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Labour talks tough on economic reform

Published: 8:03PM Thursday July 12, 2012 Source: ONE News

Sweeping economic changes to the Reserve bank and the housing sector could be on the way if Labour is voted into power in 2014.

The party is considering bold changes that will lift wages and prevent another housing boom as it looks to revolutionise its economic policies.   

Finance spokesman David Parker told ONE News exporters and labour representatives should be represented on the Reserve Bank which has traditionally been the domain of banking and finance executives.

He also wants profits from the sale of property investments to be taxed in order to prevent New Zealanders from over capitalising in land investment. 

"New Zealanders will do what they have always done because they are always encouraged to investment in speculative land," said Parker.

The party has indicated at a behind-doors speech given to a business audience they now support National's target of getting back to surplus in two years.

Prime Minister John Key today dismissed Labour's plans to tax gains made on property investments. 

"They did virtually nothing when it came to property taxes in this country and talked tough when they got into opposition."

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