Little Andrew: Oral Questions — Questions to MinistersText is incorporated into the Bound VolumeLittle Andrew: Oral Questions — Questions to Ministers[Sitting date: 28 July 2015. Volume:707;Page:5327. Text is incorporated into the Bound Volume.]1.ANDREW LITTLE (Leader of the Opposition) to the Prime Minister: Does he stand by his statement that “I don’t want to ban foreigners from buying residential property”?Rt Hon JOHN KEY (Prime Minister): Yes I stand by my full statement which was: “We do not support a ban on foreign buyers. We think that’s neither justified nor likely to be terribly effective. For the most part countries don’t have bans but where they have had them we don’t think they’ve worked very well.”Andrew Little: Will he sign the Trans-Pacific Partnership agreement a deal that this House and the public have not been allowed to see if it makes it impossible to stop people from the US China Japan and elsewhere buying our houses?Rt Hon JOHN KEY: I think the member is a little behind the eight ball because the reason that a ban may not be applied to a Chinese buyer of a residential property in New Zealand is as a result of Labour writing the most favoured nation provisions in the China free-trade agreement and the ratification of the Korean free-trade agreement. It is a shame that Labour did not think of all this 8 years ago.Andrew Little: Will he sign the Trans-Pacific Partnership agreement if it prevents his Government or future Governments imposing taxes that apply only to offshore housing speculators?Rt Hon JOHN KEY: The member will appreciate that the Trans-Pacific Partnership agreement is currently under negotiation so those issues have not been resolved. But I am confident that future Governments of New Zealand will have plenty of tools in the tool box when it comes to applying taxes if they so wish to do so.Andrew Little: How many homes have been sold into overseas ownership since he said he was concerned about Kiwis becoming tenants in their own land in 2010; or does he not know?Rt Hon JOHN KEY: I do not know.Tim Macindoe: What reports has the Prime Minister received confirming that banning foreigners from buying residential property does not work?Rt Hon JOHN KEY: Last week I received a report from Australia and I quote: “The double-whammy of the lowest interest rates since the 1960s and an investor frenzy has seen Sydney’s median house price smash through the magic AU$1 million mark for the first time.” The report goes on to note that Sydney’s median house price is now higher than London’s and fast approaching New York’s. Investors now have a record 62 percent share of Sydney’s housing market loans. This is the market that theoretically at least bans foreign buyers—something that clearly does not work.Andrew Little: Why is he refusing to listen to the overwhelming public demand for a ban on overseas investors buying our houses and forcing prices out of reach for first-home buyers here?Rt Hon JOHN KEY: We have a far more scientific way of doing things on this side of the House than looking at whether a name is Chinese and deciding they are the bad guys. As I said the reason why we would not be able to ban a Chinese person buying a—[Interruption]Mr SPEAKER: Order! I am sorry to interrupt the Prime Minister. I cannot hear the answer with that level of interjection.Rt Hon JOHN KEY: The reason why they are making that much noise is they know what I am going to say. The reason why you cannot try to ban a Chinese person is that Labour wrote it into the law. [Interruption] Yes you did. Oh yes you did.Tim Macindoe: Has the Prime Minister seen reports in support of the Government’s approach to international investment and trade?Rt Hon JOHN KEY: Yes. Yes I have seen two reports. The first one said and I quote: “I am a rabid free-trader. I believe in free trade. I am part of a party that has been pro - free trade and has initiated many free-trade agreements including China.” The second report offered the opposite view. It said: “You may have heard my colleague describe himself as a passionate free-trader. Well I could not describe myself in that way.” The first report was from Clayton Cosgrove; the second report a few minutes later was from Clare Curran—underlying the deep divisions within the Labour Party. And that was the tone of their—[Interruption]Mr SPEAKER: Order! The Prime Minister will resume his seat. [Interruption] Order! Both sides need to tone down their level of interjection.