In order to do his take-down of Luxon and "prove" there's no way his recently released tax proposals which put a 15% levy on foreign purchases of >$2 million properties could raise $740 million a year, Wilson bases his argument on the (dubious) source of Green Party co-leader James Shaw. Big mistake. He writes:
"Shaw noted that in 2018, the year before foreigners were banned from buying property here, house sales of all kinds totaled 4,000. And only 5 per cent of them (200) were for homes worth more than $2m. The NZ property market is simply nowhere near as big as National seems to think it is. If the Greens offered costings that were out by a factor of 10,” Shaw said, “they would be torn to shreds for it".
In fact, the NZ property market is way larger than Wilson thinks it is. The Herald & Green Party can't read graphs. The figure of 4,000 houses sold "of all kinds" is a monthly figure for January 2018 (which is a quiet time for house sales being summer holidays). Annual house sales throughout NZ (which is what the National tax plan is based on) usually total around 70,000 to 80,000. Seems Shaw and Wilson missed the word "Monthly" in the heading below.
Click image to view
Can the Herald now please issue a retraction for reporting "house sales of all kinds" totaled 4,000 in 2018 when they did not? Can it issue a retraction for putting the face of Luxon with the words "lie" on it, when the Herald's argument is based on false figures out by a factor of 20? Of course the paper wont. Why? It is big media and will do what it pleases.
Sources:
https://www.nzherald.co.nz/nz/election-2023-simon-wilson-counts-the-value-of-christopher-luxons-costings/UBBNCSNY3NDBJISW4PW3VO63KE/
https://www.ceicdata.com/en/new-zealand/residential-sales/residential-sales-number-of-houses-sold
"Shaw noted that in 2018, the year before foreigners were banned from buying property here, house sales of all kinds totaled 4,000. And only 5 per cent of them (200) were for homes worth more than $2m. The NZ property market is simply nowhere near as big as National seems to think it is. If the Greens offered costings that were out by a factor of 10,” Shaw said, “they would be torn to shreds for it".
In fact, the NZ property market is way larger than Wilson thinks it is. The Herald & Green Party can't read graphs. The figure of 4,000 houses sold "of all kinds" is a monthly figure for January 2018 (which is a quiet time for house sales being summer holidays). Annual house sales throughout NZ (which is what the National tax plan is based on) usually total around 70,000 to 80,000. Seems Shaw and Wilson missed the word "Monthly" in the heading below.
New Zealand Residential Sales: Number of Houses Sold
1993 - 2018 | MONTHLY | UNIT | REAL ESTATE INSTITUTE OF NEW ZEALAND
Click image to view
Can the Herald now please issue a retraction for reporting "house sales of all kinds" totaled 4,000 in 2018 when they did not? Can it issue a retraction for putting the face of Luxon with the words "lie" on it, when the Herald's argument is based on false figures out by a factor of 20? Of course the paper wont. Why? It is big media and will do what it pleases.
Sources:
https://www.nzherald.co.nz/nz/election-2023-simon-wilson-counts-the-value-of-christopher-luxons-costings/UBBNCSNY3NDBJISW4PW3VO63KE/
https://www.ceicdata.com/en/new-zealand/residential-sales/residential-sales-number-of-houses-sold
Professor Robert MacCulloch holds the Matthew S. Abel Chair of Macroeconomics at Auckland University. He has previously worked at the Reserve Bank, Oxford University, and the London School of Economics. He runs the blog Down to Earth Kiwi - where this article was sourced.
10 comments:
I guess that's the kiss of death for the $55 million Public Interest Journalism Fund then?
Don't hold your breath for the retraction. And even if they print it you won't be able to find it easily.
Rags like the Herald know this. They'll happily print crap all day long if it supports their Left-leaning position and ensures their continuation at the tax-payers expense.
The damage is done....or is it? Let's face it, how many people actually read the Herald these days? And out of those, how many buy it for anything more than the sport, crossword or the horoscopes?
I think former real newspapers like the Herald and the has-been Stuff stable are on their way out....readership wise. The so-called journos and editors they employ are desperate to hang on to their salaries and will write anything to get Labour - their best buddy - back in so the cash keeps flowing.
But who reads it?
Why is Simon Wilson chairing many important debates when he is not neutral?
Does he collect a fee for each event?
Hi credibility is zero.
The MSM is siding with the Marxists all over the world. The NZ MSM is no different. They would rather prop up the disastrous Biden Govt and destroy Trump. I have noticed the same determination by the media in this country. They are counting on the mainstream media junkies believing in their propaganda. There is a level of desperation to protect the worst government that has ever taken office.
I seem to remember Simon Wilson rubbishing Wayne Brown with similar suspect “information.” Is there a theme here?
If you pay granny herald to fill your head with the shit they print you are a mug.
Simon Wilson is one of many left wingers at the herald whom seem to have forgotten the purpose of journalism.
Wayne Brown is starting to look very sensible and up against a determined bunch like SW.
Lets see how many in the MSM survive the a long overdue recentring of NZ media and society.
it is difficult to fathom the dedication of the Herald to the Left. A PIJF would not necessarily be out of the question with a differnt govt. But the blatant conditions will be. By relentlessly plugging for the Left with co governance and hence effective maori control, are they angling for a lucrative sell off of the paper to maori?
It is strange that papers struggle yet a multitude of websites with minimal advertising have proliferated.
I note they shut down comments on that article very quickly!
If Labour/Greens get re-elected there will be very few $2million homes in the country. The people who now own homes with this price tag will be leaving so fast the market for these houses, and hence their price will crash.
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