There is no NRWT charged and AIL is paid by the Cown ( to itself of course) so not one cent of tax is collected from non residents.

No wonder 70% is held by non residnts and that they set the pricing.

I have wrttien to bill English on the subject as he was quoted in a finance mag as not understanding why NZ residents didnt buy NZGS. Because we cant compete yield wise with those offshore as we all pay tax on the returns.

Just putting aside the consequences on the exchange rate of this programme