4. Question No. 4—FinanceHon AMY ADAMS (National—Selwyn) to the Minister of FinanceQuestion No. 4—Finance4. Hon AMY ADAMS (National—Selwyn) to the Minister of Finance: Does he stand by all of his statements and actions in relation to his role?Hon GRANT ROBERTSON (Minister of Finance): Yes in so far as my powers as the Minister of Finance can extend—Hon Shane Jones: Vast—vast!Hon GRANT ROBERTSON: —including my powers of comprehension Mr Jones.Hon Amy Adams: Did he agree as the Minister of Finance to change the KiwiBuild policy so that buyers will now be immediately entitled to keep 70 percent of the profit they make from the sale of the house?Hon GRANT ROBERTSON: I was part of that decision-making process that contractually obliges KiwiBuild owners to retain ownership of their home for at least three years.Hon Amy Adams: Did he consult with the Prime Minister before agreeing to allow KiwiBuild owners to sell the properties immediately and retain 70 percent of any capital gain?Hon GRANT ROBERTSON: As was stated yesterday by Minister Twyford delegated powers for that decision were given to Minister Twyford myself and Minister Jones.SPEAKER: No. Please answer the question.Hon GRANT ROBERTSON: So consultation was not required.SPEAKER: And it still doesn't answer the question. The question was not whether it was required but whether the Minister did consult.Hon GRANT ROBERTSON: No because it was not required.Hon Amy Adams: Why did he as Minister of Finance decide that somebody who wins the right to buy a KiwiBuild house from the ballot should be allowed to sell that house for potentially a large profit the next day and still retain 70 percent of that profit?Hon GRANT ROBERTSON: The decision was made because in the circumstances that we're facing at the moment those people will have signed a covenant saying that they won't sell it. This was the practical way of dealing with those who would break that covenant. As the Prime Minister said yesterday that can be revisited if that turns out to be a situation that occurs regularly.Rt Hon Winston Peters: If as the Opposition has argued these houses are overpriced what's the likelihood of someone making a massive profit the next day?Hon GRANT ROBERTSON: That is indeed a very very good point that the opportunity here for a giant windfall gain appears to be relatively slim. I'd also say that it is quite interesting hearing what appears now to be a call from the Opposition for a 100 percent capital gains tax.Hon Amy Adams: Well if the KiwiBuild properties are properties that were being built anyway and have just been bought off the plan and they're sold at full market price so that no immediate capital gain is made then exactly what are taxpayers getting for their $2 billion?Hon GRANT ROBERTSON: I reject the premise of the first part of the member's question. In answer to the second part of the member's question what New Zealand taxpayers are finally getting are affordable homes for first-home buyers sadly missing for the last nine years.Hon Amy Adams: Does the Minister still think he made the right decision to change the policy when the Prime Minister said yesterday that the Government would be reviewing the policy if even a small number of owners took advantage of the change that he signed off?Hon GRANT ROBERTSON: As always I respect and agree with the Prime Minister's views.