Hon DAVID PARKER (Minister of Revenue): I've seen a number of positive reports. Commentators and economists have recognised that removing interest deductibility for investors in existing rental properties will tilt the housing market in favour of first-home buyers, new housing, and the wider productive economy. Greg Ninness of Interest.co.nz said the response was "gutsy" and the timing of making such a change is perfect, with interest rates at record lows. Making this change at this time will "help ensure that those investors who remain in the market are better capitalised". The International Monetary Fund had warned about the risk of unsustainable house prices to our wider economy and recommended a response that differentiated between investors and first-home buyers. The ANZ have said they will now look at changing capital requirements for investors in existing homes. All of these reports give me confidence this change will result in more of our existing homes being bought by people who live in them.