Key John: Reserve Bank of New Zealand Amendment Bill — In Committee 
Key John: Reserve Bank of New Zealand Amendment Bill — In Committee 
[Volume:634;Page:6021] 
JOHN KEY (National—Helensville) 
: 
 One thing that excites me about my Part 2 speech is that I know that Mr Woolerton will also make a Part 2 speech seeing as he missed getting the call in the Part 1 debate. I urge him to wrap both parts into one speech because it is very similar stuff. 
I rise to address Part 2 of the Reserve Bank of New Zealand Amendment Bill. This is the part that amends the Racing Act 2003. Members will be aware that the Reserve Bank of New Zealand Amendment Bill is an omnibus bill that makes alterations to both the Reserve Bank of New Zealand Act and the Racing Act. If people look at in particular clause 12 “Racing clubs may conduct equalisator betting” they will see that it states: “Section 51(3) is amended by omitting ‘section 60(2) and (3)’ and substituting ‘rules made under section 52 stating the denomination to which dividends are to be rounded and paid out”. I think members know that that means dividends will be rounded down because of the withdrawal of 5c coins to the nearest multiple of 10c. 
My colleague Mr Tisch who is very very widely regarded in racing circles led the charge for the racing industry at the last election. We saw horses parading before the election with “Fair Tax” tattooed on their hindquarters which was all about getting some fairness and equity for the racing industry in New Zealand. When National announced its racing policy I do not know how Lindsay coped actually with the sheer volume of cards of emails of phone calls of messages of goodwill and thanks to the National Party. For once people saw the Labour Party’s true colours—that it is a party that does not believe in racing. I know that Mr Hughes wanders along to on-course betting at Otaki at whatever races they have down there—they probably do not have any— 
Darren Hughes 
: Yes we do! We’ve got three racing clubs. 
JOHN KEY 
: Actually they do. I know the Otaki Racing Club is quite active. I know Mr Hughes goes there and tries even now to cajole the members of the club into thinking that Labour believes in racing but the real truth is that the party that led this fair tax policy which has brought out much greater support for the racing industry was the National Party. In fact even though my colleague—or my friend I can almost say—from New Zealand First Mr Woolerton will get on his feet and try to claim some credit on behalf of New Zealand First because the policy was part of its coalition agreement with Labour the truth as Mr Woolerton knows is that New Zealand First got it as part of its coalition arrangement only because National had it. National introduced it and National brought it up. [ 
Interruption 
] Those members from Labour are chipping away here but they are filled with grief remorse and guilt that they had not done for the racing industry what National in 5 minutes worked out was necessary. 
Racing is a very important industry indeed. It has a huge impact on New Zealand. It is not just the betting side which brings a lot of joy and enjoyment; racing also does a lot for “Brand New Zealand” as I think New Zealanders recognise. I was interested this morning as other New Zealanders would have been to read in both the  
New Zealand Herald  
and the  
Dominion Post  
about Phar Lap being poisoned by arsenic. As I flew into Wellington Airport in the 140-kilometre-an-hour gales in my Boeing 737 I did whatever I could to deter my thought process from wondering what sort of obituary about me would appear in the paper this afternoon. Even though the horse died in 1936—or whenever it was—I asked myself what sort of individual would try to poison Phar Lap with arsenic as I came into Wellington Airport sideways in a Boeing 737 with the pilot looking away from the runway with deep concern. 
Let me just return to the Racing Act 2003 having allowed New Zealanders to understand who should be claiming the credit for the changes to the racing industry and the fair tax—[ 
Interruption 
] That was the National Party I say to Mr Gosche. I expect him to get on his feet and thank the National Party for doing that. But let me just make it clear that in terms of dividends being rounded down by the Racing Board we on the select committee had an assurance from the board that that will not affect the amount of dividends paid out. That will not change. I know that the chairman of the Finance and Expenditure Committee Mr Jones—