The Government has announced the commencement of consultation on the second phase of its Overseas Investment Act reforms.

Associate Finance Minister David Parker says the second round of reforms is focused on reducing the Overseas Investment Act 2005's complexity, to better support high-quality overseas investment, and ensuring investments are in the national interest.

He says the Treasury has produced a consultation document outlining options for reform.  Mr Parker says the options aim to achieve a balance between supporting high-quality investment and ensuring governments have flexibility to manage any issues arising from overseas investment. 

“The Government recognises that overseas investment is an important issue and we want to encourage feedback on the options."

The Treasury will hold a series of public meetings throughout the country, including meetings with iwi and professional groups regularly involved in overseas investment.

The closing date for submissions is 24 May 2019.