Norman Russel William: Questions for Oral Answer — Questions to Ministers 
Norman Russel William: Questions for Oral Answer — Questions to Ministers 
[Volume:665;Page:12744] 
2. 
Dr RUSSEL NORMAN (Co-Leader—Green) 
 to the  
Minister of Finance 
: Does he agree with the Prime Minister’s concerns in relation to foreign ownership of New Zealand land that “there is so much wealth out there that they could literally buy New Zealand’s productive base”; if so will he be tightening current foreign ownership rules around the sale of land? 
Hon BILL ENGLISH (Minister of Finance) 
: 
 Yes I do agree with the Prime Minister. New Zealand is a small country with a small asset base compared with any number of other countries or even very large overseas investors. In respect of the current rules about the sale of land there are a significant number of tests in the Act itself. The Overseas Investment Office tests incoming investment against about 20 factors in relation to sensitive land—and that was a piece of legislation I think that was supported by the Green Party and passed by the previous Government. In respect of our review members will just have to wait and see. 
Dr Russel Norman 
: Does he see any contradiction between the Prime Minister’s concerns about a foreign buy-up of New Zealand land and his meeting earlier this year with the lawyer for the Chinese company trying to buy the Crafar farms—a meeting where the Minister was seeking advice from the lawyer on changing our foreign investment rules? 
Hon BILL ENGLISH 
: No and the member has tried many times to make a conspiracy out of that particular discussion. The Government has been quite open about the fact that it was looking at whether there were ways of speeding up and reducing the cost of the approval process. We have made some gains in that respect but that was in the context of a review where we quite openly said we want to ensure that this is a process that can work for investors at the same time as addressing the valid concerns New Zealanders have about foreign investment. 
Dr Russel Norman 
: In the light of the Minister’s openness on this issue will he consider widening the list of advisers on the review of the Overseas Investment Act beyond the technical reference group given that this group is stacked with lawyers working on behalf of firms such as China’s Natural Dairy which is trying to buy the Crafar farms? 
Hon BILL ENGLISH 
: The problem with the member’s position is that he objects to the Government talking to anyone who actually uses the Act. It would be ridiculous to review the Act without talking to the people who use it. That involves lawyers investors and I might also point out a large number of New Zealanders who sell their assets to foreign owners and do so voluntarily. We have consulted a whole range of people who use the Act. 
Dr Russel Norman 
: Can he provide us with the names of people he has consulted with who wish to strengthen the Overseas Investment Regulations rather than weaken them? 
Hon BILL ENGLISH 
: I have spoken with a lot of people who want to strengthen the Act—so many that I could not give the member a list of names. 
Dr Russel Norman 
: Does he agree that if we sign trade deals with countries such as China to get access for our dairy products into the Chinese market and then sell all our dairy farms to Chinese interests we are mugs? 
Hon BILL ENGLISH 
: That is hypothetical. As far as I know New Zealand has not sold all of its dairy farms to the Chinese Government.