Australian non-government and government investments in significant business assets are exempt from the requirement to obtain prior consent from the Overseas Investment Office if they are under certain alternative monetary thresholds, Land Information New Zealand has announced.

These thresholds must be adjusted each year if calculations, made in accordance with formulae set out in regulations 99(3) and 101(3) of the Overseas Investment Regulations 2005, produce an amount greater than the previous year’s amount.

Based on the above calculations, the alternative monetary thresholds for the period 1 January 2020 to the close of 31 December 2020 are:

$536 million (New Zealand dollars), if the investor is an Australian non-government investor; and

$112 million (New Zealand dollars), if the investor is an Australian government investor.

This notice is made in accordance with s 13 of the Interpretation Act 1999, which allows a power to be exercised to correct an error or omission in a previous exercise of the power.