Regulatory Systems (Commercial Matters) Amendment Bill

Mr Speaker—

💬 Hon Ruth Dyson: Mr Chairman.

Mr Chairman—sorry, Mr Chairman. I apologise for that.

The CHAIRPERSON (Hon Chester Borrows): Elevation is fine.

I apologise. I was not a member of the Commerce Committee, but it is a very important piece of legislation. I was reading through Part 1. Unfortunately, I did not get a chance to speak to that, but I accept your judgment, Mr Chairman—

The CHAIRPERSON (Hon Chester Borrows): I thank you for that.

—and appreciate that. Part 3A, inserted by clause 91, as we are talking about—“Transitional provisions relating to Regulatory Systems (Commercial Matters) Amendment Act”—to most people out there, I guess, unless you are in the commercial world, it probably is a bit like watching grass grow or paint dry here. There are a number of issues in here, and I have the Financial Markets Authority—I have to say that I have taken issue with it on numerous occasions, because I do not think it does a very good job in general terms. I think that a country that has, in 1 year, gone from having 37 percent of its private sector economy in the hands of foreigners to 47 percent last year, by calculations, means that we have got a number of problems across our regulatory regime. I would suggest that most Kiwis would be wanting to see more of the private sector in New Zealand hands and that this passage of legislation will indeed protect the rights of New Zealanders.

I was disturbed in previous parts—Part 1, there—that the right not have an annual general meeting was passed through. I cannot understand that myself, but none the less, that was one of many changes that we just kind of debated and moved through. Financial services providers—we have had numerous issues with those providers. I am not sure whether we should feel better—

The CHAIRPERSON (Hon Chester Borrows): Order! I wonder whether the speaker can just indicate—

Part 3A.

The CHAIRPERSON (Hon Chester Borrows): Part 3A? [Interruption]

No, no.

The CHAIRPERSON (Hon Chester Borrows): No? This is Part 3. Actually, ironically, it does have a lot to do with the distribution of gas, which the member seems to be familiar with, but I cannot see what he is talking about. Which clause?

💬 Hon Ruth Dyson: 131.

131? No, I must have the wrong one there. Mr Chairman, I would appreciate it if I could get another call later in the debate. That would be wonderful. I will just get a couple of other—

The CHAIRPERSON (Hon Chester Borrows): The member can seek a call, but he should recall that life is not always fair.

I appreciate the judgment of the Chair. I will pass over to one of my colleagues.

Part 3 agreed to.

Part 4 Building and housing