Australians move on offshore speculators

John Key might want to have a quiet word with Australian Prime Minister Tony Abbott about Canberra's just-announced crack down on offshore speculators when he visits New Zealand this week, Labour's Housing spokesperson Phil Twyford says.

"Tony Abbott's centre right government has announced a tax on foreign buyers, a register of foreign land and property ownership, and tough penalties for those who break the rules, following on from the recommendations of a parliamentary inquiry.

"Contrast that with John Key's government who deny offshore speculators are a problem, despite KPMG warning today that bankers believe foreign buyers are inflating property prices and putting the economy at risk.

"KPMG think offshore speculators are a problem. The bankers think they are a problem. The Australian Government clearly thinks they are a problem. The National Government is increasingly isolated on this issue.

"National needs to decide whether it is on the side of offshore property speculators, or on the side of young New Zealand first home buyers."