I want to start off with immigration because this is the issue of the day, is it not. This is the issue of the age.
We have discovered after the pandemic that we are very dependent on those people who live overseas and come to live here in New Zealand.
The Government say they want to attract a higher quality immigrant. So to that measure, yesterday Stuart Nash announced that the Government is making some significant changes around migrant investor visas, creating a whole new category called Active Investor Plus, which is going to replace the current investor one and two categories.
The Economic and Regional Development Minister Stuart Nash said the current system results in passive investment in shares and bonds, which is nice, but not nearly good enough.
He wants people to directly invest into Kiwi companies, into start-ups, into companies that are in high growth phase.
Now let's remember the previous policy did attract $12 billion worth of investment, so it's nothing to be sneezed at. But he reckons, we can invest that $12 billion or however much comes in, in better businesses and in better ways.
So they've changed the rules of it. They've increased the minimum investment threshold to $15 million, or the weighted equivalent, which means you can come in if you're going to make a direct investment of $5 million.
You have to be in New Zealand a bit longer these days though. In the old days you just had to spend 88 days in New Zealand over four years, under the new rules 117 days.
Three experts on Newstalk ZB over the course of this morning, they all say this thing is a dog.
Does the Government know it’s a dog? Does the Government know that the hurdles are too high for people to come in?