ONE Party Bank Tax Solution
New Zealand has a crisis in our food production and agriculture sector.
The average age of Farmers in New Zealand is around 60 years across all farming types. If the trend continues, our farming will collapse. How has this happened?
Our Farming and Agricultural sector was once supported by The Rural Bank, an Agricultural specific government owned bank where young farmers could get loans to buy land, equipment and stock. The purpose of the bank was to keep the Agricultural sector viable with realistic terms and conditions unique to the sector. In 1994 the Jim Boldger led National government passed the 'National Bank of New Zealand Limited Act 1994' to sell the Rural bank to the National Bank. There were terms and conditions to the sale to supposedly protect the Rural bank's function. However, this all shifted when the Australian owned ANZ Bank took over the National Bank in 2003.
There is no longer a rural focused bank empowering young farmers into farm ownership. Instead Australian Banks milk profits without respect to the Agricultural sector.
ONE Party is a party of solutions. It is time for an 'extra profit tax on overseas bank earnings' that are siphoned out of NZ. That tax will go towards supporting our primary sector. One current Australian owned NZ bank have earnings of $10 billion dollars per annum. Our ONE Party bank tax would bring in an extra $250,000,000 for investment in the Rural agribusiness sector.
ONE Party acknowledge that our Farming & Agriculture industry is the backbone of our economy and we will work hard to remove all the bureaucratic red tape that stifles our primary industry.