“ACT is the only party in Parliament to have stood against the Government’s rushed and dangerous Commercial Property Laws from the beginning as a matter of principle,” says ACT Leader David Seymour.

“Retrospective legislation is the most irresponsible thing a Government can do. New Zealanders deserve reliable laws. We need to know that we won’t be criminalised for something we’ve done down the track despite it being legal at the time.

“The damage this Government is doing is profound. These laws will erode New Zealand’s reputation as a safe place to invest. A future Government can change the laws back, but no policy change can restore the confidence that this Government has shattered.

“There were parts of this omnibus bill that were sensible, and ACT could have supported them – but Labour wrapped changes to centuries old contract law around them, with no consultation.

“Secure property rights are essential for investment, which is essential for any country that wants to be wealthy. South American and African countries struggle to attract investment because they have a history of Government’s changing the rules. Our Government is behaving like them.

“Why would anyone want to invest in country that is filled with uncertainty and where contractual arrangements can change at the drop of a hat?

“The retrospective effect will undermine confidence and investment, just like the interest deductibility changes did. The lack of regulatory impact analysis is just another example of a Government out of its depth.”