27 Mar 2010

Government dithering on foreign investment changes - Greens

5:21 pm on 27 March 2010

The Green Party is accusing the Government of leaving the country open to a land grab by foreign investors, by dithering over changes to the Overseas Investment Act.

In July last year, Finance Minister Bill English proposed ditching the strategic asset test, which the previous Government brought in to head off a Canadian pension fund's bid for Auckland Airport.

Mr English said it was creating uncertainty and would be replaced by a new national interest test.

That hasn't happened, and Green Party co-leader Russel Norman says foreign investors could exploit this.

Mr English's office says the strategic interest test is still on the statute book and promised changes to the Overseas Investment Act are in the pipeline.