Billionaire ‘shames’ National and Labour
A Kiwi billionaire has lashed out at National and Labour, calling New Zealand’s housing and education ‘‘matters of national shame’’.
Investment banker Stephen Jennings says the failure to address such sacred cows is motivated by ‘‘myths and selfinterest’’.
Jennings, named one of New Zealand’s 10 richest people in last month’s NBR Rich List, believes strong political leadership is needed to change the status quo.
He says mainstream politicians ‘‘normally invoke complexity to avoid honest questions and effective solutions regarding these problems’’.
‘‘Sadly, in contrast to our celebration of success, mainstream New Zealand is engaging in a dangerous game of denial regarding our social and economic weaknesses,’’ Jennings says.
‘‘In turn, this complacency is reflected in the prognostications and insipid policies of our mainstream political parties.’’
The Taranaki-raised billionaire launches his attack in the foreword to a new book by ACT leader David Seymour, entitled Own Your Future.
When political leaders defend the status quo and fail to implement badlyneeded reforms, he says, it is to protect ‘‘selfish interests or prejudices’’.
Seymour’s book confronts New Zealand’s many ‘‘sacred policy cows’’, Jennings says. And issues as diverse as the equality in educational outcomes, housing affordability and the sustainability of our pension policies should be ‘‘matters of national shame’’.
He indicates the solution to the housing crisis – which he calls ‘‘farcical’’ – is a capital gains tax.
‘‘Fundamentally Auckland house prices are amongst the least affordable in the world because most Auckland voters are more than happy with the status quo. They care little for the inequity of their untaxed gains or the plight of low-income young families at the bottom of the housing ladder.’’
And in an apparent reference to the political toing-and-froing of raising the retirement age and pensions, he says current superannuation policies are based on a giant game of pretend.