In 2021 New Zealand was unusual among developed countries in not having a capital gains tax (where vendors pay tax on the increased value of their property when they sell it). Some economists have argued that the lack of such a tax encourages an overemphasis on property investment at the expense of other areas, and contributes to increased housing costs. Before the 2011 and 2014 general elections the Labour Party promised that if it became the government it would introduce a capital gains tax. This 2011 television news report examines the issue. The Labour-led government which took office in 2017 subsequently decided not to introduce a capital gains tax.