,

Let’s be clear. We won’t build a strong economy through buying and selling property alone.

We build it by rewarding work, backing Kiwi businesses - and making sure everyone can see a doctor when they need to.

That’s why today I’ve announced that Labour will introduce a simple, targeted capital gains tax on commercial and residential property - excluding the family home.

Too much of our national wealth is tied up in property instead of more productive parts of the economy that lift wages and drive innovation. It’s one of the reasons New Zealand is falling behind.

Our plan will unlock investment so more capital goes into businesses, innovation, and jobs. And every dollar raised will be ring-fenced for our health system and fund three free doctor’s visits for everyone each year.

Here’s how it works:

• It only applies to the profit when a commercial or residential property is sold, excluding the family home.

• Because it’s part of our plan to deliver a better economy for Kiwi families, our targeted capital gains tax completely exempts the family home, farms, KiwiSaver, shares, business assets, inheritances, and any other personal items.

• The tax rate will be 28% - which is the same as the company tax rate, meaning property profits will be taxed like other business activity.

• No one will pay a single dollar on any gain made before 1 July 2027.
  
  

With a new Medicard, every New Zealander will get three free doctor’s visits each year - at the practice they are enrolled in.

So, instead of reaching for a credit card when you’re sick, all you’ll need is this:

This simple, targeted plan is how we realise New Zealand’s potential - growing wealth and creating good jobs, while making health care based on need, not income.

Labour’s aspiration is a country that backs its people and its own potential - a place where our kids want to stay and build their lives.

This is the next step in Labour’s plan to create an economy that works for everyone and builds on the New Zealand Future Fund I announced last week.

That’s what’s possible - a strong economy and free doctor's visits for everyone.

Chris

Leader of the Labour Party

Jobs. Health. Homes.

Authorised by Rob Salmond, 2 Gilmer Terrace, Wellington
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