Webb DuncanDr DUNCAN WEBB (Labour—Christchurch Central): Thank you. Look I love Thursday afternoons with the Opposition getting tired and grumpy. They really need their afternoon tea. The funny thing is I don't think they've read the select committee report because it says that the Finance and Expenditure Committee examined the Venture Capital Fund Bill and recommends that it be passed with the amendments shown—unanimously it was. Here we have them chipping away at these suggested improvements—fantastic improvements they were from a fantastic committee—that they agreed to. So perhaps they should chat amongst themselves before they come to the House.This is a great piece of legislation—yet another building block in this country building a strong sustainable long-term economy not one that's built on the back of overseas speculation and immigration but one that is built on genuine investment in a productive forward-looking economy. We know that New Zealand has low productivity levels. That's what the OECD report that Willow-Jean Prime was referring to said. They said You know what you want to do? You want to invest in innovation." We also know—we heard very good evidence in select committee—that there was a gap: a real gap not in the initial start-up not in the few hundreds of thousands of dollars it takes to start a business but in the $2 million to $10 million or $20 million that it takes to really take off. You know I was at the Westpac Champion Business Awards in Canterbury not long ago—best attended business awards in the country in the best area in the country as well. There were some really good businesses there. Ethique is a great business that creates sustainable cosmetics without using any plastics. Fantastic company—won the small business area. But it's one of those companies that is poised to go worldwide and it can't hesitate. It's exactly the kind of company that would benefit from this and benefit because we would expect the Guardians of New Zealand Superannuation to enter into a funding arrangement or an equity arrangement which is fair and reasonable not rapacious. That's the problem a lot of these businesses are having. They are having to go out to market and essentially sell their soul to get into the next stage of their business. But doing it—having a market leader that's filling the gap and then creating a fair and reasonable venture capital market is what we absolutely need.I find it extraordinary the suggestion that the members of the other side have suggested: that it's inappropriate that the Minister indicate that the Government's commitment to an inclusive economy is not a reasonable thing to direct. The fact is—let's face it—that we have an exclusive economy an economy that excludes huge parts of our population whether that be in wealth race or gender. The fact that we want to say that for example we have Treaty partners and that when we're investing money we want to recognise that ongoing relationship that obligation to walk side by side with Treaty partners—if that's not a reasonable suggestion what is? That's an absolutely reasonable suggestion—and our Pasifika cousins as well and women in business as well. They're all great ideas and that's why the committee unanimously adopted that recommendation.I'll tell you what I'd commend: I'd commend that the Opposition read this legislation before they say one thing and then commend it to the House. This is a great step forward to a sustainable long-term growing and productive New Zealand economy. I commend it to the House.Bill read a second time."