National needs about $5 Billion in foreign property sales a year to reach its target. Prior to the 2018 ban, China (which likely can’t be taxed anyway due to FTA) made up 40% of an approximately $3.75 Billion in total sales. For Nationals numbers to work, the market would have to grown significantly, while leaving the vast majority of properties un-taxed. Further, they have not accounted for any drop in sales due to the tax, global downturn, or any other factors.
It’s pure fiction and smoke and mirrors.
Whataboutism is a bad way of thinking. Just because one side is bad doesn’t excuse the other side.
But at least Labour is doing something. It’s not much, and it’s definitely not what they promised, but what they are doing is at least heading in the right direction.