Three weeks after the 2026 Australian Budget announced a 47% effective capital gains tax rate for high-income earners, New Zealand’s Finance Minister borrowed Australia’s own 2006 tourism slogan back at us. “Where the bloody hell are you? Come over.” The pitch was cheeky. It was on-brand for a government positioning itself as the lower-tax alternative to Canberra. And, awkwardly for any Australian who’d rather not think about it, it was substantively correct. New Zealand has no general capital gains tax. The immigration arrangement means there’s essentially no friction. So is the move actually worth it? Here’s the honest assessment.
