Yule LawrenceLAWRENCE YULE (National—Tukituki): Since I've been on the Finance and Expenditure Committee it has been the biggest learning experience for me about how a Government should not do a bill because actually this is a dog of a bill. I listened to the Hon David Parker saying We don't want to be tenants in our own land." In fact last week I listened to the Hon Damien O'Connor saying that he doesn't want any farmland to be sold to any overseas owner in the future under his watch. He's proud of that but I say there is a balance in New Zealand.We have produced—and there have been sales of—200000 homes over the last three years in New Zealand. Three percent of them have been sold to foreign buyers 3 percent have been bought by foreign buyers and we have actually lost from the housing stock about 1300 homes to foreign buyers in those three years. That is not what is behind the cost of housing going up. The cost of housing is going up in New Zealand as a supply and demand equation as the market works. And while those on the other side don't like the market if you go and ask people in Auckland or in my town who have actually had their property values go up from $500000 to $700000 or $700000 to $1 million they are actually quite happy with the increased equity in their property.What we are dealing with is a shortage of residential land and houses in New Zealand. This is actually having a chilling effect way greater than that side even understands. It's no different to the oil and gas decision made without any consultation any Ministry of Business Innovation and Employment analysis and now we know—and now we know—may be worse off for climate change than what we were doing before. There's a lot of advice even in this space that says that what this will do to the New Zealand housing market will be detrimental. It's being ignored by those on the other side. We've just heard the Hon Judith Collins tell us that housing development and apartment development in Auckland has stopped dead. The law isn't even in place yet but it's stopped dead because we've scared off the very people we need to help build and fund these developments.We actually can't have it both ways in New Zealand. I'm reminded by the pastoral sector that when the dairy industry's in trouble and when the payout drops to under $5 and a number highly geared properties are in difficulty you know what happens you know the people that are out there—sorry Madam Assistant Speaker the other side should know what happens. What happens is that often large corporates some of them foreign-owned come in and actually underpin the market. What we're saying is we actually don't want them in good times but when things get a bit rough we actually still need them. Well I'm arguing you can't have it both ways.The carve-out provision in Northland worried me at the time. I sought questions and asked whether in fact we had received any advice about whether it was allowable; whether in fact there were any other examples; or did it in fact set a precedent. The chair Michael Wood said that was for us to decide. We ignored the Clerk's advice and then the Speaker had to make a rare move and rule it out. I found that a really difficult process. We asked genuine questions as the Opposition should and were largely fobbed off and in the end the Speaker made an unprecedented ruling.I also want to comment on some comments that were made about my friend Hamish Walker by the Hon David Parker. You see in my area foreign investment has been transformational. We have Craggy Range Elephant Hill Cape Kidnappers—all wonderful examples of foreign investment; wonderful corporate citizens who have made a big difference. In Clutha-Southland in Queenstown at Glenorchy a couple have transformed the Glenorchy camping ground spent $40 million and donated it back to the community. That's what they've done and we say to those people "Oh you're not welcome. We don't want you to buy a house in New Zealand."? I just think it's rubbish.Today we heard from the Hon Phil Twyford that he welcomed foreign investment. I also heard today that he welcomed flat-pack houses from China or some other country to help us with the housing crisis. You cannot have it both ways. You cannot tell people who you want investment from that they can't live here but then ask them for all the cash as well. That's why I think this bill is fundamentally flawed and we oppose it."