Hon DAVID PARKER (Minister of Revenue): I'm advised that neither the Reserve Bank nor the IRD collect data on the number of individual New Zealanders who deduct interest from their rental income from residential premises. However, we do know from CoreLogic that investor activity in the housing market increased substantially over the past year. In quarter four, around 40 percent of all residential property transfers were to purchasers who owned multiple properties. Without a significant policy change, the proportion of homes owned by their occupants would've decreased further. In terms of the revenue consequences, I've seen various estimates from commentators, in the range of half a billion dollars or more. Any estimate will depend upon future interest rates, final design details, phasing, and how much is invested by investors in new builds. That said, the change is not about revenue; it's a response to the housing crisis to ensure that first-home buyers and other owner-occupiers get a fair go.