New Zealand’s Prime Minister Christopher Luxon slammed a capital gains tax as a “wrecking ball” for the economy, countering Finance Minister Nicola Willis’s recent pitch to Australians to invest in NZ — a move Willis clarified was aimed at domestic politics, not a dig at Australia. Meanwhile, Australia is overhauling its own capital gains tax system, ditching the 50% discount for long-term assets in favor of an inflation-indexed system with a minimum 30% rate, sparking backlash from small businesses. The tax debate is heating up in NZ ahead of its November 7 election, with Labour pushing for a broader CGT and Luxon’s coalition firmly opposed. Though the leaders’ exchanges were lighthearted, they underscore deeper policy rifts — and Luxon framed the banter as part of the enduring, good-natured rivalry between the two nations. The conversation unfolded at a business forum where leaders also tackled global challenges like supply chain disruptions and tech shifts affecting the Tasman economy.
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