The Government’s reckless overhaul of the Overseas Investment Act is a fast track for foreign investment at the expense of Kiwi interests.

“The Government’s reforms to the Overseas Investment Act are a significant shift away from the current overseas investment rules, and not in the best interests of New Zealanders,” Labour finance spokesperson Barbara Edmonds said.

“It seems the Government’s new slogan ‘Everyone Must Go’ has been interpreted by David Seymour as ‘Everything Must Go,’ including New Zealand’s essential assets.

“Under their plan, foreign investors will find it even easier to snap up key assets without clear protections for Kiwi jobs or incomes. Investing in New Zealand is a privilege, not an open invitation for profit-chasing investors to exploit our resources and siphon off the returns overseas. Yet, this Government is throwing the doors wide open, without ensuring our assets serve the interests of Kiwi workers, businesses, and communities.

“The Government claims they have a 'balanced' approach, but that raises the question: balanced for whom? I don’t see any clear protections for New Zealand’s environment, public utilities, or any effort to consider Māori or the broader community.

“There has been no consultation on these changes and the Government wants to rush the legislation through before the end of the year. The Treasury themselves, in David’s Seymour’s Cabinet Paper, say that because they were restricted by the Coalition Agreement, they have had no opportunity to test whether their policies can actually be delivered and whether the benefits will materialise.

“Rushed reforms like these put our economic future at risk. This Government is making it easier for foreign companies to buy up key assets while shifting profits offshore. That doesn’t strengthen our economy, it weakens it. This is just another example of this Government taking New Zealand backwards,” Barbara Edmonds said.