Listen: Winston Peters blasts 'stupidity' over foreign buyer rules

Deputy Prime Minister Winston Peters. Photo / Mark Mitchell

Have changes in the Overseas Investment Office (OIO) resulted in farmers missing out on profiting from sales to foreign buyers?

Not according to Winston Peters, who told The Country's Jamie Mackay, such speculation is "stupidity."

The Deputy Prime Minister dismissed Mackay's anecdotal evidence from a real estate agent who estimated farmers have lost out on "about $200 million worth of sales in Southland and Otago alone," after being "advised to withdraw from the process due to changes from the OIO."

Listen below:

Mackay asks if Peters is denying the provinces the opportunity for investment and more jobs.

"No, we're denying the provinces the chance of being the victim [from people] who think selling out New Zealand land and housing to overseas ownership is a good idea."

"There's no reason to be so dumb as to think that the best way for young people to get on to the land and get housing is to open up to the world market. That's the kind of moronic thinking that has damaged New Zealand's farming interests."

Mackay suggest New Zealand is an undercapitalised county that needs foreign investment.

"How does capitalisation work when they end up owning the darn thing?," says Peters.

"That's not capitalisation ... that's a takeover."

"It's not capitalisation, it's not investment, it's not supporting rural New Zealand, it's the very contrary. It means you become servants ... on your own land that used to be yours or your grandfathers."

Peters is not against foreign investment all together, as long as it's in the interests of New Zealanders being able to own their own properties and "the competition is with themselves and not the whole damn world."

Also in today's interview: Winston Peters has some stern words for the National Party, the media, Simon Bridges and the accuracy of Colmar Brunton polls.