Parliament Debates Key Clauses of Overseas Investment Amendment Bill

In a pivotal session led by Chairperson Greg O'Connor, parliamentarians engaged in their final debate on clauses 1 to 3 of the Overseas Investment (Build-to-rent and Similar Rental Developments) Amendment Bill. The discussion focused on the bill's title, commencement, and principal act.

Dr. Lawrence Xu-Nan from the Green Party initiated the discourse by seeking clarification from Minister of Housing Hon Chris Bishop regarding the timeline for implementing the bill post-Royal assent. Dr. Xu-Nan queried whether stakeholders could immediately engage with the legislation or if there would be a transition period before its full enactment.

Minister Bishop clarified that although he had mentioned a longer timeframe in response to another point, the intention was for the bill to come into effect immediately after receiving Royal assent. He acknowledged significant interest from the build-to-rent sector and noted the extensive preparatory phase since the bill's introduction in December 2023.

The debate concluded with votes on each clause: Clause 1 received 102 ayes against 21 noes; similarly, Clauses 2 and 3 were passed with identical tallies—49 votes from New Zealand National, 34 from Labour, 11 from ACT, and 8 from New Zealand First in favor. The Green Party and Te Pāti Māori opposed all three clauses.

Chairperson O'Connor moved to adopt the committee’s report on the bill without amendment. The motion was agreed upon, marking the conclusion of this legislative phase.

The house resumed following these decisions, with the bill set for enactment as soon as it receives Royal assent. This development is anticipated to significantly impact New Zealand's housing sector, particularly in fostering growth within the build-to-rent market.