Affordable housing levy sparks fear and loathing in Queenstown

Millbrook director Ben O’Malley said the misguided proposal doesn't factor in visitor accommodation. (Image: BusinessDesk)

Brent Melville

Mon, 27 Feb 2023

An influential group of property developers have rallied against a plan by the Queenstown Lakes district council to clip a 5% levy on urban residential subdivisions.The cohort of developers and landowners – representing billions of dollars in existing and planned lakes district investment – argue that the council’s proposed ‘inclusion zoning’ lies outside the scope of its function under the Resource Management Act 1991.The group includes civil construction company Fulton Hogan, stock exchange-listed Winton Land, Ar...

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Economy

ANZ increases cash profit as net interest margins get squeezed

ANZ New Zealand has reported a 4% increase in its half-yearly profit despite pressure squeezing its margins.The bank's cash profit increased to $1.15 billion in the six months to March, up from $1.1b in the same period last year, but stable compared to the second half of its...

Riley Kennedy 10:50am

Law & Regulation