given thatjust one in five New
New Zealanders under 40 own
Yes,
Yes, although I note that the member's figures include 16, 17, 18
ownership rates are likely to be pretty low. The Government's
approach... INTERRUPTION
approach... INTERRUPTION Order! The Government's approach
is succeeding by increasing
the construction of houses and helping
first home buyers. The help for first home buyers includes giving
them access to their
KiwiSaver savings, HomeStart grants to
them access to their KiwiSaver
in the first two years. These 27,000 first home buyers have been able
to access money from their KiwiSaver
accounts and sufficient funding for HomeStart to assist 90,000 first
homebuyers over the next
three years.
years. INTERRUPTION Order! Supplementary question. If he
is succeeding why has the home ownership rate fallen
every quarter under his Government
for nine years according
under his Government for nine years
a phenomenon around the developed world where proof
brof INTERRUPTION
INTERRUPTION Well, home ownership rates
have fallen slowly across the developed
world over the last 25 years.
Our task is to
ensure... INTERRUPTION Order!
Order! I apologise for interrupting. A reasonable
A reasonable question has been asked by the
by the Leader of the Opposition, I want
want to hear the answer, even if some of the Leader of
the Opposition's colleagues do not. As
I said in answer
to the first question, we have provided HomeStart
grants to 27,000 first home buyers
and we
and we have enough funding available to assist about another 60,000
home buyers. The most important thing we are doing is
getting more houses on the ground faster so that
in the long
run people will be able to more readily
buy their own
buytheir own home. INTERRUPTION
Order! Is it harder for a young person to buy a house today than
it was a generation
person to buy a house today than it
INTERRUPTION Well, a generation
INTERRUPTION Well, a generation ago in 2007 when
that party left power
interest rates were twice what they are today.
A
the early 80s interest rates were
always been difficult for first home buyers. At the moment
always been difficult for first home buyers. At the moment is challenge
is not so much
servicing the debt but
but it is getting a deposit and that is
is why we have the HomeStart scheme and up to
and up to 90,000 New Zealanders will be able to take advantage
of that. Supplementary question. How has this
Government's approach
market been affected by the policy settings it inherit
market been affected by the policy
main change that has been made is actually
actually in the planning laws because the policy settings we
inherited were
inherited were councils and legislation which was
designed to stop
stop our cities growing. That has now changed. All our councils are
trying to
trying to accommodate growth and that is why we have
record levels of housing
housing construction and we expect that to continue
for several years. Supplementary question. How can it
be easier
be easier for this generation of first home buyers
first home buyers when an Auckland homebuyer now, on average, needs
to save
homebuyer now, on average, needs to
INTERRUPTION Well, it always has been. Because
when interest rates were
a lot of households simply couldn't afford to borrow the amount of money
HomeStart in place to assist them with getting the deposit and
also
INTERRUPTION Order! Supplementary question. Given
he himself has said
that it is a
houses are affordable starter houses, why, after nine years
in Government, is there
still this huge sortage of homes to
homes to get young people on the property
homes to get young people on the
coming onto the market now is more than
than ever. That is likely to
continue. INTERRUPTION Well, in the next three years New
Zealand will build Dunedin, which is
ourfourth
ourfourth orfifth largest city. In the next three years New
will
will build Dunedin, and that is in response to a strong
economy, strong population
population growth, Kiwis staying home
home and of course it is a bit of a
challenge but we are up to the dealing with these
challenges of success
want to shut the country down to make it easier for
them. Supplementary question. Can the PM
explain whether
explain whether it is easier or
mortgage since Labour dismantled Maori Affairs
Maori Affairs and mainstreamed housing into Housing New
Zealand's
INTERRUPTION Order! There is no prime ministerial
responsibility for another party's
policies in the past. If this
Government is indeed building
more houses than ever, why is there a
shortfall of at least 40,000
shortfall of at least 40,000 homes, particularly in Auckland, that is
growing by
particularly in Auckland, that is
place, we don't accept those estimates about
estimates about shortfalls. Secondly, the Auckland
Council... INTERRUPTION
INTERRUPTION Order! I gave a warning earlier
saying the questions once asked, I
have to hear the answer. Unless
I can get some cooperation from
some members
members from my left I will be asking somebody
asking somebody to leave the
Chamber. Not something I am keen to do but the
level of interjection and the
the excitement amongst some of my members
unacceptable. It doesn't help the decorum of this
unacceptable. It doesn't help the
House. There is no doubt it took Auckland
Auckland Council a while to understand
understand how successful the New
Zealand economy has been and the way that it is keeping, in
the last five years,
years, 150,000 Kiwis at home who were
Plan just 18 months or two years ago, they did
then signal they wanted
wanted Auckland to grow, and that is exactly what is happening.
If we can sustain the current rate of house
building there
building there for a number of years,
years, you will see it more possible for young New
Zealanders to own their own home.
. Supplementary question. Can we
agree that the Government has a role to play in
helping the
Government has a role to play in helping the next generation
onto the housing ladder and
that requires a Government
Government willing to build affordable starter homes
home buyers and a Government willing to lock out speculators as a Labour
Government would
to lock out speculators as a Labour
Government has announced its own Government
building plan on its own land in Auckland
building plan on its own land in
of infrastructure funding on the table, which are
going to bring fonivard
fonNard 60,000 houses across our
we have the funding in place to assist 60,000 more young New
Order!
Order! Question No.3.
My question is to the Minister
he received on the New Zealand economy
he received on the New Zealand
The
The latest Household Labour
The latest Household Labour Force Survey released this morning showed
the unemployment rate dropping
to
quarter this. Is the lowest rate since
since before the global financial
crisis. It reflects theover all health of the
New Zealand economy which