Acting PM
Permanent linkThere’s an old saying that if goods don’t cross borders, soldiers will. It was a French economist, Bastiat, and what he meant is that trade and investment are critical to preventing conflict. I’ll address the conflict offshore only to say that nobody is calling on New Zealand to rush to judgment on the rights and wrongs of the situation. We’re far better to keep our counsel because it costs nothing to get more information, but going off half-cocked can be very costly for a small nation.
At the heart of New Zealand’s independent foreign policy is that what we lack in might we make up for with our values. We believe in universal human rights and dignity for all, and we call for dialogue and understanding rather than escalation. Our focus must be on the safety of New Zealanders in the region, and that is why New Zealand Defence Force is deploying assets to the region in case they are needed to help.
We’re also mindful of the impacts on New Zealanders at home. With oil prices rising 25 percent in the past month, our Government’s focus on reducing the cost of living and controlling its finances will be as important, if not more important, than ever. You will have seen announcements of the stunning success of the golden visa this afternoon—189 applications in three months, versus 116 in 2½ years under the previous policy, means a potential of $845 million.
Meanwhile, I’m very pleased to announce that official—sorry, Overseas Investment Act consents are now down to 28 days to consent on average, down from 71 days last financial year. Eighty-eight percent of overseas investment consents are now issued within half the statutory time frame, so in less than 35 days. Tomorrow, Parliament will debate legislation that will bring more—bring most consents down to 15 days with a fast-tracked process.
New Zealand needs investment. We need it for higher-paying jobs, but also for more affordable futures for all of us. As we see the benefits of an IKEA, a Costco, or perhaps a third supermarket chain, we can see very clearly how foreign investment and connections to the world not only make for a more peaceful world, but also for a more affordable world. With that, I’m happy to take any questions.