Woolerton R Doug: Reserve Bank of New Zealand Amendment Bill — First Reading 
Woolerton R Doug: Reserve Bank of New Zealand Amendment Bill — First Reading 
[Volume:632;Page:4227] 
R DOUG WOOLERTON (NZ First) 
: 
 New Zealand First will support the Reserve Bank of New Zealand Amendment Bill. In speaking to the bill I will mention a few relevant points and talk a little about racing because some of the statements I have heard from National members are nothing short of astounding I might tell people. 
New Zealand First is in favour of the Reserve Bank of New Zealand Amendment Bill because we think it is appropriate that we line ourselves up with Australia on financial issues. We are not in favour of a single currency. We are not in favour of joining Australia at the hip or anything like that. But we do think it is appropriate given the amount of money Australia has in New Zealand and New Zealand has in Australia and the amount of involvement there is by both countries in business in both countries that we have a taxation system reserve banks and treasuries that understand each other and talk to each other all the time. 
I think it is quite cute that we have a bill that asks us to take account of the Australian Treasury—I do not think they use the word “Treasury”; they use another word—and we are asked not to do damage to the Australian economy and of course tit for tat they are asked not to do damage to our economy. It would have been nice to have had something like that sort of arrangement with the Cook Islands when Michael Fay and Co. were rushing around setting up tax havens in those countries and we could not have imagined anything of a like nature happening between ourselves and our brothers and sisters in Australia. So New Zealand First supports this legislation. 
When it comes to the racing business we have heard that the 5c coin will disappear and that the New Zealand Racing Board will become responsible for rounding up—or down—its dividends and it will do that to the nearest 10c in the future. But it is important that it has the power to do that because otherwise we would have to come back to this House for permission to do that and we do not think that is appropriate. 
I have to share with the House the great joy of people in the racing industry especially in the Waikato that the Rt Hon Winston Peters is the Minister for Racing and that he and the Labour Government have delivered long-sought equality in taxation enabling them to put—and Sue Moroney will shake her head if I am wrong—something in excess of $30 million into the business. That will go to stake money and to shoring up an industry that had been neglected for many many years mostly by the National Party. It astounds me to hear that John Key for heaven’s sake who no doubt goes to plenty of racetracks but has hardly been involved in the racing industry taking credit for things New Zealand First and the Labour Government have done. It is outrageous furthermore to talk in the same breath about Lindsay Tisch doing like things or—heaven forbid—David Bennett in Hamilton whom I have never even heard mention the word racing let alone seen doing anything about it. Lindsay Tisch has certainly talked a lot about racing but has never done anything. It has taken New Zealand First in conjunction with Labour to make the long-held dreams of the racing industry come true. 
The industry will go forward now after many years of stagnation—in fact after regressing year after year as other gambling institutions were brought into this country. Now at long last it can go forward and people in the industry are thankful for that. Unfortunately I did not bring with me an article in the  
Waikato Business News 
 that sings the praises of the Government and in particular of Winston Peters for the things he has done. I assure members that they will find no mention of Lindsay Tisch David Bennett or John Key in that article or in any other article on racing. Sue Moroney who will speak on this bill is closely associated with that industry and can confirm what I have said. 
I am continually amazed by the leadership aspirations of John Key. I know that Bill English aspires to get back into the leader’s chair but John Key is something else. I do not know whether he realises— 
Chris Tremain 
: It’s the Reserve Bank amendment bill! 
R DOUG WOOLERTON 
: Well John Key mentioned this matter. I am only rolling along after him. 
Anne Tolley 
: Talk about the bill! 
R DOUG WOOLERTON 
: It is no use the National Party junior whip waving her hands either. I will talk about the Reserve Bank of New Zealand Amendment Bill but John Key chose to talk about these things and I will answer him. It does his chances no good to talk in this House about $25 ties. Do members remember that he spoke about that just recently or have they already forgotten? He talked about $25 ties as though he did not know anybody in his sphere of influence who wore them. I tell the House that I wear ties of less than $25 in value and I am proud to tell the whole country that. Matters are reaching a very sad state when a person—[ 
Interruption 
]. Yes I will talk about the Reserve Bank of New Zealand Amendment Bill. I think it is very sad when we have members speaking with contempt about people who buy $25 ties and do not buy brand-name suits. Anyone who does not understand me can look in  
Hansard 
 and see those words written there. 
It is sad that John Key is becoming a man who ranks style over substance—unlike the chair of the Finance and Expenditure Committee who will shepherd these measures through the select committee and will make a good job of ensuring they receive the scrutiny they deserve. He will make sure that they receive the attention they deserve and are passed into law. 
I think it is a good thing that we are coming closer to Australia in these matters. I have said before that we do not favour a relationship that is too close. We in this country favour our own independence and New Zealand First will fight for that to its last breath. I suspect that National does not see it quite the same way. I think National would be quite pleased if we were to join with Australia whether financially or in any other way. We think it is appropriate to work alongside Australia but not to join up with it. We value our independence leading into the future.