The Treasury says it has concerns about the affordability of the project.
Documents released by the Treasury under the OIA show it thinks the Reserve Bank hasn't made a good enough case to restrict bank lending to Auckland property investors.
"And what about the left-out aspect of this thinking - that wealthier foreign investors in our housing market are pushing NZ hopefuls out of the market? Australia and other countries are acknowledging this. Why aren't the interests of NZers the Reserve Bank's first priority?"