The IRD report into how rigged NZ capitalism is for the very rich highlights how under regulated NZ really is.
The obligation of the Government is to regulate Capitalism so that we the people benefit from the competitive dynamics of competition!
The right myth is that NZ is an over taxed, over regulated economy when it actually isn’t!
We are not an over taxed, over regulated economy!
Our top tax rate is the 39th highest in the world behind all the Scandinavian countries plus Germany, the United Kingdom, Ireland, France and South Africa!
Australia’s top tax rate is 47cents!
Our GST rate doesn’t even get us into the top 50 and our corporate tax rate is 40th while Government spending against GDP ranks 56th!
And we are voted easiest to do business by the World Bank!
Max Rashbrooke highlighted the horror of NZs under regulated market…
The bad news is that, to investigate 200,000-300,000 terrible rentals, the Ministry of Business, Innovation and Employment (MBIE) has employed a frontline inspectorate numbering … 37. Each inspector will have to check somewhere between 5000 and 8000 rentals.
…there is only 37 inspectors of rental properties for 300 000 terrible rentals?
Similar poorly funded regulation is apparent in the 82 labour inspectorates who are supposed to police hundreds of thousands of migrant worker exploitations!
I’m not looking for socialism here folks, just basic garden variety regulated capitalism!
Time and time and time again in New Zealand we see an old boy matrix of vested interests who occupy market dominance and act like a monopoly, duopoly or oligopoly raking in vast wealth while leaving the local small and medium sized operators outside the cosy relationships!
Up and down NZ, small and medium enterprises are unable to compete because of the lack of basic regulation in the market!
We’ve seen it with the Drainage industry, the Supermarket duopoly, the medicinal cannabis oligopoly, the Gib Board monopoly – each time under regulated and poorly regulated capitalism continues to screw over us the consumers at a time of a cost of living crisis!
How are all the small and medium businesses in NZ supposed to advance if the economic landscape is dominated by anti-competitive practices?
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