Lotu-Iiga Sam: Third Readings — 
Text is incorporated into the Bound Volume 
Lotu-Iiga Sam: Third Readings — 
[Sitting date: 23 August 2012. Volume:683;Page:4758. Text is incorporated into the Bound Volume.] 
Peseta SAM LOTU-IIGA (National—Maungakiekie) 
: 
 It is a pleasure for me to take a final call on the legislation arising from the Regulatory Reform Bill and I want to especially thank the Minister for Regulatory Reform the Hon John Banks. He has been disparaged in this House this afternoon but he has done tireless work to make New Zealand a better place to do business in to make this country a better place to work in and to make this country a better place to live in. 
This legislation is about getting rid of unnecessary regulations so that businesses can focus on core activities grow the economy and in particular grow the export economy. What does this legislation do? The legislation will amend 13 different Acts and bring some of the outdated Acts into the 21st century of doing business—I will get to some of them. 
Amendments to the Companies Act will enable companies to hold shareholder meetings over the internet and also allow electronic voting. Companies domiciled here with connections overseas and across the country will be able to do business via telephone videoconference and obviously the internet. Not only does this reduce our carbon footprint but also it saves New Zealand companies a total of $1.5 million a year going forward. 
We have also heard in the debate so far about changes to the Films Videos and Publications Classification Act. This will be done to modernise labelling. As we have heard from the Minister this will reduce compliance costs by an estimated $1.3 million next year and that figure will rise to $2 million per year by 2018. We also have changes to the Conservation Act which will allow time limits to be set within which applications for concession such as the permit to carry out activities in a conservation area must be processed. These applications may be affected particularly during duck hunting season in this country. Changes to the Agricultural Compounds and Veterinary Medicines Act as I said last night in the debate will save up to $50000 per year—medicines for the treatment of that world-renowned “Ugly Mallard” species which was last seen selling scalping tickets to teenagers in the Hutt Valley and which is otherwise known as “TradeMe Trev”. There are changes to the Radiocommunications Act which will save around $46000 per year. 
These are great examples of what can be achieved by systematic and considered reform of regulations. It is good news for business good news for consumers and good news for our kids. The measures implemented under the National-led Government to cut red tape have so far contributed to— 
Hon Trevor Mallard 
: Did the member get that tie from Tony Ryall? 
Peseta SAM LOTU-IIGA 
: —an estimated $200 million per year. Let me repeat that for the scalper—$200 million per year. Why is that important? Well that money can be reinvested into those companies and be used for more productive outcomes. That money can be used to hire more staff expand operations and invest in research and development. It is also about putting more money back in the pockets of everyday New Zealanders due to the reduced costs of production. 
As is clear from this legislation high-quality regulation is a source of competitive advantage for our country. We want to take every advantage we can to grow the economy reduce barriers to trade and become more competitive internationally. Ultimately it is about delivering a brighter better and bolder future for all New Zealanders including our friends across the aisle and their families. I am proud that this John Key - led Government is continuing to do this and I recommend this legislation to the House. Thank you.