David Seymour speaking to media in Auckland. Photo: MARIKA KHABAZI / RNZ
Overseas investment decisions are being made twice as fast, following a directive from David Seymour to Land Information New Zealand (LINZ).
Seymour, who holds portfolio responsibility for the Overseas Investment Act, told LINZ last year to process 80 percent of consent applications in half the statutory timeframes for decisions.
He said the financial year beginning 1 July 2024 was on-track to meet expectations, with 88 percent of applications processed in half the timeframe.
"Processing times have reduced by 39 percent faster than the previous financial year. The average timeframe has reduced from 71 working days in the last financial year, to 28 working days this financial year," Seymour said.
"Since this financial year began, processing times have reduced by 39 percent faster than the previous financial year. The average timeframe has reduced from 71 working days in the last financial year, to 28 working days this financial year."
Seymour is standing in for Christopher Luxon at this week's post-Cabinet press conference as Acting Prime Minister, but has made the announcement in his capacity as Associate Minister of Finance.
He said the improvements to processing times were largely due to a new risk-based approach LINZ was taking to verifying information and streamlining consent processes, recognising that most applications were low-risk.
There had been a drop in total applications for residential land development (122 between 1 July 2024 and 19 June 2025, down from 146 in the previous financial year), which Seymour said was due to poor property market conditions. He expected the numbers to bounce back as the property marked rose.
LINZ still had the full statutory timeframe to process 20 percent of applications, which would allow them to manage the more complex and high-risk applications.
With Parliament sitting this week for the first time in three weeks, Seymour's Overseas Investment (National Interest Test and Other Matters) Amendment Bill will also have its first reading.
The Bill seeks to introduce a modified national interest test so low-risk transactions can be assessed quicker. The screening process for less sensitive assets would also be simplified.
The current screening quota for investments in farmland and fishing quota would stay in place.
Seymour said New Zealand currently had one of the most restrictive overseas investment regimes in the OECD.
"We've paid the price in lost opportunities, lower productivity, and stagnant wages. This Bill is about reversing that," he said.
Seymour on US attack against Iranian nuclear sites
The government has given a tacit endorsement to the United States' decision to bomb nuclear facilities in Iran at the weekend.
In a statement Foreign Affairs Minister Winston Peters said Iran cannot be allowed to develop nuclear weapons.
In that context, Peters noted the United States' targeted attacks aimed at "degrading Iran's nuclear capabilities".
He went on to acknowledge the US statement to the United Nations Security Council that it was "acting in collective self-defence consistent with the UN Charter".
Peters said getting New Zealanders out of the crisis zone remained the priority, and he urged all parties to return to diplomatic talks.
The Acting Prime Minister said Peters' comments stood by themselves.
"Of course we note the United States assertion of the legality of their actions, of course we believe, like just about every country in the world, that we cannot have a nuclear armed Iran, that does not mean that we are rushing to form our own judgement on the rights or wrongs or legality of any action."
Seymour said New Zealand was not sitting on the fence nor rushing to judgement.
"Nobody is calling on New Zealand to rush to judgement on the rights and wrongs of the situation," Seymour said.
"Out focus must be on the safety of New Zealanders in the region and that is why New Zealand Defence Force is deploying assets to the region in case they are needed to help.
"We're also mindful of the impacts on New Zealanders at home, with oil prices rising 25 percent in the past month, government's focus on reducing the cost of living and controlling its finances will be as important if not more important than ever."
There are 119 New Zealanders identified as being in Iran, Seymour said.
People should continue to identify themselves, he said.
