NewzIntel.com

Category: Residential Housing Market

  • MIL-OSI: EfTEN REAL ESTATE FUND AS NOTICE CALLING THE EXTRAORDINARY GENERAL MEETING OF SHAREHOLDERS

    Source: GlobeNewswire (MIL-OSI)

    The Management Board of EfTEN Real Estate Fund AS (registry code 12864036; seat Tallinn, A. Lauteri 5) calls the extraordinary general meeting of shareholders on 16 October 2024 at 15:00.

    Venue of the general meeting: Radisson Collection Hotel second floor conference centre hall “Tallinn”, address Tallinn, Rävala 3.

    The registration of participants of the general meeting starts at 14:00 on 16 October 2024 at the venue of the meeting. The registration ends at 15:00. If possible, we request that all shareholders arrive in time considering the time required to register the participants of the meeting.
    The list of shareholders who shall be entitled to participate in the extraordinary general meeting shall be fixed seven days prior to the date of the general meeting, i.e., on 09 October 2024 as at the end of the working day of the registrar of the settlement system of the fund’s securities.

    The shareholders may also participate by appointing a representative or vote prior to the meeting on the items on the agenda of the general meeting by using electronic means. There will be no video transmission of the general meeting.
    When appointing a representative, we recommend you to appoint Viljar Arakas, a member of the Management Board of the fund, whom you can give precise instructions to vote on your behalf on each agenda item. In case a shareholder wishes to use the template of power of attorney upon appointment of a representative, the respective template is available on the webpage of the fund https://eref.ee/investorile/uldkoosolekud/.  

    Electronic voting of draft resolutions
    Shareholders may vote electronically on the items on the agenda before the general meeting is held in accordance with the following procedure:

    1. The electronic vote must be sent to the address koosolek@eften.ee not later than on 15 October at 16:00 (Estonian time). The shareholder has the right to change or cancel the vote given or submit objections not later than indicated in the previous sentence.
    2. The shareholder’s vote must be given on the respective form available on the fund’s website https://eref.ee/investorile/uldkoosolekud/ and must be digitally signed. In case several correctly filled and signed voting ballots are submitted on behalf of one shareholder, only the latest received voting ballot shall be considered valid, and all previous voting ballots of that shareholder shall be considered invalid. In case the shareholder has submitted the voting ballot, but also attends the general meeting in person, all the voting ballots submitted by the shareholder before the general meeting shall be considered invalid.
    3. In case the shareholder is represented at the general meeting by a representative, a digitally signed power of attorney certifying the right of representation must be submitted to the e-mail address koosolek@eften.ee together with the electronic vote or before submitting the electronic vote.
    4. Shareholders who have voted no later than 15 October 2024 at 16.00 (Estonian time) shall be deemed to have taken part in the general meeting and the votes represented by the shareholders’ shares shall be accounted as part of the quorum of the general meeting, unless otherwise provided by law.

    Pursuant to the resolution of the Supervisory Board of EfTEN Real Estate Fund AS, the extraordinary general meeting will have the following agenda together with proposals of the Supervisory Board to the shareholders:

    Item 1: Management Board’s overview of the fund’s business activities of this year
    The Management Board shall provide an overview of the fund’s business activities of this year. The item is for informational purposes only.

    Item 2: Increase of share capital and listing of new shares on the Main List of Nasdaq Tallinn Stock Exchange
    To ensure the ongoing development and future investments of the fund, the fund plans to carry out an additional share issue in the amount of up to 30,000,000 euros. According to clause 6.11 of the fund’s Articles of Association, the general meeting has the right to delegate the increase of the share capital to the competence of the Supervisory Board.
    Proposal of the Supervisory Board:
    2.1. To delegate to the competence of the Supervisory Board, the decision on the increase of share capital for a six-month period following this general meeting, considering that the total volume of the additional capital to be raised will not exceed 30,000,0000 euros and the existing shareholders shall retain the pre-emptive right to subscribe for the new shares.
    2.2. To apply for the listing and admission to trading of all newly issued shares on the Main List of Nasdaq Tallinn Stock Exchange, and to authorise the Supervisory Board and the Management Board of the fund to carry out all activities and conclude all agreements necessary for this purpose.

