McClay Todd: Taxation (Annual Rates Returns Filing and Remedial Matters) Bill — Second Reading 
Text is incorporated into the Bound Volume 
McClay Todd: Taxation (Annual Rates Returns Filing and Remedial Matters) Bill — Second Reading 
[Sitting date: 02 August 2012. Volume:682;Page:4272. Text is incorporated into the Bound Volume.] 
TODD McCLAY (National—Rotorua) 
: 
 It is a pleasure to rise and speak on the Taxation (Annual Rates Returns Filing and Remedial Matters) Bill. 
Can I apologise to anybody watching this on television for the speech from the last member David Clark because it was full of doom and gloom. The only bit that I thought worth picking up was when he was talking about the bill and suggested that it had more positions in it than the Kama Sutra. Well I have got to say that there will be people all over New Zealand who have heard that who are thinking of the Kama Sutra and now have a picture of that member in their minds and procreation around the country will have ceased. So I do not think that we should do that again. 
He also mentioned to us that all the bill does is fix a few tax loopholes—a few tax loopholes. Does anybody remember the last election when the then leader of the Labour Party—somebody who is thought of quite fondly now compared with the new leader—said that a Labour Government policy was to close a few tax loopholes? He said that it would save about $5 million by doing that and would then use it for $6 billion worth of new spending. So when it comes to closing loopholes I can say that this bill actually does a very important piece of work. It is a real piece of legislation and is not like the pie-in-the-sky dreams that we heard previously. 
I want to talk about a couple of bits of the bill that I think are quite important for New Zealanders. In particular I want to talk about KiwiSaver. What this piece of legislation does and what our Prime Minister has done is focus on ensuring a very strong and important future for KiwiSaver that New Zealanders will benefit from. Before I do talk about it though I want to say that the Government is clearly focused on lifting New Zealand’s economic performance. I want to pay particular attention to this in so far as the work the Government is doing collectively but also more important I want to say that individual members of the Government are also doing their fair share. 
On my right we have Mr Paul Goldsmith. Can I say to members opposite that when they go to the airport shortly before they rush into a lounge there to dine then go home to their families they should have a look in the bookshop on the way past. There will be some serious fun to be had because I have heard that tomorrow a book called  
Serious Fun 
 will be available to New Zealanders authored by somebody sitting very close to me. If you pick up a copy it is good for the economy. The book focuses on lifting economic performance and if you are nice to Mr Goldsmith—sorry if the members opposite are nice to Mr Goldsmith—he will sign it for you. I can see already that there is quite a bit of interest in that happening. The title is  
Serious Fun 
 and that is what we say about Mr Goldsmith on this side of the House. 
I will say just briefly that when it comes to KiwiSaver the Government has made an absolute commitment to New Zealanders that this is about saving and focusing on the future. The $1000 kick-start is secured in law and will remain there. That is a commitment on behalf of the Government. The changes that we are making will reduce the Government’s borrowing whilst increasing the focus on saving through KiwiSaver. 
I want to give credit where credit is due because KiwiSaver is a great scheme and it is one that we know that 1.9 million New Zealanders have opted into. I want to give credit where credit is due. That credit deservedly goes to our Prime Minister John Key who secured it worked hard to deliver on it and made some important changes here that mean that KiwiSaver is something that New Zealanders can benefit from and rely on. That is actually very much what they also think of this Government. There are 17500 new members a month joining KiwiSaver—a fantastic number of New Zealanders. There was $9 billion in it 3 years ago. The KiwiSaver fund has grown to $12 billion and it is expected to be worth $60 billion by 2022— 
Dr Cam Calder 
: How much is that? 
TODD McCLAY 
: —$60 billion by 2022. 
I can say very clearly here that not only is the Government committed to KiwiSaver and not only does the Prime Minister support it fully which is why we have made these important changes but we will not touch it as opposed to the members opposite should they ever get on the Treasury benches again. We will leave it there for New Zealanders. It is for their use in the future. It is the Opposition that will say: “We have closed loopholes we have saved $5 million but we have found another $6 billion of spending and we might have to raid New Zealanders’ piggy banks to do that.” The trust of New Zealanders is firmly in this side of the House. I look forward to the next speaker’s speech. Thank you.