Hon Dr MEGAN WOODS (Minister of Housing): To the first part of the question: yes. To the second part of the question: the Government's new fiscal rules apply to fiscal policy as a whole; they don't specify particular spending outcomes on a portfolio basis. The debt rules are a ceiling, not a target. There are two significant financial constraints in increasing the number of public houses. One is the capital expenditure required to build the homes. The second is the continued annual and ongoing commitment to provide the operational expenditure for the income-related rent subsidy (IRRS). On the first—the capital constraints—Kāinga Ora leverages its own balance sheet to borrow to build houses. Kāinga Ora is able to issue its own debt up to a Government-set limit of $8.3 billion in the private market. It also has nearly $2 billion in loans from the Crown. The debt is not solely for additional housing delivery, as it also funds a number of other activities undertaken by Kāinga Ora, including redevelopment, land acquisition, and infrastructure. 