Prime Minister Jacinda Ardern faces a tax and housing interrogation in the first Question Time of the new Parliament

Prime Minister Jacinda Ardern and her chief minister have faced a barrage of questions in the House this afternoon, being interrogated in the red-hot housing market of National, Act and the Greens.

The main line of questioning for those three parties was around taxes, and the National and Act focused on possible changes to the bright line test.

Last week, Robertson said he was seeking advice from the Treasury on policy, specifically looking at the impact it is having on the market.

At the moment, the bright line test means that if someone sells a residential home within five years of its purchase, they must pay taxes, but there are a number of exceptions, just like a family home.

In today’s House, neither Robertson nor Ardern would rule out extending the bright line test.

“We are seeking advice on the impact it is having on the market,” Ardern said.

“In this current environment, that’s absolutely the right thing to do – we need to know what levers are and what are not that make the difference in house price increases.

He said commenting on whether or not the government would expand the test was entirely “hypothetical.”

Act’s David Seymour chimed in at one stage, following National on a similar line of questions about housing.

After National Leader Judith Collins finished her questions, the party’s shadow treasurer Andrew Bayly gave it a go, this time targeting Robertson.

“Do you agree with Labor finance spokesman Grant Robertson’s comment on Newstalk ZB on September 9 that there will be no extension of the bright line test?”

On that show, Robertson unambiguously ruled out a change in the bright line test rate and time period.

In response to Bayly, Robertson said: “We are looking to the Treasury for some advice on the current situation in the housing market in response to rapidly escalating house prices.”

When Bayly sat down, Greens finance spokeswoman Julie Anne Genter stood, armed with her own line of questions.

“Is New Zealand’s rapid rise in house prices almost unprecedented during a time of recession and rising unemployment, making wealth inequality worse?” she asked.

Robertson said the same reason the government has asked the Treasury to work on the bright line test is because ministers are concerned about rapidly escalating home prices.

Then Genter asked focused on the issue of a capital gains tax, something the Greens have been pushing for years.

The government has already ruled it out on numerous occasions.

But Robertson said the government’s response to housing market problems requires “a comprehensive package of initiatives that covers all areas.”

“We are receiving more advice on those matters at this time.”

Meanwhile, Chancellor of the Exchequer David Parker has suggested that the government will keep a close eye on trusts to ensure people don’t use them to circumvent the looming 39% top tax rate.

He said that if the government finds evidence of this, then it could increase the fiduciary tax rate, currently 33 percent, to 39 percent as well.