Brownlee GerryHon GERRY BROWNLEE (National): It's important that any bill that passes through Parliament does have a name that reflects its effect. And I think what we've heard tonight is that there is no way in which the current title of the bill reflects the effect that is going to be eventually by a majority passed through this committee tonight. It's currently called the Taxation (Annual Rates for 2020-21 Feasibility Expenditure and Remedial Matters) Bill. It makes no reference at all to the brightline test. It makes no reference at all to the GST being applied to roaming phones. And it might be easy to say they're just remedial matters. Well the brightline test doubling in its length is not a remedial matter. It is a major decision by a Government with tax implications.I think the bill would be better named the Taxation (Annual Rates for 2020-2021 Feasibility Expenditure Brightline Extension Property Price Escalation Rent Escalation Assurance and Remedial Matters) Bill" because that's what the effect of this is going to be; there's nothing surer. If it was a bill that was perhaps having the brightline test attached to provisions that increased supply of housing it might be a little more acceptable. But in this case just stand alone it's a bit like saying "We're going to take the 52 weeks of the year and turn them into 100. We're going to take you know any number of things here and do some kind of loaves and fishes exercise to make scarcity go far." It can't be done and tax will not achieve it. We've already had very little response from the Minister to the suggestion that the $250000 on average capital increase in an average home in New Zealand in the last three years would attract a tax under the current regime of around about $70000 but still leaving anybody with that property $180000 in their pockets: $60000-odd a year for three years for doing nothing on average. Now my point is not to increase the tax not to go after those people harder but to ask the question: how's that happened? How's that happened? It's simply because there is a lack of supply. Price of property doesn't just escalate because people want to pay more for it. And any suggestion that "Oh it's all to do with the low interest rates." is complete rubbish because if there was a massive supply then you wouldn't see these price escalations. You can think of anything you like that's out there that's in common supply. It's like at the moment you look at seasonal fruit or vegetables. In the right season with plentiful supply they're cheap. So the same applies quite simply to housing. There isn't a plentiful supply. And this is I think a smoke and mirrors exercise saying "We're going to extend it for 10 years." It won't matter to someone who decides that they're going to invest in this and take those capital gains. They are not going to stop because of this. I don't believe in capital gains. I think they're wrong. I think they are a way of incentivising people to use private finance to provide public good. So I don't in any way want my speech to be construed as making a case for increasing or bringing in a capital gain. But we've got to call this what it is and it's sort of like a lame duck attempt. No one can be very comfortable about the fact that that massive amount of capital increase is going to continue regardless of what happens. You can make it 20 years and it wouldn't make any difference until there is that supply problem sorted out. So I won't move it because it'd be a waste of time but the bill title should have the words "Brightline Extension" and it should have the words "Property Price Escalation and Rent Rise Assurance" in it. And it should mention the miserly GST raid on roaming charges for largely in the next few years businesses who send people overseas in pursuit of larger exports for this country. If I don't have a question for the Minister because my last question—I have at least one question from the committee stage that hangs out there answered. But I hope that they do think about some of these things and come to a conclusion that—Hon Member: Madam Chair?Hon GERRY BROWNLEE: There's one speaker on their feet only one speaker on their feet at a time—only one speaker on their feet at a time.CHAIRPERSON (Hon Jenny Salesa): You didn't call "Madam Chair".Hon GERRY BROWNLEE: Oh sorry. My apologies then."