Treasury clears OIA fee cuts under Regulatory Standards Act
Treasury has issued a clean Consistency Accountability Statement for interim overseas investment fee cuts of about 26%, effective 11 September 2026, under the new Regulatory Standards Act framework.
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Cabinet’s Economic Policy Committee has formally authorised public consultation on a prudential levy to shift Reserve Bank supervision costs onto banks, insurers and market infrastructure operators from 2027/28.
Cabinet has agreed in principle to three shifts in public performance reporting sought by the Finance and Expenditure Committee, while parking detailed design and costings until 2027.
The Treasury has given a clean bill of health to interim cuts in Overseas Investment Act application fees, which take effect today.
Acting Chief Executive and Secretary to the Treasury Jo Hughes signed a Consistency Accountability Statement finalised on 20 August 2026. Treasury assessed the Overseas Investment Regulations amendments against the principles of responsible regulation in the Regulatory Standards Act 2025. The statement, issued on 11 September 2026, identified no inconsistencies.
From 11 September 2026 the stage-one initial national interest risk assessment fee falls from $22,800 to $16,960 including GST. The mandatory stage-two comprehensive national interest assessment fee for non-New Zealand government investors falls from $83,700 to $61,800. Both cuts are about 26%.
Associate Minister of Finance Hon David Seymour announced the package on 10 September 2026. He linked the cheaper fees to the March 2026 commencement of the Overseas Investment (National Interest Test and Other Matters) Amendment Act 2025.
We've already made it easier. Now we're making it cheaper. This will make it more commercially viable for more people to invest in New Zealand. This is important because that money leads to higher productivity, more higher paying jobs, access to new technology and know-how.
The fee changes amend the Overseas Investment Regulations 2005. Land Information New Zealand (LINZ), which runs the Overseas Investment Office, gains a limited power to waive, discount or refund fees. LINZ may use that power where payment would be unreasonable or where an administrative error occurred. Guidelines will appear on the LINZ website.
Auckland's skyline: the commercial gateway for many of the significant business assets now moving through LINZ's faster, cheaper overseas investment consent pathway.
“This is a practical change that improves fairness and consistency for investors applying to spend their money in New Zealand. It gives LINZ the flexibility to address exceptional situations while maintaining the integrity of the overseas investment framework,” Seymour said.
Regulatory Standards Act accountability
The Regulatory Standards Act 2025 was enacted on 18 November 2025. Part 2 consistency obligations applied from 1 July 2026. Agencies must produce a Consistency Accountability Statement for new secondary legislation. The chief executive confirms review against principles covering rule of law, liberties, property, taxes, fees and levies, the role of courts, and good law-making.
Where inconsistency is found, the responsible Minister or maker must publish reasons. A Regulatory Standards Board can inquire into existing law and scrutinise CAS quality. It cannot invalidate legislation.
Treasury's companion Summary of Underpinning Analysis (REG-2241), finalised 6 August 2026, recorded “NO” or “NOT APPLICABLE” on every applicable limb. The SUA states the fee changes better reflect LINZ service costs under the risk-based national interest process. Expected benefits exceed costs. Fresh consultation was judged unnecessary because the changes only reduce applicant costs and flow from primary legislation already scrutinised by the Finance and Expenditure Committee.
March 2026 Act and December 2025 interim fees
The Amendment Act commenced on 6 March 2026. It consolidates the former benefit-to-New-Zealand, investor and national-interest tests into a single national interest test for most assets other than farmland, fishing quota and residential land. Three new pathways went live: primary consent for significant business assets and classic sensitive land; production forestry; and a $5 million-plus house pathway for Active Investor Plus, Investor 1 and Investor 2 visa holders.
Cabinet Economic Policy Committee paper EXP-25-SUB-0118 in December 2025 set interim fees pending a full statutory review. Stage one was set at $22,800 — already well below legacy benefit-test and significant-business-asset fees. Stage two stayed at $83,700. A $12,500 repeat-investor discount and low fixed house-pathway fees ($2,040 buy / $3,500 build) were also approved. Section 61 of the Overseas Investment Act requires a fees review at least every four years. The last full review finished in 2021.
The September 2026 package is the first downward recalibration of those interim rates. Treasury and the Minister cite efficiency gains from the streamlined process and closer alignment with actual LINZ costs. A comprehensive fees review remains in train.
LINZ volumes and processing times
Seymour's release cites LINZ operational figures. In the past financial year LINZ granted 230 applications with gross investment value of about $23.8 billion. That exceeds 201 consents in 2024/25.
Average processing time has fallen from 71 working days at the change of government to 23 days overall. Since the Amendment Act took effect, business and production-forestry applications under the new pathways average four working days. The statute requires decisions within 15 working days unless a potential national interest concern arises. The operational target is five working days.
Residential land, farmland and fishing quota keep existing pathways and longer timeframes. The Act's purpose statement now acknowledges overseas investment's contribution to economic opportunity while retaining privilege language for sensitive assets.
International context and next steps
New Zealand has long ranked among more restrictive OECD jurisdictions on FDI screening, driven mainly by low thresholds and broad asset coverage. Chapman Tripp authors writing for White & Case's 2026 FDI reviews say the Amendment Act reversed the prior presumption against FDI for less-sensitive investments. Investment may now proceed unless a national-interest risk is identified.
Australia's FIRB regime scales fees steeply with transaction value and imposes high residential surcharges. An EY investor survey still found only 5% of respondents viewed New Zealand's approvals processes as “not at all restrictive”, versus 16% for Australia. Process friction and cost remain salient for mobile capital.
We are sending a clear signal that we want to unlock New Zealand's potential, and are open for business.
For New Zealand businesses seeking offshore capital, the stage-one cut lowers a fixed compliance outlay on significant business assets and production forestry. Faster four-day decisions reduce opportunity cost. Farmland, fishing quota and ordinary residential land stay outside the cheap pathway. The pending full fees review will test whether these interim rates stick once post-reform cost data settle. Higher FDI inflows remain one channel for the capital deepening Treasury and the Reserve Bank have flagged as necessary for trend productivity growth.