    Additional organisational information:
    Documents related to the general meeting, including the approved annual report of the previous financial year, drafts of the board’s decisions and any other information subject to the statutory disclosure requirement are available for examination on the webpage of the fund www.eref.ee and until the date (incl.) of the general meeting, at the premises of the fund (address A. Lauteri 5, 10114 Tallinn, 3rd floor) on working days from 09:00 until 16:00.
    Questions with respect to the matters on the agenda of the general meeting can be submitted via e-mail address: koosolek@eften.ee or by mail to the address of the fund (Tallinn 10114, A. Lauteri 5) or via phone by calling + 372 655 9515. Questions, answers, shareholders’ proposals with respect to the matters on the agenda and the minutes of the general meeting shall be published on the webpage of EfTEN Real Estate Fund AS www.eref.ee.

    We request to submit the following to register the participants of the general meeting:
    – in case of a shareholder who is a natural person, an identity document. A representative of a shareholder shall also present a power of attorney in written form.
    – in case of a shareholder who is a legal person, an extract from the registry where the legal person is registered, which proves the authorisation of the representative to represent the legal person (right of representation arising from law) and an identity document of the representative. In case the representative is not a legal representative of the legal person, a valid power of attorney shall also be required. Where required by applicable law, documents pertaining to a legal person registered in a foreign country are requested to be legalized or duly apostilled. Documents in foreign language are requested to be accompanied by a translation into Estonian by a sworn translator.

    At the general meeting, a shareholder is entitled to receive information from the Management Board on the activities of the fund. The Management Board may decide to withhold information if there is a reason to believe that the disclosure of information may cause significant damage to the interests of the public limited company. If the Management Board refuses to disclose information, the shareholder may demand from the general meeting to adopt a resolution regarding the lawfulness of the information request or to file, within two weeks, a petition to a court by way of proceedings on petition in order to obligate the Management Board to give information.

    The shareholders whose shares represent at least 1/20 of the share capital may request for additional items to be included on the agenda of the general meeting, if the respective request is submitted in writing at least 15 days prior to the general meeting to the address EfTEN Real Estate Fund AS, A. Lauteri 5, 10114 Tallinn.
    The shareholders whose shares represent at least 1/20 of the share capital may present a draft resolution in respect of each item on the agenda in writing no later than three days prior to the general meeting to the address EfTEN Real Estate Fund AS, A. Lauteri 5, 10114 Tallinn.

    Prior to the general meeting, the shareholder may notify of the appointment of a representative or the revocation of the representative’s authority by sending a digitally signed notice to the e-mail address koosolek@eften.ee or by delivering the signed documents in person on working days between 09:00 to 16:00 to EfTEN Real Estate Fund AS at A. Lauteri 5, 10114 Tallinn at the latest by 15.10.2024 (Estonian time).  In case a shareholder wishes to use the template of power of attorney upon appointment of a representative, the respective template is available on the webpage of EfTEN Real Estate Fund S https://eref.ee/investorile/uldkoosolekud/.  

    Viljar Arakas
    Member of the Management Board
    Tel: 655 9515
    E-mail: viljar.arakas@eften.ee

    The MIL Network –

  • MIL-OSI New Zealand: Economy – ASB Regional Economic Scoreboard Q2 2024

    Source: ASB Regional Economic Scoreboard Q2 2024

    Gisborne the country’s top performer in ASB’s latest Regional Economic Scoreboard

     

    • Gisborne claims first place on the leaderboard for first time in more than four years
    • Biggest drops seen in Southland, down from first spot to ninth, and Marlborough, falling from fourth place to second-to-last
    • Despite signs of optimism in housing market and export growth in some regions, economic outlook to remain sluggish until 2025.

    Growth is on the horizon, according to ASB’s Regional Economic Scoreboard released today. The Scoreboard ranks regions based on year-on-year growth across a range of measures, including employment, building consents and retail sales.

     Scoreboard data for the April to June quarter paints a fairly bleak picture but ASB Senior Economist Chris Tennent-Brown expects inflation pressures to ease further by the end of the year, leading to a brighter 2025.  

    “The unemployment rate rose to a three-year high of 4.6% in Q2, and we expect this to move above 5% by the end of the year. The construction outlook remains soft and household spending is weak, as cost of living pressures bite.

    “However, we’re seeing some positive signs in the housing market with house sales increasing by 6.8%, and prices rising by 2.2% this past quarter, and we can expect it to pick up with a bit more speed in 2025.

    “Exports for Q2 were $26.26bn, up from $25.99bn a year ago, with dairy still our most attractive offering. Our 2024 growth forecasts for some of our key trading partners have been revised higher which is good news for the country. Much like the rest of the economy however, growth is expected to remain below average for 2024, with weakness in China a concern.”

