Peck Mark: Estimates Debate —  
Peck Mark: Estimates Debate —  
[Volume:610;Page:7166] 
MARK PECK (NZ Labour—Invercargill) 
: 
 I say to the member who preceded me and also to the National Party members opposite who have been chortling throughout the previous contribution that I am surprised at their lack of confidence in capital markets. I would have thought that John Key in particular would understand that it is important for this Parliament to send very strong signals about the importance of capital markets in our economy. Indeed I say to the member who preceded me that I am looking forward to the time when he retires and is sitting in a rest home when he will say to Dr Cullen: “Thank you very much for actually thinking about my future.” The Superannuation Fund is there to ensure that we can meet our obligations about decency which we have determined as a nation. 
When we say that at age 65 we get 65 percent it has to be paid for. We know that the demographic change in this country has set in in such a way that unless we pre-fund that even in the partial way that this fund does we will be in trouble in the future in terms of meeting our obligations for superannuation for our population. 
I also say to the member who preceded me that he should read today’s  
Dominion Post 
 and look at the comments about the need for people to save which will be made at a superannuation conference that I believe will be held on Wednesday this week—Dr Cullen may well know more about that—by someone who worked in Dr Cullen’s office. 
What I find fascinating in this debate is the lack of confidence in capital markets. Capital markets have no memory at all. What John Key and others are talking about is putting money into housing and getting it out of capital markets. Well Don Brash who led off for the Opposition in this debate made some considerable comments in his time as Governor of the Reserve Bank about people putting money into productive enterprise. That is what he wanted to see. Indeed in response to a question from Dr Cullen at one Finance and Expenditure Committee meeting he really held out the hope that one day we would have a capital gains tax. He thought that that was a great idea. I notice that he has not espoused that today. 
When we look at the report of the Finance and Expenditure Committee on the finance estimates the Fiscal Strategy Report and so on we note in the headlines that a number of the issues that that committee has to grapple with are directly the result of the poor planning of previous Governments. I look through here and see the accountability processes for Air New Zealand. As Dr Cullen said what a great success the privatisation of Air New Zealand was—to such an extent that we nearly did not have a national carrier! It is good to see that the select committee is now seized of the need to look at some accountability measures. That is progress. At least the select committee has some interest. 
We then look at Tranz Rail—what another absolute cracker for privatisation! Anybody with half a brain looking at a country the size of New Zealand with a long skinny corridor would realise that a company such as Tranz Rail is probably a very good national monopoly but it has been flogged off. We are now in the position as a Government where we have to do some things to make sure that at least we have a track for trains to run on into the future. It is good to see that the select committee has been seized of that. 
We then look at Auckland’s infrastructure. I come from Invercargill and ever since Zinzan Brooke scored a try against Southland that was not a try and admitted at the after-match function that he never got the ball down we in Southland have not had a great love of Auckland. However when we see that the regional council in Auckland has to put rates up by 600 percent it tells us that there is a problem. People in Southland understand that if the gridlock in Auckland is costing the nation $1 billion then something needs to be done about it. The fact that this Government has taken on board the need to do something about infrastructure in Auckland is a good thing. 
John Key 
: Why didn’t the Government spend anything in the Budget on it? 
MARK PECK 
: The numbers in the Budget are very good indeed. They have shown a Government that is committed to keeping the country growing in a sustainable way and to using the money that it collects in a wise and prudent manner as it provides the services that the public believe to be necessary. We have done enormously good things in health in education and in the social services. I know that with Dr Cullen at the helm into the future this will be a very good Government for the people of this country.