Lotu-Iiga Sam: Consumer Law Reform Bill — First Reading 
Text is incorporated into the Bound Volume 
Lotu-Iiga Sam: Consumer Law Reform Bill — First Reading 
[Sitting date: 09 February 2012. Volume:677;Page:295. Text is incorporated into the Bound Volume.] 
PESETA SAM LOTU-IIGA (National—Maungakiekie) 
: 
 It is a joy to stand up here and speak on the Consumer Law Reform Bill and to hear from around the House that there is universal support for what is an important piece of legislation not just for our consumers but also our businesses.  
Mr Deputy Speaker may I take the opportunity in my first speech in the House of this the 50th Parliament to congratulate you on your appointment and also to congratulate our Minister Chris Tremain who is bringing this important piece of legislation to the House. I also want to take just a quick opportunity to thank all those people in Maungakiekie—certainly those who supported me but all the people back home. Thank you for putting your support confidence and trust in me as your local member of Parliament.  
This legislation supports the Government’s clear agenda which was set out in the Speech from the Throne about managing the Government’s finances about producing a more competitive and productive economy and about delivering jobs opportunities economic growth and prosperity for our country. It does that by allowing in our consumer transactions confident consumers who may be able to make informed decisions around effective markets. The balance that must be found in this legislation is to balance as my colleague from the Green Party said the rights and desires of our businesses to maximise profits and drive economic growth with the needs of consumers—some of whom are vulnerable consumers—in our communities and to protect their interests in some of these commercial transactions.  
It really is about principle-based legislation so that trading is fair and so that transactions are fair. But fair trading does not regulate for risk it cannot regulate for price and it cannot regulate for outcomes in competitive markets. As I campaigned and travelled throughout my electorate of Maungakiekie on the one hand you know I heard from my local businesses that the Government cannot over-regulate it cannot put too much compliance in our laws and our regulations and it cannot overburden businesses with tax and compliance. On the other hand numbers of people come through my electorate office seeking fair transactions having been the target of particularly unscrupulous moneylenders and the like. That is why this piece of legislation—as well as a piece of legislation that will be released later this year—is part of our programme to protect consumers particularly vulnerable consumers in areas like Maungakiekie.  
I am glad that financial literacy was mentioned today and I would add to that budgeting services which are critical for consumers to better protect themselves and to get better information around goods and services that they consume and purchase. But I think we have got to be careful that the overall bent of our legislation does not take away from the personal responsibility that consumers and individuals and their families must undertake when they go into such commercial transactions. I might just want to add that laws in themselves do not produce good outcomes. If we are going to regulate we need enforcement agencies that uphold the law enforce the law and bring about prosecutions when such laws are put in place. I certainly commend this bill to the House. I look forward to discussing the various parts of the bill within our select committee the Commerce Committee which is a very busy select committee. I commend this particular bill to the House. Thank you.