    Gisborne claims top spot on scoreboard

    For the first time in more than four years, Gisborne has claimed the top spot on the scoreboard, largely due to the post-cyclone rebuild in the region. Annual construction consents rose sharply by 40.8%, driven by a 152.8% increase in non-residential building.  Annual house sales growth was the second highest in the country at 25.8%, and employment performed well, growing 3.6% year-on-year and exceeding the national average of 1.6% growth.

    “It’s fantastic to see Gisborne make a comeback on the scoreboard, and we saw the same post-cyclone rebuild having a positive impact for Hawke’s Bay in the rankings last year.  We expect this forward momentum for the region to continue in the short-term.”

    Otago and Canterbury round out the podium

    Otago remained steady in second place, while Canterbury climbed four spots to claim bronze, with both regions differentiating themselves from other parts of the country.  

    Otago generated the highest house price growth across the country, which rose 4.4% annually at double the national 2.2% average.  Otago also showed strength in the labour market, with employment increasing 5.5% annually, the strongest pace of all the regions. Meanwhile, Cantabrians’ above-average consumer confidence showed in their spending, with retail sales growing at the fastest rate in the country at 2.5% annually, compared to a decline of 0.4% nationwide.

    Marlborough and Southland see biggest declines to scoreboard positions

    Marlborough’s position in the top four in Q1 was short-lived, with declines across construction, real estate and employment informing the region’s second-to-last placing. Tennent-Brown says the region’s most famous export could be the key to growth in future quarters.

    “Marlborough enjoyed a spectacular 2024 wine season and if wine exports pick up as we head into summer, the region could see some much-needed momentum in the next 6-12 months.”

    The full ASB Regional Economic Scoreboard, along with other recent ASB reports covering a range of commentary, can be accessed at our ASB Economic Insights page: https://www.asb.co.nz/documents/economic-insights.html

    www.asb.co.nz

    About the ASB Regional Economic Scoreboard

    The NZ Regional Economic Scoreboard takes the latest quarterly regional statistics and ranks the economic performance of New Zealand’s 16 Regional Council areas. The fastest growing regions gain the highest ratings, and a good performance by the national economy raises the ratings of all regions. Ratings are updated every three months, and are based on 11 measures, including employment, construction, retail trade, and house prices.

    MIL OSI New Zealand News –

  • MIL-OSI Submissions: Business – Blackstone Announces Agreement to Acquire AirTrunk in a A$24B Transaction

    Source: Blackstone

    SYDNEY – Funds managed by Blackstone Real Estate Partners, Blackstone Infrastructure Partners, Blackstone Tactical Opportunities, and Blackstone’s private equity strategy for individual investors, along with the Canada Pension Plan Investment Board (“CPP Investments”), have entered into a definitive agreement to acquire AirTrunk, the leading Asia Pacific data center platform, from Macquarie Asset Management and the Public Sector Pension Investment Board, for an implied enterprise value of over A$24 billion1. This represents Blackstone’s largest investment in the Asia Pacific region. The transaction is subject to approval from the Australian Foreign Investment Review Board.

    AirTrunk is the largest data center platform in the Asia Pacific region, with a sizeable presence in Australia, Japan, Malaysia, Hong Kong, and Singapore. It has more than 800MW of capacity committed to customers and owns land that can support over 1GW of future growth across the region.

    Jon Gray, President and Chief Operating Officer of Blackstone, said: “This is Blackstone at its best – leveraging our global platform to capitalize on our highest conviction theme. AirTrunk is another vital step as Blackstone seeks to be the leading digital infrastructure investor in the world across the ecosystem, including data centers, power and related services.”

    Sean Klimczak, Global Head of Blackstone Infrastructure and Nadeem Meghji, Global Co-Head of Blackstone Real Estate, said: “Digital infrastructure is experiencing unprecedented demand driven by the AI revolution as well as the broader digitization of the economy. Prior to AirTrunk, Blackstone’s portfolio consisted of US$55 billion of data centers including facilities under construction, along with over US$70 billion in prospective pipeline development. We look forward to partnering with the outstanding AirTrunk management team to further accelerate its growth.”

    Robin Khuda, Founder and Chief Executive Officer of AirTrunk, said: “This transaction evidences the strength of the AirTrunk platform in a strong performing sector as we capture the next wave of growth from cloud services and AI and support the energy transition in Asia Pacific. We look forward to working with Blackstone and CPP Investments and benefitting from their scale capital, sector expertise and valuable network across the various local markets, which will help support the continued expansion of AirTrunk.”

