New Zealand party eyes kingmaker role with universal income, tax overhaul plans

A New Zealand party that could hold the balance of power after the upcoming election is advocating for a radical tax overhaul, including a universal basic income for most residents. The Opportunity Party, led by Qiulae Wong, proposes an annual basic income of NZ$19,400, funded by a 1.75% land tax. This policy aims to simplify the tax system and address soaring house prices, which Wong notes have more than doubled as a proportion of household income in a generation. The party's modeling suggests 90% of New Zealanders would be financially better off, with house prices potentially falling 10 to 15%. Wong believes the policy shifts the tax burden from income to assets, a global trend she observes. A basic income would be a first for a developed economy, and while land taxes exist elsewhere, Opportunity's plan includes primary residences. However, both the ruling National and opposition Labour parties have stated they would not adopt the Opportunity Party's tax policy. Wong acknowledges the challenge but hopes to secure a role in the finance or revenue ministry if her party gains influence, to continue pushing for tax reform in future elections. The party also champions policies to improve competition in the supermarket and banking sectors and to curb lobbying, including capping political donations.

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Home affordability now is seven times household income, versus about three times when my parents were buying their first home.