because
of a sovereign fund or Norway has done. Then we
need to find the money and humble ourselves and get
it and get our economy back in the state it
should be where we can be. You know, but at
(01:34):
the very front of the world's economic performance countries.
Speaker 1 (01:37):
From luxan'se travels and your travels as foreign minister, you
would have no doubt there is one money out there
to be spent and to money that would come here
if we were more open to it.
Speaker 2 (01:49):
Oh, most definitely you're right on both counts. But the
god they want the question to answered, why do we
why would we come to New Zeman, And we have,
over a long period of time, failed to answer that question.
I can pull Ruth richardson Circle only ninety one going
offshore days with the whole ot of business people and thought,
she's going to fail for certain because she can't answer
the question why would I pick then over another country?
(02:09):
And we have failed to answer that question for a
decade after decade. It's he's disappointing. We need to answer
that question. Now.
Speaker 1 (02:15):
What is the answer?
Speaker 2 (02:17):
Well, because it's worth of it. We've been centivised it.
You're going to get guarantees that you will get advantage
by investing in New Zealand. Why Well, I think that's
important because if we've got nothing, then we haven't got
business workforce, a workforce like we need. If we get
that workforce being paid wages, and then all of a
suddenly our comedy is going to be strengthened by the
intervention of foreign money. I'm not talking about global foreign ownership.
(02:37):
I'm talking about a willing investor to our mutual advantage.
Speaker 1 (02:41):
So like a PPP. Yes, right, so the government's already
talking about that. But back to my original question, why
are we doing it right here right now? I mean,
why do you have to wait until twenty twenty six
In Seymour's Meed's talking about passing the legislation by the
end of twenty twenty five. Why don't we just do
it because you all seem aligned on the idea, Why
don't we just do it now?
Speaker 2 (03:01):
Yes, but once so many years and I've heard this
sort of what I call neo li or eclectic view
that tax policy should be neutral, that you cannot pick winners,
when every other smart country has been doing precisely that,
And that's what our problem is. They're paralyzed by their education.
Speaker 1 (03:19):
What tax of it, what tax treatment or incentivization needs
to be implemented to get the money here.
Speaker 2 (03:27):
Well, you've got to say, if you come to this country,
then you're going to get an a balance to do as
will match most of the best in the world. Your
taxation will be substantially lower than it would have been
in another country, and therefore this will be a wise
country to invest in. I did it, Singapore, did it? Taiwan?
Did it? Taiwan? Look the variations on a theme. Taiwan
(03:48):
had seven, ten, and even forty new tax breaks to
get something started in the second highest population density country
in the world with no resources.
Speaker 1 (03:58):
When at some point and it's not with equity firms,
but it might be with a bloke from wherever who
wants to invest ten twenty million dollars into this country
to start a business and employ some people. But at
some point you're going to have to deal with your
I don't like foreigners buying houses thing, aren't you?
Speaker 2 (04:14):
Oh sorry, it is going to come in with the
lousy twenty million. I think we're not going to be
cutting ice for him. But if he's in with a
whole or she's in with a whole lot of money
beyond that, we'd consider it. Because you know, the first
thing they're going to do is spend about five or
six million on twenty five million dollars investment. I dream
and gone on the house and then it's one quarter
gone straight up. Okay, that's good enough.
Speaker 1 (04:35):
Okay, all right, you're open that you are open to
the idea. But because here's my point. My point is
that if you want to.
Speaker 2 (04:41):
Invest in the country as a center for the right
investor will consider anything.
Speaker 1 (04:46):
So because my point is, if you're going to invest
some serious money in the country, you want to be
part of that country. And if you want to be
part of the country, you go to own.
Speaker 2 (04:52):
A house or a hotel, yeah.
Speaker 1 (04:56):
Or whatever. But I mean you're you're the one who's
prevented that from how opening. So you're at least suggesting
the idea that you can change your mind.
Speaker 2 (05:04):
Now, I'm not the one that's spending that happening. I'm
the one that's bending an offshore ownership and mostly absentee
houses and remire and leaterally, somebers have walked on by
people who are buying houses and it's going to as
a bolt hoole. So something to go wrong somewhere else,
you know all about this. Look look at John Key's
a previous house. Is it it is occupied? No it's not.
So here we go again.
Speaker 1 (05:24):
No, no, we don't get it right. Round up, it's
only Monday. I'm just saying that if you want to
bring people into the country, eventually they're going to want
to have a house, and that.
Speaker 2 (05:36):
The right person with the right investment will get the
right place.
Speaker 1 (05:38):
Yes, okay, so what is the right investment then?
Speaker 2 (05:42):
Well, you know, I'm not so arrogant, it's just the
right a policy. I want to have a look at
the libal investment we require. But let me tell you this.
The world is a wash with money. They're looking for
a safe place and a secure place with the reason
why it's advantageous to companies h and to invest hee
it We won't provide that answer. Yeah, the buying a house,
if you get the right investor here, who's going to
(06:03):
argue about them buying her home? No? Not, it's to be,
but it's going to drive that diet. The price house
surprises up. When we had under member Labor National, the
same money was being rotated through the same bank account
as each time they came in and got permission to invest.
They were switching onto the next bank acount when over
and over and over again, and it made us look stupid, naive.
And we've done that sort of thing too many times.
Speaker 1 (06:24):
Shotting to look at you over the weekend. How did
just into price go? By the way?
Speaker 2 (06:29):
I was friendness two minutes to have. She gave a
very good speech. I'm so disappointed that she never got
the cover she deserved because it was a state of
the art speech in terms of what we believe in.
And she's saying, look, we don't want workers and we
want real delivery for real problems, and it's not to
do with race. She's half Aboriginals. She's half Irish. You know,
we're all half something and we like us and that's
(06:52):
why we had a We don't betray and ensnare and
stare hatefully at our pass in terms of about other
blood or other DNA. Some of us are Scottish, some
of the Samari Scottish. Nobody's perfect. But the reality is
where maybe one people and I've blatness person then, but
I achieved ready to come to expect that message because
(07:13):
it's not just for this country. But they were the
ones that defeated the Voice, which was going to have
a very lead to group of Aboriginals running the country
or running policy in Australia who had no reference to
the audery Aboriginals, just like elitist Mari in New Zealand,
and they needed to be stopped in their tracks.
Speaker 1 (07:31):
My observation of your work over the weekend was that
of all the times you've dealt with parties and been
in government in the thirty one years, you celebrated your
current arrangement White might early days might be the most
productive and professional and therefore potentially successful so far. What
would your read be?
Speaker 2 (07:53):
I think to be fair, both had three years working
with Ellen Clark, and I said Heather Simpson, and there
were people who kept their word like whatever you think,
like a bat or don't like thatt Alan Clark. She
did take my hand and keep it. Give her worked
for three years and I admire that. But on the person,
in terms of productive side, I think it could be
(08:14):
well right. We've got to make this scholars worked in
the interests of this country and reach you know, this
country is in such a serious need of being turned
around and we can't afford this sort of personal side
show that's often his politics. But I think about I
regret that some of these journals and somebody in the
Herald today actually no no Iran, said Worte of article Dan.
(08:35):
I thought, how dare he make that stupid statement? You know,
just around five minutes but he makes a cynical statement
about the future. He's got no idea what the future
is going to be. And Outdoor is to be successful
and the government going forward in twenty twenty six as well.
Speaker 1 (08:52):
Appreciate time as always, which simpleats the leader of New
Zealand First. For more from the Mic Asking Breakfast, listen
live to News Talks at b from six am weekdays.
Speaker 2 (09:02):
Or follow the podcast on iHeartRadio
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