No lolly scramble for landlords

The Government has not moved on two of its biggest taxes affecting landlords – the 10-year brightline test and the phasing out of mortgage interest tax deductibility.

Instead in a large capital allocation, the Labour Government has put aside $3.1 billion for the building of 3,000 new state houses by 30 June 2025.

Finance Minister Grant Robertson says the housing crisis is not going to be fixed overnight and requires ongoing investment after the previous Government’s sell-off of state houses.

“Due to the rising cost of building products and services around the world, the Budget also invests $707 million total operating and $3.6 billion total capital to cover cost increases under the existing build programme funded through Budget 2020.”