Time to 'grow up' and implement CGT - economist

Leading economist Marilyn Waring says some form of Capital Gains Tax is overdue and it's time New Zealand "grew-up" and implemented one.

Speaking to Newshub Nation, the former National Party MP dismissed arguments over CGT as 'tedious'.

"I think we want to see redistribution. I don't like having fields of assets where profit is not taxed, when it is taxed in loads of other situations. I do think it’s time we just grew up and matured and got over this hurdle,

"Every single argument was heard in every single European country that introduced it. They're tedious now, and I’m interested in a far more equitable revenue asset base. That should mean being able to make changes in company and personal tax as well."

Prime Minister Jacinda Ardern told Newshub Nation that despite public outcry over a potential CGT, there are more people for at least some version of it than against.

"When you look at some of the polling, more people were in favour of a CGT with a tax switch attached to it than weren’t, so obviously there’s a debate here to be had.

"There's a group of New Zealanders who don’t have columns in the Herald, who might not be having a chance to have their say on this. We need this debate in New Zealand, because we’re one of only a handful of countries in the OECD that doesn’t have this form of tax."

Prof Waring was New Zealand’s youngest MP in the 70's and the only female in Robert Muldoon's late 70s caucus.

She famously threatened to cross the floor on the nuclear issue when National had just a one-seat majority, triggering the snap election that ended Mr Muldoon's reign as Prime Minister.

Prof Waring's new book, Still Counting, outlines her criticisms of Treasury's new framework to measure inter-generational wellbeing.

Watch the full interview with Prof Waring above.

Newshub Nation.

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