“An open letter to the Prime Minister today from New Zealand’s biggest property owners should be huge wake up call to Jacinda Ardern and her Government,” says ACT Leader David Seymour.

“Businesses, landlords and all New Zealanders are tired of the uncertainty this amateurish Government creates.

“Whether it was oil and gas ban, a lack of a plan around COVID-19 or now these rushed laws that will erode New Zealand’s reputation as a safe place to invest.

“When you have some of the biggest investors in the country writing you an open letter saying they "see a number of very serious unintended consequences,” you need wake up.

“This is bad policy, badly executed. The Government should have consulted and signalled the changes it was making – not just drop them like a bomb on centuries of contract law.

“ACT has been calling for weekly resurgence payments through levels 3 and 4, and Level 2 for hospitality as businesses lost most or all of their income through no fault of their own. That is what would have made a difference here.

“Instead, the Government has left business owners unable to pay their rent.

“ACT acknowledges the property owners who have provided over $320 million in rent relief since March 2020 – done without Government interference.

“The retrospective effect of this bill 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.”