    It is expected that there will be approximately US$1 trillion of capital expenditures in the United States over the next five years to build and facilitate new data centers, with another US$1 trillion of capital expenditures outside the United States. Blackstone is capitalizing on this movement as a leading investor globally in data centers. Blackstone has invested in both the debt and equity of other data center companies, including as owner of QTS, the fastest growing data center company in the world, Coreweave and Digital Realty. Blackstone is also focused on addressing the sector’s power needs in many differentiated ways, including as an investor in power and utility companies, such as Invenergy, the largest independent renewables developer in the United States.

    About Blackstone
    Blackstone is the world’s largest alternative asset manager. We seek to deliver compelling returns for institutional and individual investors by strengthening the companies in which we invest. Our more than US$1 trillion in assets under management include global investment strategies focused on real estate, private equity, infrastructure, life sciences, growth equity, credit, real assets, secondaries and hedge funds. Further information is available at www.blackstone.com. Follow @blackstone on LinkedIn, X (Twitter), and Instagram.

    1 Including capital expenditure for committed projects

    MIL OSI – Submitted News –

  • MIL-OSI USA: Van Hollen, Shaheen, Colleagues Urge FHFA to Implement Stronger Energy Efficiency Standards for New Federally-Backed Homes

    US Senate News:

    Source: United States Senator for Maryland Chris Van Hollen
    September 23, 2024
    Today, U.S. Senators Chris Van Hollen (D-Md.) and Jeanne Shaheen (D-N.H.) were joined by Senators Cory Booker (D-N.J.), Martin Heinrich (D-N.M.), Ed Markey (D-Mass.), Bernie Sanders (I-Vt.), Elizabeth Warren (D-Mass.), and Peter Welch (D-Vt.) in writing to Federal Housing Finance Agency (FHFA) Director Sandra Thompson urging the Agency to set a minimum energy efficiency standard for new homes built using loans backed by government-sponsored enterprises, such as Fannie Mae, Freddie Mac, and Ginnie Mae. In response to a question from Senator Van Hollen during a Senate Banking, Housing, and Urban Affairs Committee hearing earlier this spring, Director Thompson suggested that FHFA would do so this summer – but it has not yet taken such action. In their letter, the Senators ask Director Thompson for an updated timeline for a decision, while calling on FHFA to act swiftly in order to improve home energy efficiency and ultimately save money for American homeowners and renters.
    “We are writing to urge the Federal Housing Finance Agency (FHFA) to phase in a minimum energy efficiency standard for Enterprise-backed mortgages on new homes. Such a standard would save homeowners and renters money and make the housing market more consistent and stable,” the Senators began. “When asked at a hearing of the U.S. Senate Committee on Banking, Housing, and Urban Affairs last April, you indicated an intention to make a decision about this potential action on or about the end of the second quarter. As we are now rapidly approaching the end of the third quarter, we respectfully request an update on your intended timeline for a decision and for the Enterprises to begin implementation.”
    Outlining the benefits of a minimum energy standard, they wrote, “Aligning new home energy standards with updated model codes will save money for homeowners and renters across the country. HUD and USDA found that the increased initial costs of construction are more than made up for by lower monthly energy costs. […] Beyond these financial benefits, updated codes help save lives by protecting families from the impacts of extreme weather events, particularly utility outages during heat waves and cold snaps. Updated energy codes can also yield better indoor air quality and reduce exposure to pollutants that can have negative health impacts including asthma, heart disease and lung cancer.”
    “This year is an ideal time for FHFA to make these changes. The Bipartisan Infrastructure Law and Inflation Reduction Act provided over $1.2 billion of federal funding to help states and localities update their building codes. Already, multiple state and local governments, as well as HUD and USDA have adopted the updated building codes,” they Senators continued.
    They concluded, “We urge you to move quickly to adopt modern energy standards for new homes utilizing Enterprise-backed mortgages to align with other federally backed housing construction, and ask you for an update on your timeline for taking this action. These standards will support a stable, efficient housing market by reducing wasted energy, improving health outcomes, and lowering costs for both renters and homeowners across the country.”
    This letter is supported by Americans for Financial Reform, Rocky Mountain Institute, and the National Electrical Manufacturers Association.
    The full text of the letter is available here and below.
    Dear Director Thompson:
    We are writing to urge the Federal Housing Finance Agency (FHFA) to phase in a minimum energy efficiency standard for Enterprise-backed mortgages on new homes. Such a standard would save homeowners and renters money and make the housing market more consistent and stable. When asked at a hearing of the U.S. Senate Committee on Banking, Housing, and Urban Affairs last April, you indicated an intention to make a decision about this potential action on or about the end of the second quarter. As we are now rapidly approaching the end of the third quarter, we respectfully request an update on your intended timeline for a decision and for the Enterprises to begin implementation.
    FHFA has the opportunity to match or exceed the standards recently adopted by the Department of Housing and Urban Development (HUD) and the U.S. Department of Agriculture (USDA) for their residential mortgage programs. This action would support consistency and further the expansion of resilient, energy-saving construction practices across the housing market.
    Your authority to take this action is clear from Public Law 110-289, the Housing and Economic Recovery Act of 2008, as well as from other actions FHFA and the government-sponsored enterprises have undertaken in alignment with their missions and obligations. Freddie Mac’s research has found that energy efficiency improvements can reduce risks associated with mortgage-backed securities, in part due to better resale values. Research also suggests that during major economic disruptions, energy efficiency may reduce mortgage defaults.
    Aligning new home energy standards with updated model codes will save money for homeowners and renters across the country. HUD and USDA found that the increased initial costs of construction are more than made up for by lower monthly energy costs. For a typical home purchased with a 30-year mortgage, energy bill savings more than make up for small increases to down payments and monthly mortgage payments. High-performance homebuilders and multifamily property developers in diverse markets have found the incremental up-front costs of at- or above-code performance to be closer to 1% or, in some cases, negative.
    Beyond these financial benefits, updated codes help save lives by protecting families from the impacts of extreme weather events, particularly utility outages during heat waves and cold snaps. Updated energy codes can also yield better indoor air quality and reduce exposure to pollutants that can have negative health impacts including asthma, heart disease and lung cancer.
    This year is an ideal time for FHFA to make these changes. The Bipartisan Infrastructure Law and Inflation Reduction Act provided over $1.2 billion of federal funding to help states and localities update their building codes. Already, multiple state and local governments, as well as HUD and USDA have adopted the updated building codes.
    When energy codes raise the floor on building performance, 45L tax incentives for builders to achieve certifications – such as ENERGY STAR® for Residential New Construction and Zero-Energy Ready Homes (ZERH) – frequently mean that the smartest path for developers is to build to these higher standards. ZERH homes use about 40% less energy than a typical home, opening the door to Greenhouse Gas Reduction Fund financing, green MBS opportunities, and – most importantly – even cleaner air, lower bills, and more secure housing for households nationwide. If FHFA also requires updated building codes, it will reduce or eliminate the need for developers to understand numerous different codes.
    In summary, we urge you to move quickly to adopt modern energy standards for new homes utilizing Enterprise-backed mortgages to align with other federally backed housing construction, and ask you for an update on your timeline for taking this action. These standards will support a stable, efficient housing market by reducing wasted energy, improving health outcomes, and lowering costs for both renters and homeowners across the country.
    Sincerely,

