Government review of the Overseas Investment Act 1973

The Overseas Investment Commission (OIC) welcomes today's announcement of the decisions that the government has taken following the review of the Overseas Investment Act. The decisions address a number of issues raised by the Commission with successive governments about the OIC's operating framework. The announcement also ends a period of uncertainty for the OIC and investors. While there is a tinge of sadness that the OIC is to be disestablished after operating for more than 30 years, the move to Land Information New Zealand is logical, given the focus of the Commission's work in recent years.

The OIC will continue processing applications on a "business as usual" basis under the existing framework until such time as its legislation is changed or Ministers send it a revised directive letter. The Commission and its staff are also committed to ensuring a smooth transition to the new arrangements to facilitate the Commission's customary high standard of customer service being continued. For further information please refer to the Government's media release, the Treasury background material or contact:

Patricia Herbert
Press Secretary
Minister of Finance
(04) 471 9412 or (021) 270 9013
patricia.herbert@parliament.govt.nz