New Zealand's new Labour-led coalition government has made its first big decision, announcing plans to amend the Overseas Investment Act (OIA) to classify residential housing as "sensitive", which will effectively ban non-resident foreigners from buying existing homes. Conveyancers and solicitors will have to certify that any buyer is not a non-resident or non-citizen when documenting a sale and purchase and land transfer agreement. Australians will be exempt from the ban, as New Zealanders are exempt from a similar ban in Australia. The new government hopes to introduce the legislation before Christmas so it can take effect early in the new year. La Trobe Financial Asset Management Limited said it has appointed Gerard Parlevliet to its board. Parlevliet served for 12 years as General Manager of the Commonwealth Bank Officers' Superannuation Fund and then seven years as its Chief Investment Officer.  Carnival Cruises CEO Ann Sherry is to join the board of NAB. Sherry, who spent 12 years with Westpac (where she was CEO of Westpac New Zealand) and has also been a non-executive director of ING Direct, was named Australia's most influential woman in 2015. The NAB board appointment is subject to regulatory approval.   Moody's has retained its stable outlook rating for New Zealand's banking system. The ratings agency said that, although the policies of the new Labour-led coalition government sworn in last week could affect migration and housing, economic prospects and asset quality is expected to remain strong over the next 12 to 18 months.