van Velden Brooke; Parker DavidBROOKE VAN VELDEN (Deputy Leader—ACT): Thank you Madam Chair. I'm rising on behalf of ACT and mum and dad landlords and tenants up and down New Zealand to talk about the Taxation (Annual Rates for 2022-23 Platform Economy and Remedial Matters) Bill (No 2). This is an unusual bill to talk about—Hon Members: Part 5.BROOKE VAN VELDEN: Yes I do recognise this is on Part 5 but this is an unusual bill to be talking about residential tenancies Acts and interest deductibility changes and landlords but that's what we have in front of us because we've seen some shoddy lawmaking by this Government and we've seen some shoddy policy situations come from this Government. And I'm talking about the interest deductibility limitation changes that the Government put through a couple of years back. It applies to this bill because when they changed the build-to-rent criteria and said in fact We don't want to have large-scale developments subject to our Government's changes for interest deductibility changes." they've now had to go through this bill and make changes to the Residential Tenancies Act to allow for the exemption for big build-to-rent developments—and you'll find it all on the last page of this bill. This goes to show why the Government should never have put in place interest deductibility limitation for landlords because they then last year decided they got it wrong. But they didn't get it wrong for landlords who are mums and dads for people who have one or two rental properties. They said that they got it wrong for large-scale build-to-rent investment. And so because they thought that their interest deductibility limitation changes would negatively impact on investment and development in New Zealand for big developers they've sought a change in this bill just for large-scale developers.The ACT Party says if we're going to have an exemption to our interest deductibility changes we should make an exemption for all mum and dad landlords because the problem that affects the big developers also affects the little guys too. And so that's why the ACT Party is calling for the Government to extend the exemption for interest deductibility changes and extend it to all mum and dad landlords up and down New Zealand. We welcome the fact that the Government made a mistake and they decided to rectify the issue and they've made an exemption for the interest deductibility limitations for large-scale developers. But they should make that exemption for all landlords and all tenants because we're living in a cost of living crisis. People are seeing that rents are going up and all of their costs: all their food their petrol childcare costs—everything you can think of feels like it's getting more expensive. But they have made an exemption just for the big guys and not for the mum and dad landlords who will now be passing on the interest costs to their tenants increasing the cost of living for renters up and down New Zealand. That's not fair it's not right and the Minister should listen to Kiwis. He should do the right thing take this exemption further and support ACT's call to get rid of the interest deductibility limitation changes that have only imposed more costs on landlords and more costs on tenants while we're living in a cost of living crisis. The fact that we now have to have a whole change and an amendment to the Residential Tenancies Act because we now need it to define a whole bunch of stuff around what it is to be build-to-rent land so that these developers could be exempt from interest deductibility changes shows why it never should have happened in the first place. Thank you Madam Chair.Hon DAVID PARKER (Minister of Revenue): I've already addressed those issues on a couple of occasions but I will in a summary form readdress them. There's already for a new build a 20-year interest deductibility period. This extends it in perpetuity in return for a 10-year-plus lease."