Proposed amendments to the Overseas Investment Bill have passed their first reading in Parliament

The bill will speed up overseas investment decisions to within 15 days, unless investors applied to residential land, farmland, fishing quotas, or made applications contrary to the national interest.

Changes also included giving Land Information New Zealand a greater ability to grant consents without ministerial approval, and updating the Ministerial Directive Letter providing guidance on which assets need more scrutiny.

Associate Finance Minister David Seymour says the bill will attract more foreign investment and push for economic growth.