SpeechHon DAVID BENNETT (National): Thank you Madam Chair. I hope New Zealanders have listened carefully to that Minister tonight because he's basically said that the Government will intervene in this market because they don't like the results of the market. He's saying that there's 906—I think that was the number he used—large-scale rental owners that dominate the market and that's why the Government has to stop it.Hon David Parker: That's not quite what I said.Hon DAVID BENNETT: That's exactly what he said.Hon David Parker: No.Hon DAVID BENNETT: Well let's go to any other industry in New Zealand; the steel industry. Let's go to any other part—that's part of the building industry. Should we break up Mitre 10 and Bunnings Warehouse because they're too big? Shouldn't we have a little store on each corner where you can get one plank of wood and one nail? That's the theory that he is using.He doesn't want to have a business of rental houses. They do not believe that that is a legitimate business. And if you take that to the necessary extreme then let's go into other parts of the building and construction industry. If you want to reduce the price of houses let's do that why don't we do that? This isn't market failure—that's what he's arguing. This is actually a market showing what actually needs to be done. Market failure is when Government's intervene thinking they know best. He is essentially nationalising the New Zealand rental market by this kind of programme. That's his plan. Let's go nationalise the New Zealand energy market! Let's go nationalise New Zealand steel market! Let's go nationalise it all!Because in that great socialist utopia that exists if Government can control it it will be right. That is his plan. And he's saying Oh no rents won't go up there's no chance that's going to happen." Well if people can't earn an income where they can take off the deduction for the interest they're going to have to put more income in there aren't they to pay to mortgage? They still have a mortgage. They still are in the market. There's nobody going to the banks and saying "Oh you only own one house so you don't have to pay this interest rate and if you had 900 houses you have to pay much much more." That's not how the real world works. This is doomed to failure because it is the Government putting its hands into the market. It has never worked in New Zealand's history and it will never work now.Now that Minister will pat himself on the back and say "I'm here for those people that can't get there and you trust me because my decision tonight will change it all." There's no way in hell he's going to make any judgment tonight that's going to make any difference. If anything it's going to consign the people at the bottom to higher rents and when they've got higher rents they have less income that's disposable when they've got less disposable income they have less savings and when they have less savings they can't buy a house so they have to keep renting and renting paying more and more rent and the circle keeps going on.So it's brilliant economics Minister; it's going to fail but we wish you all the very best in your little dream world and we look forward to you actually explaining to New Zealanders why you don't think somebody should be able to own more than two houses in New Zealand why you think it's a bad thing for somebody that's got capital to use it for somebody else that hasn't got capital to have a roof over their head or do you know best and if you limit it to one or two houses [Interruption] and take away—and you said you do.Hon Dr Megan Woods: No I said you shouldn't say you.Hon DAVID BENNETT: Well that's the answer. The Minister of Housing says she does—she says she does. She said "Yes I do." Well there we go. We know their answer and it will be a failure just waiting to happen. So all those Kiwis out there that genuinely want to get a house should be listening to the failure that is this Government and their silly economic policies."