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RNZ News
8 hours ago
- Business
- RNZ News
Overseas investment decisions made twice as fast after directive from David Seymour
Watch Acting PM David Seymour speak after Cabinet meeting: Overseas investment decisions are being made twice as fast, following a directive from David Seymour to Land Information New Zealand (LINZ). Seymour, who holds portfolio responsibility for the Overseas Investment Act, told LINZ last year to process 80 percent of consent applications in half the statutory timeframes for decisions. He said the financial year beginning 1 July 2024 was on-track to meet expectations, with 88 percent of applications processed in half the timeframe. "Processing times have reduced by 39 percent faster than the previous financial year. The average timeframe has reduced from 71 working days in the last financial year, to 28 working days this financial year," Seymour said. "Since this financial year began, processing times have reduced by 39 percent faster than the previous financial year. The average timeframe has reduced from 71 working days in the last financial year, to 28 working days this financial year." Seymour is standing in for Christopher Luxon at this week's post-Cabinet press conference as Acting Prime Minister, but has made the announcement in his capacity as Associate Minister of Finance. He said the improvements to processing times were largely due to a new risk-based approach LINZ was taking to verifying information and streamlining consent processes, recognising that most applications were low-risk. There had been a drop in total applications for residential land development (122 between 1 July 2024 and 19 June 2025, down from 146 in the previous financial year), which Seymour said was due to poor property market conditions. He expected the numbers to bounce back as the property marked rose. LINZ still had the full statutory timeframe to process 20 percent of applications, which would allow them to manage the more complex and high-risk applications. With Parliament sitting this week for the first time in three weeks, Seymour's Overseas Investment (National Interest Test and Other Matters) Amendment Bill will also have its first reading. The Bill seeks to introduce a modified national interest test so low-risk transactions can be assessed quicker. The screening process for less sensitive assets would also be simplified. The current screening quota for investments in farmland and fishing quota would stay in place. Seymour said New Zealand currently had one of the most restrictive overseas investment regimes in the OECD. "We've paid the price in lost opportunities, lower productivity, and stagnant wages. This Bill is about reversing that," he said.
RNZ News
8 hours ago
- Business
- RNZ News
Watch live: David Seymour speaks after Cabinet meeting
Overseas investment decisions are being made twice as fast, following a directive from David Seymour to Land Information New Zealand (LINZ). Seymour, who holds portfolio responsibility for the Overseas Investment Act, told LINZ last year to process 80 percent of consent applications in half the statutory timeframes for decisions. He said the financial year beginning 1 July 2024 was on-track to meet expectations, with 88 percent of applications processed in half the timeframe. "Processing times have reduced by 39 percent faster than the previous financial year. The average timeframe has reduced from 71 working days in the last financial year, to 28 working days this financial year," Seymour said. "Since this financial year began, processing times have reduced by 39 percent faster than the previous financial year. The average timeframe has reduced from 71 working days in the last financial year, to 28 working days this financial year." Seymour is standing in for Christopher Luxon at this week's post-Cabinet press conference as Acting Prime Minister, but has made the announcement in his capacity as Associate Minister of Finance. He said the improvements to processing times were largely due to a new risk-based approach LINZ was taking to verifying information and streamlining consent processes, recognising that most applications were low-risk. There had been a drop in total applications for residential land development (122 between 1 July 2024 and 19 June 2025, down from 146 in the previous financial year), which Seymour said was due to poor property market conditions. He expected the numbers to bounce back as the property marked rose. LINZ still had the full statutory timeframe to process 20 percent of applications, which would allow them to manage the more complex and high-risk applications. With Parliament sitting this week for the first time in three weeks, Seymour's Overseas Investment (National Interest Test and Other Matters) Amendment Bill will also have its first reading. The Bill seeks to introduce a modified national interest test so low-risk transactions can be assessed quicker. The screening process for less sensitive assets would also be simplified. The current screening quota for investments in farmland and fishing quota would stay in place. Seymour said New Zealand currently had one of the most restrictive overseas investment regimes in the OECD. "We've paid the price in lost opportunities, lower productivity, and stagnant wages. This Bill is about reversing that," he said.
