It seems that massive residential property investment in New Zealand has been fuelled in part by the tax treatment of residential investment property, which frequently involves no taxation of gains on sale. That, in combination with full deductibility for interest on what is often high levels of debt, makes residential property investment a very attractive investment option currently. That demand drives prices up, making it difficult for first-home buyers to compete with investors. That's why, last year, we extended the brightline test to ensure that more of the gains on sale are taxed. Now we are addressing the interest expense deductions. Deductions for interest expenses on residential properties will be restricted from 1 October 2021. I'm interested to see that commentators are predicting an end to the housing boom in New Zealand. They point to mortgage affordability as a prime reason. I believe the interest deductibility policy plays a part in that. The policy will be phased in so that interest deductions on a mortgage on a residential investment property acquired before 27 March 2021 will be progressively reduced between 1 October 2021 and 31 March 2025. Interest incurred in relation to a property purchased after 27 March ceases to be deductible from 1 October 2021.