Webb DuncanDr DUNCAN WEBB (Labour—Christchurch Central): Thank you Mr Assistant Speaker. It's with alarm that I sit here and listen to the members for the other side missing the point entirely. They're talking entirely outside of the scope of the bill. I heard David Bennett say that this was an attack on private property; in fact nothing could be further from the truth. This is a bill that will protect private property. A short lesson in economics might help the member—perhaps that wasn't included in his little commerce degree. What we need to think about here is that we have a massive monopsonist—a monopoly buyer—and we cannot simply unleash it on the market. The Dairy Industry Restructuring Act was set up to put in place protections so that the dairy industry would both be internationally competitive and be able to grow internal competition. We don't want to see that go by the wayside. Fonterra is still for all its merits a wildly monopolistic player in the New Zealand market and like any business it needs discipline. There is no such thing as a free market; there's just a market that some people prefer over others as I've said in this House before. We need rules here for discipline.Only recently—last year—the Supreme Court found that Fonterra had abused its position and had not treated farmers fairly when they were entering into the milk supply programme. It goes to show that without scrutiny without examination Fonterra will break the rules. It goes without saying as night follows day that if someone is dominant in the market place they will use that dominance. A provider who takes the vast majority—80 percent of the milk—will necessarily use that position to enhance its profits and more importantly to squeeze out other competition—competition that is critical for a vibrant and growing dairy industry one that is based not on size and power but on innovation on nimbleness and on new ideas. That's the dairy industry we want to see: one that recognises the importance of sustainability one that recognises the importance of value added and innovation. Whilst we see Fonterra doing great things in that area it won't do them continually without a reason without a competitor to keep up with and that's why we need competition in the market. So for the other side of this House to tell us the scaremongering that they've been engaging in the absolute misrepresentation of what this bill is about the drawing of attention away from the substance of this bill to a review that may or may not happen—that is exactly what we don't need in this House. We need these highly skilled academics—these people who are at the height of their academic career who left academia to benefit this House with their knowledge—Hon David Bennett: Like a loser like yourself.Dr DUNCAN WEBB: Not like a failed accountant over there that keeps yapping away.Now look what we need is discipline in fact and that's why we have the open entry and exit—so that people can move into the Fonterra scheme when they want to and when they want to move to a different company a more innovative company or a company that might be growing better might have better ideas or might just be doing things differently they can do that. That flexibility is critical and if we were to do away with that if this bill were not to be passed—as our friends on the other side know full well which is why they're supporting this—that would be placed at risk. In fact New Zealand's place on the world stage as a premier supplier of milk—of which we're rightly proud—would also be placed at risk.That's why this bill must be passed. That is why this is a great piece of legislation and the other side should have got it under way a lot earlier while the clock was ticking. That's why we're here today that's why we're debating this bill under urgency: because it is urgent that we protect our dairy industry we protect all players and not just one and we have a great innovative competitive dairy industry. Thank you Mr Assistant Speaker.