Waititi RawiriRAWIRI WAITITI (Co-Leader—Te Pāti Māori ): Well I speak on the third reading of the Reserve Bank of New Zealand (Economic Objective) Amendment Bill. As laid out in my contributions in the first and second readings Te Pāti Māori are strongly opposing this bill. I want to begin by reiterating how outrageous it is that the Government have pushed this law through under urgency. To refuse experts in the public the opportunity to submit is arrogant and extreme. It is reckless lawmaking. Te Pāti Māori are concerned with the excessive use of urgency that we have seen from successive Governments. Urgency should only be used when something is genuinely urgent such as bills that respond to natural emergencies—and don't worry this was the same speech we gave to the last Government as well. There is nothing pressing or urgent about this bill and even when urgency is used there should always still be a select committee process even if it is shortened. As a new member of the Finance and Expenditure Committee I would have welcomed the opportunity to hear from the Reserve Bank and the other monetary policy experts on the implications of this bill. But it is clear that the implications are all bad. The benefit of the maximum sustainable employment objective of the Reserve Bank of New Zealand Act is that it ensures that the bank considers how its monetary policy effects employment outcomes. During periods in which prices are relatively stable which is most of the time the bank can stimulate the economy to support high levels of employment. This is an important counterweight to the general price stability emphasis of the Act and the bank's operational policy. It helps to ensure the bank doesn't run an unnecessarily restrictive monetary policy that damages economic output and employment outcomes.This bill is a solution looking for a problem. There is no economic evidence that the employment mandate has contributed to inflation over the past two years nor that it has had any other negative economic impacts. Monetary and economic policy should be designed in such a way that it uplifts the social and cultural outcomes of tangata whenua tangata moana and working people. Monetary policy that is blindly focused on economic orthodoxy and protecting the interests of the wealthy must be rejected.The Te Pāti Māori approach to reforming the Reserve Bank would entirely be different. We would be looking to widen the mandate of the bank not limit it even further. If you look at other countries many have a much broader view and mandates for their reserve banks to take into account social outcomes and ensuring the wellbeing of communities. The mandate should include holistic wellbeing outcomes including social cultural and environmental.The 21st century calls for radical rethink to the way we do economics in this country. The economy is not an end in of itself. It is a tool we can use to improve the social outcomes for our communities. People are struggling. Just getting the basics is becoming more and more expensive. Unemployment is rising. Māori unemployment as always is rising even faster. This bill just fills the pockets of this Government's rich mates. At this time we should be laser focused on policies to reduce unemployment yet this Government is doing the exact opposite. We can see clearly the agenda of this Minister of Finance which is capitalism over workers. It is the beginning.Carl Bates: Misinformation!RAWIRI WAITITI: Oh nickonomics. This is why we condemn this legislation. Te Pāti Māori will continue to fight for tangata whenua tangata Tiriti and for ordinary working people. E te Whare tēnā tātou.