So there is an economic illiteracy on the part of people who say that we should persist with tax settings that reward speculative investment, and to the extent that you take a tax deduction for an inflationary part of your interest payment and you pay no tax on either the inflationary or the real part of your gain, you do have a distortionary tax setting, which is one of the reasons why house prices are so inflated in New Zealand and one of the reasons why residential rental owners have multiple properties and can outbid a first-home buyer, and that sits behind one of the reasons why, over recent decades, we've got declining homeownership rates.