    MIL OSI USA News –

  • MIL-OSI: Real Estate Split Corp. Class A and Preferred Distributions

    Source: GlobeNewswire (MIL-OSI)

    TORONTO, Sept. 23, 2024 (GLOBE NEWSWIRE) — Real Estate Split Corp. (TSX: RS and RS.PR.A) is pleased to announce that a distribution for September 2024 will be payable to Class A shareholders as follows:

    Record Date Payable Date Distribution Per Equity Share
    September 30, 2024 October 15, 2024 $0.13

    The Fund also announces that the third quarter distribution of 2024 will be payable to preferred shareholders as follows:

    Record Date Payable Date Distribution Per Preferred Share
    September 30, 2024 October 15, 2024 $0.13125


    The equity and preferred shares both trade on the Toronto Stock Exchange under the respective symbols RS and RS.PR.A.

    Middlefield

    Founded in 1979, Middlefield is a specialist equity income asset manager with offices in Toronto, Canada and London, England. Our investment team utilizes active management to select high-quality, global companies across a variety of sectors and themes. Our product offerings include proven dividend-focused strategies that span real estate, healthcare, innovation, infrastructure, energy, diversified income and more. We offer these solutions in a variety of product types including ETFs, Mutual Funds, Closed-End Funds, Split-Share Funds and Flow-through LPs.

    For further information, please visit our website at www.middlefield.com or contact Nancy Tham in our Sales and Marketing Department at 1.888.890.1868.

