30 Apr 2014

Foreign investment changes dismissed

7:12 pm on 30 April 2014

The Labour Party has dismissed calls to make it easier for foreign investors to buy land and houses in New Zealand.

In a report on foreign investment by the business think tank, the New Zealand Initiative, says the right of owners to sell their property and land to whoever they chose should be protected.

Labour's finance spokesperson David Parker says he agrees with encouraging foreign investment in industry and things which add to the country's economic output.

But Mr Parker says there's no gain for New Zealand in selling land and houses to foreign investors.

Prime Minister John Key has also rejected calls to remove barriers on foreign investment.

He says the Government has no intention of making changes to the Overseas Investment Act.