Budget comment from Michael Barnett

Changes to the tax treatment of investment property invite a behaviour change by New Zealanders away from investing in property to investing more in NZ and productive activity.

“If we achieve just that from this Budget it will represent a game change we have needed for decades, “ said Auckland Chamber CEO Michael Barnett. 

TAX CHANGES INCREASE CHOICE

The Budget’s surprise dropping of the company tax rate to 28% gives NZ business the opportunity to invest in themselves, grow and employ, and is a small but welcome edge over Australia, said Auckland Chamber CEO Michael Barnett.

Coupled with the other tax changes, when the Budget talks of “NZ in recovery “, this equates to every New Zealander being able to move forward as a result of this Budget.

“Leaving more money in New Zealanders’ pockets leaves them to make the choice to spend or save”. It would be good for NZ to see at least a large share of the personal tax cuts diverted towards savings,” said Mr Barnett.