CGT would be a 'wrecking ball' for Kiwi economy, NZ PM tells Albanese

SMH · Rob Harris · Saturday 6 June 2026

CGT would be a 'wrecking ball' for Kiwi economy, NZ PM tells Albanese

Albanese and his New Zealand counterpart traded jokes in Noosa while papering over a real split on capital gains tax, with the Kiwi leader warning the policy would wreck growth.

New Zealand's never had a capital gains tax, and it's also got the most unaffordable housing in the developed world. Funny, that. Now Luxon's flown to Noosa to warn us the wrecking ball's coming for the economy. Mate, the wrecking ball already swung. It's called the Auckland property market, and you're standing in the rubble telling us not to build.

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