PHOTO: Since 2021, people aligned with the property industry have donated more than $2.5 million to political parties. (Source: rnz.co.nz)
An analysis conducted by RNZ of political donations since 2021 reveals that individuals associated with the property industry are the largest contributors, with the majority of their donations directed towards the National, ACT, and NZ First parties.
Since 2021, the property industry has contributed over $2.5 million to various political parties. Notably, more than half of these funds (53%) went to the National Party, followed by ACT (32%) and NZ First (12%), while Labour received only 2% of these donations.
These statistics were compiled by RNZ by cross-referencing political donation records with data from the Companies Office, matching private donors to their primary industries based on their company directorships.
Following the property sector, the finance industry emerged as the second-largest contributor, with donations totaling $1.97 million, followed closely by the manufacturing and retail sector at $1.92 million. These industries also predominantly supported the National, ACT, and NZ First parties.
The analysis highlights that the National Party received over $1.3 million in donations from individuals connected to the property industry since the beginning of 2021. The party openly advocates policies that favor the property sector, including reducing the tax period for residential rental property sales from 10 to 2 years, reinstating tax deductibility on borrowing costs for rental property owners, and allowing foreign buyers to purchase property exceeding $2 million.
Ben Thomas, former National Party press secretary and current member of a lobbying and government relations firm, stated that donations from the property industry were not meant to “buy policy” from the party but rather to support parties that were inclined to ease regulations, which could alleviate significant costs for these donors.
Real estate agent is charged after allegedly assaulting model girlfriend
The property industry is profoundly affected by government decisions concerning zoning, development, and building regulations, making it highly interested in influencing such decisions. However, this situation also raises concerns about potential conflicts of interest.
According to Victoria University of Wellington senior research fellow Max Rashbrooke, donors often believe that their contributions grant them easier access to government officials, even though donors and politicians deny that these donations influence policy decisions. Rashbrooke considers such claims to be “highly dubious.”
Mark Wyborn, who donated $300,000 to political parties, including NZ First, National, and ACT, exemplifies the trend of property industry donations. His donations reflect a common practice of supporting political parties to uphold democratic processes, even though this practice has become less balanced in recent years, with donors increasingly favoring one side over others.
Pre-election jitters for the property market? | realestate.co.nz
In the finance industry, billionaire Graeme Hart emerged as the largest donor, contributing $804,000 to National, ACT, and NZ First. However, Hart faced scrutiny from the Serious Fraud Office due to donations associated with the New Zealand First Foundation.
The manufacturing and retail sector also made substantial contributions to political parties, with Warren Lewis making one of the largest one-off donations ever recorded, pledging $500,000 to the National Party. Zuru’s co-founder Nicholas Mowbray and Buen Holdings, among others, also contributed to National and ACT.
The agriculture and horticulture sector donated $563,404, while the horse racing industry, despite its relatively small size, saw notable contributions, with horse breeder Peter Vela donating $162,500 to various parties.
SOURCE: 1NEWS