A new global survey of the oil and gas industry shows the Government has trashed New Zealand’s reputation as a destination for foreign investment with its reckless oil and gas ban, according to ACT Leader David Seymour.

The Fraser Institute's survey of over 250 global executives on barriers to investment in the industry shows New Zealand has plummeted from 14th last year to 46th this year. Our score of 65.89 out of 100 was down from 82.61.

“Investors will now be looking to other countries with more stable and predictable regulatory environments. New Zealand is seen as a hostile destination for investment, especially towards resource development.

“New Zealand ranked highly for political stability in 2017, but now more than 40 per cent of respondents say that factor strongly deters investment.

“This sentiment will lead to fewer jobs and lower wages in the oil and gas sector. The government will receive fewer royalties and less tax revenue with which to pay for core services.

“We already have the toughest restrictions on foreign direct investment in the developed world, according to the OECD.

“If we want a successful economy, with more jobs and higher incomes, the Government needs to needs to create a regulatory environment in which foreign investment is welcomed."