Scott Alastair: Taxation (KiwiSaver HomeStart and Remedial Matters) Bill — In CommitteeText is incorporated into the Bound VolumeScott Alastair: Taxation (KiwiSaver HomeStart and Remedial Matters) Bill — In Committee[Sitting date: 25 March 2015. Volume:704;Page:2610. Text is incorporated into the Bound Volume.]ALASTAIR SCOTT (National—Wairarapa):Thank you for the opportunity to take a brief call on the Taxation (KiwiSaver HomeStart and Remedial Matters) Bill. This is not a silver bullet. This is not a silver bullet—Hon Clayton Cosgrove: It’s not a bullet at all.ALASTAIR SCOTT: —for the housing crisis which Mr Cosgrove is looking for. This is part of a multi-pronged approach by the Government that will continue to contribute to supporting first-home buyers. This policy this bill is alongside loan-to-value ratios which as you know first-home buyers are exempt from. If they buy their first home they are exempt from those ratios which is another good thing. The other good thing is the increase in supply of housing areas throughout the country. It is all contributing—Hon Clayton Cosgrove: Ten houses built. Ten houses built nationwide—that’s a sharp prong.ALASTAIR SCOTT: —to the supply side of the housing market. As Mr Cosgrove knows 23000 consents have been granted in the last 12 months. We know that it takes time.Coming back to the bill my point is that there is no silver bullet which the Opposition members are looking for. They instead look for a building programme which is an option but of course who is going to design the houses? Who is going to design the houses? Who is going to pay for the houses? Who is going to invest in the houses? I imagine that Mr Cosgrove’s idea would be to plan and build as many houses as he can along arterial routes which is a good idea. But who is going to raise the funds and invest in this project? Who is going to own the projects? Not the private sector. He would not dare list it on the stock exchange.The CHAIRPERSON (Hon Trevor Mallard): Order! I did warn the member about a minute ago to actually start speaking to the bill rather than Opposition policies so I think it would be good if he could now.ALASTAIR SCOTT: Coming back to the bill it will assist first-home buyers along with our other policies. This is one of many things that will contribute to those who can least afford homes because young families want to get ahead and to get into their first homes. This will affect 90000 people on lower and middle incomes. This will allow people to have access to that $521—that $10 a week. It is all part of a contribution to something that will aid first-home buyers. It is pleasing to see that the Opposition parties are supporting it because it is a small contribution to a wider policy that will alleviate the housing price crisis which is particularly felt in Auckland. We know also that this project focuses on the demand side. This supports the demand side those who are most affected by the increased house prices and they are the first-home buyers.It is interesting that there are examples of projects in the private sector that are reacting to the policy already. I know there are projects where developers have set the prices of their new houses to suit this policy. It might be that a house is advertised at $449000 in Christchurch and that is because that is the limit the cap that this policy would apply. These developments are being advertised to attract first-home buyers because they have greater access to deposits which enables them to access mortgages which as we have heard are at historical lows. This all helps the first-home buyers—the families—to get into their first homes.