29 Jun 2012

Stopping overseas buyers would be fantastic - Norman

6:21 am on 29 June 2012

The Green Party says a member's bill aimed at preventing overseas buyers from purchasing agricultural land would benefit farmers.

The bill, which is in the name of Greens co-leader Russel Norman, has been drawn from the parliamentary ballot.

It is designed to keep ownership and control of sensitive land within New Zealand.

Dr Norman says it's not in the country's best interests to rubber-stamp large-scale purchases of farmland to overseas buyers, because small and medium-sized New Zealand farmers risk being priced out of the market.

He says his bill would have the effect of moderating the price of farmland which would be "fantastic for New Zealand farmers" and enable people in New Zealand to be able to afford to buy land.

"It would also be fantastic for the New Zealand economy in the long term because our land is our strategic resource. The more land that goes into overseas ownership, the longer-term problems for the New Zealand economy."

Dr Norman says New Zealanders are very concerned about losing control of their economic sovereignty and were against the sale of the 16 North Island Crafar farms to Chinese company Shanghai Pengxin.