Seymour David; Tisch LindsayDAVID SEYMOUR (Leader—ACT): Well what I take from that speech by Phil Twyford is that the Labour Party does not really support this bill at all because he did not talk about it at all.I recently heard from some medical experts who have found a cure for voting for the Green Party and it is called economic literacy. Every time you get a bill from the Green Party—and particularly from Gareth Hughes—it is economically illiterate. The last time he brought a bill to this House it was to set the price and set feed-in tariffs for solar electricity and as it was explained in the House at the time there are two ways to set a price wrong: too low or too high. Either way you alienate either producers or consumers from the market and end up with less of what you actually want.This particular bill has even more economic problems than even that one. One of the most simple problems is: who will it benefit? Cui bono? Well people who will benefit most from this bill are people who have the largest student loans—probably the people statistically and sadly who went to the best schools and then got the most subsidies when they were at university. And now the Green Party—the champion of the poor; the friend of the working man—wants to give even more taxpayer dollars in the form of subsidies to some of the most privileged people in New Zealand society to get on the home ladder. What about all the working class and poor people who have not had the benefit of a tertiary education and cannot benefit from this particular scheme? What is wrong with the world when the ACT Party has to stand up for the working man because the Green Party cannot do it and the Labour Party did not mention them either?Not only is this bill privileging but to a large extent it is self-defeating because even though these people are going to get some measure of taxpayer money paying the interest on their loan while they are saving for their mortgage what they are going to discover—and this is the kicker for people who think that there might be something in it for them—is that when they go to the bank to get a mortgage the first thing the bank is going to ask is: Do you still have a student loan?". And if the answer is "Yes." then it is going to be so much more demanding on the terms of borrowing and the interest rate that can be secured. This is what I mean by economic literacy in the Green Party. Even when it tries to help people—even when it tries to help the wrong people—it cannot figure out how the economics actually work.But I do want to say something about the structure of the housing market and I regret that Phil Twyford beat me to it because former Australian Prime Minister Paul Keating in his lovely Australian politician way said that allowing people to put more of their savings in and creating policies that encourage young people to put more of their equity into the housing market was ripping the backside out of Australian public policy. National sadly has done that with KiwiSaver HomeStart—making people put more of their superannuation savings into a housing market it thinks is overheated—and yet this bill is more of exactly that. It leaves people in a position where their net amount of debt in the housing market is greater than it would have been had they focused on paying off their student loan first. We are actually subsidising people to be in a worse financial position and more dependent upon a housing market that is overheated than they would be otherwise.This bill is a failure on so many counts. It tries to help the wrong people it is self-defeating in trying to help them but it is worse than that because there are real structural problems with the housing market and as we heard from Phil Twyford and we hear frequently from the Minister for Building and Housing or housing or social housing or whatever Nick Smith is these days it is the restrictions upon land that you are allowed to build upon put in place by restrictive land-use planning that has driven up the price of housing for my generation for Millennials for Generation X and Y—whatever we are calling ourselves these days and I am sorry to hear Mr Assistant Speaker that you are not one of us; it did come as a bit of a surprise. The fact of the matter is that it is land-use restriction and urban planning that has driven up house prices in every Western city that has tried them—and which party in this House is most in favour of smart growth urban density urban containment and the kinds of restrictions that have pushed up the price of housing for a whole generation? Can you believe it? It is the economic illiterates in the Green Party.So the ACT Party proudly opposes this bill. It is inequitable it is ineffective and it misses the real structural problems in the housing market which need to be addressed and not only is the Green Party the last party to address them but actually it has an ideology that makes them worse. I really hope that Gareth Hughes does not get a bill drawn again because it cannot possibly be worse—The ASSISTANT SPEAKER (Lindsay Tisch): Order! The member's time has expired."