Resource Legislation Amendment Bill – Committee Stage- Video 4 – Part 3

Resource Legislation Amendment Bill – Committee Stage- Video 4 – Part 3

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I’d really appreciate it because I found that really fascinating looking at this research thank you the Honorable David Parker just continuing thank you for my colleague I I learnt some some interesting facts and contribution the the the the minister might like to win it’s responding to that point the the the ten percent extra if you like has a maximum set of 25 thousand dollars and I can understand why there is a need for some maximum because we are in addition to the ten percent properly compensating people for their losses so this is in addition to their comp to the compensator e-payment they do they’re getting something extra and I wouldn’t want to think that that you know someone that’s got a hundred-million-dollar property could get another ten million dollars from taxpayers because that’s going too far the opposite direction because they’re already getting compensation for their hundred-million-dollar property you shouldn’t be giving them ten million dollars extra question as to whether $25,000 there’s sufficient is something I’d like to the minister’s response to because of course the difficulty for a person whose property is acquired is that the date at which they settle their compensation might be some months before they can reply to purchase a replacement property and when we have periods of house price inflation and this isn’t a reference so much to just or just a current house price inflation in Auckland but you know as a recent occurrence but it happens periodically through through time there are times when house prices increased quite quickly and if you’re out of the market for three months because you’ve agreed your payment but you haven’t got your money and during that period house prices rise you could be behind through no fault of your own so I’d like some information from the minister as to what is the period generally between when compensation is set and when it’s paid out which because it’s not until it’s paid out that the person who’s receiving the compensation has the opportunity to buy a replacement property mr. Chanin are the Honorable dr. an excellent mr. Chairman I

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