Labour's Attack on Property Rights

The government demonstrated that politics come before business with its decision to tighten overseas investment rules. But this is more than just Labour’s populist instincts to bash big business it’s an attack on private property rights. Michael Cullen has effectively cut 18% off the price of the AIA share price with his announcement today There has been overseas interest in the Auckland International Airport for two years and now that Labour is trailing by 20 per cent in the polls they suddenly decide that the new rules now need to extend the ‘importance of local control’ to the approval process.. So much for economic transformation. When votes are at stake Labour will do anything to remain in power and that includes turning New Zealand into the North Korea of the South Pacific.