Labour’s long-debated capital gains tax (CGT) policy was thrust into the spotlight prematurely after details were leaked to state-funded RNZ over the long weekend, prompting the party to release the full plan at 5am on Tuesday.
Leader Chris Hipkins confirmed he would not launch a formal investigation but warned that if the leak was traced to a party insider, “they would no longer be a member.” The incident exposed internal tensions within Labour, which had been split between pursuing a wealth tax or CGT before caucus members backed the latter in a near-unanimous vote. The leak disrupted Labour’s planned rollout, forcing Hipkins to respond to media coverage before the official launch.
The leaked documents revealed a 28 percent tax on profits from the sale of investment properties—excluding family homes and farms—from July 2027. Forecasts show the policy would raise an average of $700 million annually, specifically for health spending. Hipkins defended the plan as a fair and future-focused reform to discourage property speculation and fund essential services. The CGT announcement was paired with a Digital ID “Medicard” initiative providing three free GP visits per year, but the early leak overshadowed what was meant to be a carefully timed dual policy reveal.
Stop stealing our moneyyy Chipster wokester !!!
This policy is thoroughly VICIOUS. Its 25% CGT in Australia and you can make a range of deductions that drop it well below that percentage figure. More than that, you get better capital gain on average in Australia and GST is heavily restricted there and those restrictions apply to certain processed, as well as fresh goods. Australians pay a LOT less in rates as well. Plus there’s more work there.
So Labour are you planning to revise GST and apply a similar system to Australia? Are you planning to cap rates, which are running rampant? 8% increase in AU since 2023, 35% in NZ?
If not then can I suggest you rename your party “The Australian Migration Party” and be done with it.
Since house prices have gone down, is there going to be a tax credit?
Who’s money do these ministers get to play with and who are the people they are making these decisions for? Transparency is letting those you are paid by and work for know what the intentions are regarding running the nation we all live in. Keeping secrets implies there is decisions coming down the barrel that further erode who we are and how we thrive.
Ginga munt
More tax, more spending for Labour. More Debt. Remember what they have done. Vote NZ First and ACT.
Vote New Zealand Loyal….
https://nzloyal.com/policy/
NZ First ignores the constituents, and ACT is a shabbo-goy organisation that always leads to the back door of support of the Globalists!
The thin end of the wedge – before you know it farms would be included and not long after the family home would be subject too. Then they’ll add a huge number of asset types.
Hipkins and Labour are toxic
End of discussion
Don’t touch them with Yours
A pack of low life degenerate losers
Do we need to be reminded with more leaky homes policy?
this ” leak” was a political stunt to hide the true nature of the contents and aims of what labour are intending.
Come on people, it’s not like the mask was ever even on