Swarbrick ChlöeCHLÖE SWARBRICK (Green): Tēnā koe e Te Māngai. Tēnā koutou e Te Whare. It is a pleasure to rise and speak to this the Reserve Bank of New Zealand (Monetary Policy) Amendment Bill. There are a number of reasons that it's my absolute pleasure to rise and speak to this bill not least to address the assertions of the previous speaker the Hon Paul Goldsmith. With regards to strong and stable"—I've heard that somewhere else before and I must say that it's one of the most meaningless pieces of political rhetoric that I think I've ever heard. If we're looking to predictability if we're looking to a framework that New Zealanders can trust that New Zealanders can engage with that feels accessible that feels as though it is being accountable then they can find it in a piece of legislation like this and indeed in the work programme of this Government.I've just come from speaking to a group of young people about how impenetrable politics and this place seems—its institutions included. I think that this piece of legislation this bill is a fantastic starting point for providing greater transparency and accountability for one of our most fundamental institutions. This is ultimately about democracy. The Hon Judith Collins in her contribution earlier asked what this bill is trying to remedy calling it "window-dressing" and "butt-covering". I want to shed some light for the Hon Judith Collins on what this bill actually does because it would seem as though she perhaps has not engaged with the depth of its content. This is of course in response to phase one of the Government's independent review.In the current Reserve Bank of New Zealand Act what you'll find is that the only objective required in considerations regarding setting monetary policy is that of price stability. Now as previous speakers have addressed that is absolutely fundamentally important. It is about predictability for consumers for business people and particularly those within our society who sit at the lower end socioeconomically. But what it doesn't do what it doesn't provide for at the moment is what a few other jurisdictions have explored and what we're now seeking to incorporate in the form of maximum sustainable employment which is simply part and parcel of a work programme that looks outside of a myopic focus on what we deem as success in the economy.If I may ask this House what is the point of referring to the abstract notion of the "economy" if the people who make it up aren't doing OK; if they can't find jobs? This is part and parcel as I've said of a broader work programme. It is a step away from that narrow view of the economy and of financial success as a country happening in the context I would add of a broader Government work programme related to what's happening with the well-being index and the "well-being Budget" later.So too this amendment bill moves away from a one-man decision-making policy towards a committee decision-making structure for monetary policy with the monetary policy committee which includes members external to the Reserve Bank. Now as we've seen in research that's been conducted both locally and overseas committee decision-making ends up in better decisions than what we may sometimes see from the likes of captain's calls.But one of the really exciting things—that's actually tucked away in schedule 3 of this bill and is something which excites a nerd like me so keen on public participation and democracy—is in clause 3(2) of Part 1 of schedule 3 in regard to the remit. Under "Process for developing advice" it states that "The Bank must before the remit advice is given—(a) seek the views of members of the public on the matters that the Bank considers would assist it to prepare the advice". That is lifting the lid on what may seem an impenetrable Government institution if I've ever seen it.So too there is the requirement that the bank must as soon as practicable after the remit is issued publish a copy of the remit advice on an internet site maintained by or on behalf of the bank and whilst I note the archaic wording that's another really exciting feature which opens the door in regard to transparency and accountability. So I would love to see what comes out of the select committee stage and would hope that the Opposition would engage with it so that we do end up with the most robust kind of framework moving forward.So too I'm incredibly excited as to what we'll see coming out of phase two of the independent review. The Green Party is proud to be supporting this bill."