    This press release contains forward-looking information. The forward-looking information contained in this press release is based on historical information concerning distributions and dividends paid on the securities of issuers historically included in the portfolio of the Fund. Actual future results, including the amount of distributions paid by the Fund, may differ from the monthly distribution amount. Specifically, the income from which distributions are paid may vary significantly due to: changes in portfolio composition; changes in distributions and dividends paid by issuers of securities included in the Fund’s portfolio from time to time; there being no assurance that those issuers will pay distributions or dividends on their securities; the declaration of distributions and dividends by issuers of securities included in the portfolio will generally depend upon various factors, including the financial condition of each issuer and general economic and stock market conditions; the level of borrowing by the Fund; and the uncertainty of realizing capital gains.  The risks, uncertainties and other factors that could influence actual results are described under “Risk Factors” in the Fund’s prospectus and other documents filed by the Fund with the Canadian securities regulatory authorities. The forward-looking information contained in this press release constitutes the Fund’s current estimate, as of the date of this press release, with respect to the matters covered hereby. Investors and others should not assume that any forward-looking statement contained in this press release represents the Fund’s estimate as of any date other than the date of this press release.

    The MIL Network –

  • MIL-OSI New Zealand: Tax Reform – Petition Calls for Capital Gains Tax

    Source: Tax Justice Aotearoa

    27 September 2024 – A petition has been launched today calling on the leaders of all our political parties to consider a capital gains tax in Aotearoa.

    Tax Justice Aotearoa’s petition seeks to level the playing field of the current tax system and highlights the urgent need for more revenue to fund essential services and infrastructure.

    “Our tax system is way out of balance and a capital gains tax (CGT) is a good first step that would help level the playing field between wage earners and those who mainly earn their money through investments,” says Tax Justice Aotearoa chair Glenn Barclay.

    “There has been growing support for a capital gains tax from a range of individuals and organisations in the media in recent weeks and it is timely to give the public of New Zealand the opportunity to express their support too.

    “The additional revenue raised could be used to fund vital services such as education, healthcare and infrastructure and to help address climate change, leading to a better quality of life for all New Zealanders.”

    ActionStation is hosting the petition and Director Kassie Hartendorp agrees it’s time to make capitalgains tax a reality.

    “Just over 72% of the members we talked to support a capital gains tax – including 18% of those people who would benefit from that tax and yet still thought it would have a positive impact.

    “Our country is ready to join many others around the world, and just make it happen.”

    It’s a kaupapa shared across a range of advocacy groups including Child Poverty Action Group (CPAG).

    “We welcome a discussion on capital gains tax, especially this week when the Minister for Child Poverty Reduction rejected a $3 billion proposal from officials that would have kept us on track to achieving the goal of halving child poverty by 2028,” says CPAG Executive Officer Sarita Divis.

    “This is at the same time the government is giving tax cuts of $2.9 billion for landlords, allowing them to deduct interest as an expense and receive tax free capital gains on sales of their houses.  

    “Taxes allow us to do the things we want to do as a nation, like ending child poverty,” Sarita Divis says.

    New Zealand Nurses Organisation (NZNO) also backed the petition.

    “Fairer taxes would support appropriate levels of health funding and better patient outcomes by enabling safe levels of health care professional to patient ratios,” says Anne Daniels, President of the NZ Nurses Organisation.

    Another organisation supporting the petition was the New Zealand Council of Trade Unions.

    “The NZCTU Te Kauae Kaimahi strongly believes that our current tax system isn’t fit for purpose and isn’t delivering the outcomes New Zealanders deserve,” says Craig Renney, NZCTU Economist and Director of Policy.

    “Workers pay tax on every dollar earned, while those who make huge capital gains pay nothing at all.

    “Levelling the playing field through a well-designed CGT would benefit workers, the economy, and the housing market while delivering revenue to invest in underfunded public services.

    “There is a reason why so many other countries have a CGT and continue to do better than Aotearoa,” Craig Renney says.

    It was a message shared by the Public Service Association (PSA).

    “The Public Service Association Te Pūkenga Here Tikanga Mahi believes we need a fairer tax system that helps properly fund public and community services, so that they are there when we need them,” says Kerry Davies, PSA’s national secretary.

    “A capital gains tax should be part of a fair tax system that generates the revenue the Government needs to do its job of looking after all New Zealanders.”  

    Tax Justice Aotearoa calls on all New Zealanders to sign and share the petition to show their support for a fairer and more equitable tax system:

    https://our.actionstation.org.nz/petitions/it-s-time-for-a-capital-gains-tax

    MIL OSI New Zealand News –