Peters Winston: Questions for Oral Answer — Questions to MinistersText is incorporated into the Bound VolumePeters Winston: Questions for Oral Answer — Questions to Ministers[Sitting date: 30 July 2013. Volume:692;Page:12025. Text is incorporated into the Bound Volume.]6.Rt Hon WINSTON PETERS (Leader—NZ First)to thePrime Minister: Does he stand by all his statements?Rt Hon JOHN KEY (Prime Minister):Yes.Rt Hon Winston Peters: Does he stand by his statement: “I don’t think foreigners buying the odd house in New Zealand is what’s driving the escalation of prices.”?Rt Hon JOHN KEY: Yes.Rt Hon Winston Peters: Does he think it fair that New Zealanders struggling to buy their first home have to compete with overseas buyers—Hon Steven Joyce: They don’t; that’s just you making it up Winston.Rt Hon Winston Peters: —financed by State-owned banks with interest rates five times—no my name is not Joyce.Mr SPEAKER: Order!Rt Hon Winston Peters: You Mr Joyce make it up; I do not.Mr SPEAKER: Order!Rt Hon Winston Peters: Well can you tell “Big Ears” to keep quiet.Mr SPEAKER: Order! That is a very good example of disorder that is possible because of interjections while the member is asking his question. Would the member please start his question again.Rt Hon Winston Peters: Does he think it fair that New Zealanders struggling to buy their first home have to compete with overseas buyers financed by State-owned banks with interest rates five times lower than the New Zealand buyer has to pay?Rt Hon JOHN KEY: Well firstly I am pleased the member has raised the topic of interest rates because under a National-led Government a family with a $300000 mortgage in New Zealand is saving about $230 a week as a result of the good economic management of this Government. Secondly if we do want to inject just a few facts into this issue house prices have risen from November 2008 to June 2013 in terms of the national median sale price—Rt Hon Winston Peters: I raise a point of order Mr Speaker. The critical part of the question is the issue of fairness based on the disparity of interest rates.Mr SPEAKER: Order! The member—Rt Hon Winston Peters: That is the issue.Mr SPEAKER: Order! The member cannot raise a legitimate point of order saying that the pertinent part or the critical part of the question is whatever. The member asked the question. The Prime Minister has the opportunity to answer the question. At this stage I think he has addressed—Rt Hon Winston Peters: Well my subtle point is that he is not answering it.Mr SPEAKER: Well on this occasion I do not agree with the member. I think the Prime Minister—Rt Hon Winston Peters: And why am I not surprised?Mr SPEAKER: Order! I think the Prime Minister is in the process of addressing the question as it was asked by the member.Rt Hon JOHN KEY: So to continue the second point is that median house prices have risen under a National-led Government in that period of time 2008 to 2013 by 12 percent and by a Labour Government in its time in office by over 100 percent. But if the member wants to ask specifically about interest rates actually a New Zealander could borrow money on the international market and enjoy those cheap interest rates. For instance David Shearer could take the money—Mr SPEAKER: Order!Rt Hon Winston Peters: I raise a point of order Mr Speaker. [Interruption ]Mr SPEAKER: Order! I have a point of order from the right honourable member and it will be heard in—[Interruption ] Order! This is a point of order and it will be heard in silence.Rt Hon Winston Peters: Thank you Mr Speaker. My point of order was that he was asked a question on the issue of fairness as it relates to the disparity of overseas buyers who can access State banks and funds at less than 1 percent interest as opposed to a New Zealand buyer paying a minimum 5 to 6 percent interest. I asked a question about whether he agreed it was fair or not. He made no attempt to answer that question.Mr SPEAKER: Well I am sorry but I do not agree with the member. It was a very long-winded answer and the final point that the Prime Minister raised was that there is the ability for a New Zealand borrower to equally borrow from a foreign bank at those rates if they so choose.Rt Hon Winston Peters: I raise a point of order Mr Speaker. With respect the final point he raised was the access to a member of Parliament’s private bank account. That is the final point he raised. [Interruption ]Mr SPEAKER: Order! That was an unnecessary part of the answer. As soon as the Prime Minister attempted to address that I stood and asked the Prime Minister to cease. Does the member have a further supplementary question?Rt Hon Winston Peters: Yes well of course I do.Mr SPEAKER: Supplementary question—[Interruption ] Order! Supplementary question Rt Hon Winston Peters.Rt Hon Winston Peters: As frustrating as it is in this place. Why does his Government allow foreigners to buy houses here when New Zealanders are not allowed to buy houses in those countries from which those foreigners are coming?Rt Hon JOHN KEY: In many jurisdictions around the world of course New Zealanders are entitled to buy houses. But just to put a bit of reality into this let us quote someone who might know what they are talking about in this area and that isShamubeelEaqub who said: “House prices for the past 15 years have trended up relative to incomes and rents for that entire period. To suggest that’s because of foreign interest in the property market seems ludicrous.” He said that it reeks of poor policy making and it reeks of xenophobia. It is the—Rt Hon Winston Peters: I raise a point of order Mr Speaker.Mr SPEAKER: Order! I have a point of order.Rt Hon Winston Peters: Again my point is that I am asking the Prime Minister why it is fair to allow foreigners to buy here when the country from which those foreigners come denies New Zealanders the chance to buy a house there. It is a pretty simple question.Mr SPEAKER: And the Prime Minister answered that—and the member can go back and look at the transcript—by saying that he does not agree with the way the member has phrased the question. New Zealanders are able to buy in some markets overseas.Rt Hon Winston Peters: I seek leave to table a letter written by a New Zealander dated 24 June name taken off for obvious reasons explaining why it is so unfair and one-sided that he cannot buy a house in China and they can buy a house in New Zealand.Mr SPEAKER: Order! Leave is sought to table that particular letter. Is there any objection to it being tabled? Yes there is.