Nash Stuart: Oral Questions — Questions to MinistersText is incorporated into the Bound VolumeNash Stuart: Oral Questions — Questions to Ministers[Sitting date: 21 October 2015. Volume:709;Page:7419. Text is incorporated into the Bound Volume.]12.STUART NASH (Labour—Napier) to the Minister for Land Information: When did the Overseas Investment Office last produce a document that collated the benefits of overseas investment in New Zealand farmland in terms of employment created by the 716 successful consent applicants over the past 10 years who promised to create new job opportunities?Hon LOUISE UPSTON (Minister for Land Information): Individual applications have a threshold to pass in terms of benefit to New Zealand one of which is new job opportunities. If an application is granted with a condition attached to it it is then monitored. The Overseas Investment Office does not aggregate data on the dollar value or benefits that successful individual applications will have for New Zealand. This Government is focused on quality not quantity. That is why on this side of the House the amount of net land sold over our side has halved.Stuart Nash: In light of this does she agree with the Minister of Finance who told Parliament last Thursday that collating this information was “part of its function under the Overseas Investment Act”?Hon LOUISE UPSTON: As I said individual applications are considered on their merit and that is why there are conditions attached and we assess and measure those benefits. An example for the House that may be useful is the commitment of 93 jobs in the Crafar sale. Actually in 2015 that was delivering 105 jobs which is additional benefit.Stuart Nash: Is she suggesting that the Minister of Finance who has ultimate responsibility for signing off on consents by foreign investors does not know the law as per the Overseas Investment Act?Hon LOUISE UPSTON: The Minister of Finance as we are very clear about on this side of the House actually was concerned about the amount of land sold by the former Government and that is why in 2010 we introduced additional matters to protect New Zealanders’ interests to stop significant vertical integration and to ensure that New Zealanders’ economic benefits were preserved.Stuart Nash: Will she issue an instruction to the Overseas Investment Office to start collating this information or does she not think that knowing the value added by overseas investment is important?Hon LOUISE UPSTON: That very question from that member illustrates he does not understand or know the legislation of the Overseas Investment Act. First and foremost it states it is a privilege for foreign owners to purchase land and assets. That is why we have significant tests that ensure the benefits must be substantial and identifiable for New Zealanders.Stuart Nash: Does the Minister not think it is important that New Zealanders understand the overall benefits of foreign investment to this country?Hon LOUISE UPSTON: Absolutely and that is why I very proudly in every individual application that is before Ministers consider the benefits to New Zealand and whether they are significant or identifiable. If they are not that application will not be approved.