DAMIEN SMITH (ACT): I'd just like to challenge the Minister, Hon David Parker, on some of the facts he provided on underlying demand. Is he saying, so long as there's strong underlying demand and a shortage of supply, that capital gains tax will not deter speculators because they will continue to buy and they'll continue to pay a tax? So the logic—I don't know if anybody at the IRD or Treasury's thought about this, but if you can buy something for 60 percent equity and it's as safe as houses, people are going to still do it, aren't they?