Bayly AndrewANDREW BAYLY (National—Port Waikato): Thank you. I was waiting for the Minister actually. We were being generous with the Minister so hopefully the Minister is going to respond to Michael Woodhouse's question.Look want to talk about the issue of the commencement date because I think what we just observed here with the inquiring mind of the forensic Hon Michael Woodhouse is we have started to highlight some of the issues.Whether he is correct or not—and the Minister's obviously deep in discussions with officials—this just goes to show why this bill which has such a magnitude around it should've gone through a proper process of evaluation and consideration not only from a select committee process where we have people like Hon Michael Woodhouse making very valuable contributions to making sure that this bill is the best we can get but I think it also raises a wider issue around this is not an insignificant issue that this new Supplementary Order Paper (SOP) 23 will have on mum and dad investors. It is a major imposition. It has financial consequences that many people will be wondering about tonight and worrying about tonight and I think this is a real prime example why the Minister should have been much more judicious—in fact I say the Government should've been much more judicious in the way that they brought the SOP to the House.Now the Minister of Finance wrote to the Reserve Bank Governor way back in November. There was a response in early December. The Minister's written back. We're still waiting for the Reserve Bank's response. That is one side of the coin and I heard the Minister saying before You know they're thrashing this around. We're only worried about supply." Well actually it is a comprehensive solution that's required. This is not the one that's going to actually achieve that outcome.But putting this bill through proper scrutiny and allowing New Zealanders who are going to be affected by it—the many hundreds of thousands of New Zealanders who are going to be affected by it—to have a say to be able to present their arguments and to make sure that we get this bill in the best possible way would mean that the commencement date actually shouldn't be what it is which is on Royal assent particularly in respect to the SOP. I put it to the Minister that the SOP should be delayed before it has any commencement date and we know that it takes effect basically at the close of business on Friday which is 24 working hours from now—three days' time. That is an issue that really is significant because it affects people's property rights and all that sort of stuff which are fundamental principles about New Zealand—that we do not cut across people's property rights without giving them the opportunity to have their say and we haven't achieved that at all.But also during the course of the night I probed the Minister on why the urgency. It's a simple argument around the fact that well if we don't push it through we think there's going to be an avalanche of investors who are going to go and buy a property overnight or in the next few days to take advantage of the rules. Well I think that is a misguided perception because if you look at what's taken place if you buy a property you will now be locked into a 10-year rule with the brightline test.Secondly you know going into it that knowingly you will not be able to deduct the interest that you incur in respect to that building that you buy. So why on earth are many people going to be sitting there going "Gee this is a fantastic opportunity."? I think the bigger risk and the real risk is that people will want to exit the market and exit pretty quickly and what we want to make sure is that we allow that to take place in an ordered fashion. That's why I think the commencement date needs to change. I think the Minister needs to reflect on that. I know he doesn't have long but I think that in respect to the SOP it is injudicious it's unwise to actually impose this with such a brutal start date. I think the Government's going to rue the fact that it chose to go down this path that many New Zealanders will not like."