A capital gains tax would not affect farmers as they are all about "the long haul," when it comes to property says Winston Peters.

The Deputy Prime Minister told The Country's Jamie Mackay that farmers are about "permanence," and a commitment to rural life.

"Farmers don't buy farms to speculate ... they buy farms for a lifestyle ... they buy to stay there, they're part of the province ... they don't buy a farm and flick it tomorrow."

Whether or not the Government goes ahead with a capital gains tax will be decided after consultation with "the New Zealand people from Invercargill to Kaitaia," said Peters.

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Peters also dismissed the New Zealand Institute of Economic Research's predictions that the Government's ban on further oil and gas exploration in Taranaki could potentially cost the region $28 billion and 3000 jobs over the next 30 years.

Peters told Mackay that whoever came up with the forecast was an "idiot," and The Country's rural audience deserved better information than the "clap-trap," put out in the media.

"If you ran a farm like that you'd go broke tomorrow."

Also in today's interview: Peters talks trade relations with China, defends his recent comments about former Prime Minister Jenny Shipley and says Judith Collins definitely covets the National Party leadership.