Out of curiosity, if a CGT has as a goal to steer money to productive investments does anyone know what these investments are for the average retail investor? The sentiment is bandied about and certainly has some logic but assuming the money isnt headed offshore (the FDR tax complexity is disincentive enough on that front) quite what are people supposed to buy instead, a coffee franchise?

We've just seen the hunger for longish bonds at about 2% so there appears to be no shortage of money seeking some sort of investment home and i dont see a lot of biotech or invention type funds. The lack of NZX listings suggests something is amiss but is it as simple as blaming untaxed housing?