Bakshi Kanwaljit Singh: Taxation (KiwiSaver HomeStart and Remedial Matters) Bill — Second ReadingText is incorporated into the Bound VolumeBakshi Kanwaljit Singh: Taxation (KiwiSaver HomeStart and Remedial Matters) Bill — Second Reading[Sitting date: 24 March 2015. Volume:704;Page:2535. Text is incorporated into the Bound Volume.]KANWALJIT SINGH BAKSHI (National): Thank you for the opportunity to speak on the second reading of this Taxation (KiwiSaver HomeStart and Remedial Matters) Bill. I stand in support of this bill. This National-led Government has been working towards improving the lifestyles of New Zealanders. We remain committed to providing support and security to those who are most vulnerable. There are many young New Zealanders who are looking towards buying their first home. Let me clarify that there is no silver bullet that can fix the long-outstanding problem of housing. We in the Government understand the challenges faced by prospective buyers. The Labour policy to build 10000 houses per annum was totally rejected at the last election. We want to reduce the pressure on first-home buyers of accumulating a heavy deposit. To reduce the pressure faced by first-home buyers we have introduced this legislation.This bill will allow members of KiwiSaver to withdraw all their KiwiSaver savings except the $1000 kick-start contribution by the Government. This means that more and more New Zealanders will be motivated to buy their first home as in addition to withdrawing their own and employers’ contributions they will now be allowed to withdraw their member’s tax credit from their KiwiSaver account. Under this policy the KiwiSaver first-home deposit subsidy will be renamed KiwiSaver HomeStart where determined and hard-working homebuyers will be able to access their savings. An eligible couple would now be able to access up to a maximum of a $20000 deposit for their newly built home in addition to their savings.Apart from assisting prospective buyers with money to buy their first home this National-led Government has been working towards increasing the supply of housing as well particularly in Auckland. We all know that the supply of affordable housing for people living in Auckland has been a pressing issue. We are currently trying to increase the supply of both new and affordable housing in this area. Under the National-led Government we have been able to achieve the highest number of consents in Auckland last month which showed an increase of 11 percent from January 2014. Without doubt it is indeed tremendous growth. However I doubt whether the naysayers in the Opposition feel the same way.Each of us is faced by a set of challenges. Some are small some are not too small. It is what we do about these challenges that defines us as a human being. As an example our hard work and determination has ensured the transformation of the South Island’s most valued city of Christchurch. The public-private partnership can now build new homes on council and Government-owned lands as we have passed housing accords from Auckland Tauranga Wellington and Western Bay of Plenty to Christchurch and Queenstown. It is also positive to note that the house price limit for HomeStart and Welcome Home Loans will be $550000 in Auckland $450000 in Wellington and $350000 for the rest of the country. National is also aiming to reduce the number of people waiting for social housing and wants to lead Kiwi families to the path of success. Apart from assisting families to get their first home the Government has also set up a number of other initiatives. With these words I commend this bill to the House.