ANDREW BAYLY (National—Port Waikato): Thank you, Madam Chair. Moving on to new ground and I think this is the substantive part of the bill, as, no doubt, the Minister is well aware of it, in terms of what it means for property owners. And so the first bit I want to talk about is my Supplementary Order Paper (SOP) 137, which is the issue of deductibility of interest. What the Labour Government is proposing here is a fundamental shift from a well-established principle, which I don't think has been ever broken before, which is that expenses that relate to a taxable activity are deductible against the taxable income, and, of course, what this bill does is do away with the ability of property owners who may own a rental property, who are paying tax on the rent—and yet cannot deduct the interest. It is a fundamental change to the strong principle of matching deductibility against accessible income, and that is why we absolutely disagree with the Government on its approach and that is why my SOP 137 goes through and highlights all the relevant clauses of this bill and deletes them, which would mean that it would limit the interest cost deductibility for investment properties. 