Wedd Catherine; Tuiono TeanauCATHERINE WEDD (National—Tukituki): I rise to support this New Zealand Superannuation and Retirement Income (Controlling Interests) Amendment Bill because it aligns with this Government's plans to strengthen our economy and provide for our ageing population. The fund adds to Crown wealth improves the ability of future Governments to pay for superannuation and reduces the tax burden of the cost of superannuation on future generations of New Zealanders. Passing this bill will promote operational efficiencies. It will help ensure the New Zealand Superannuation Fund's assets are being managed in the best way possible and provide benefit to all New Zealanders.The New Zealand Superannuation Fund has been very successful as we've already heard tonight. It's grown and matured and it's at a stage where we need to take that next step to grow that fund further so we can sustain our ageing population. I was very very impressed during the select committee annual reviews with the success of this fund and the huge potential that it has. We've already heard tonight that the fund sits at over $70 billion and is projected to reach $110 billion by the end of the decade. It really has a healthy return of 11.9 percent—so huge opportunity for investment. Removing the control restriction provides the Guardians with added flexibility around the implementation of the investment strategy. This approach is consistent with the Guardians' mandate to invest the fund on a prudent commercial basis and in doing so managing the fund in a manner that is consistent with best-practice portfolio management.I think there are big opportunities to invest here in New Zealand. We've heard many times that we've got a huge infrastructure deficit so to open this fund up for more investment here will be great. It's timely to take this opportunity to look at some of the investments we've already seen from the superannuation fund and that's opportunities in agriculture where the fund has already been investing as we've already heard a little bit tonight from dairy investments to a diverse portfolio including horticulture viticulture and hops with the portfolio exceeding about $1 billion—so really positive for agriculture investments. And of course our primary industries have been struggling recently with a lot of red tape and regulation so opening up more capital could be very beneficial. As we have already heard and as my colleague here spoke about the wine industry we actually heard from New Zealand Winegrowers just the other day. We see huge opportunity for investment in the wine industry. They see it as a $2.29 billion industry at the moment. It has grown by 13 percent and the industry has actually grown from 35000 hectares to 41000 hectares. Hawke's Bay where I'm from is a huge winegrowing region.I would actually just like to commend also the chair of the Finance and Expenditure Committee Stuart Smith for his cellar door tasting amendment bill enabling cellar doors to charge for tastings. It's this type of legislation which supports our wine industry. During these discussions with the winegrowers we also heard how supportive they were of some of our Government's direction which is about reducing red tape and regulation. It's supporting water storage and of course infrastructure because getting bottles of wine to the port as fast as possible and out to the markets is very very important. Coming from Hawke's Bay it's heartening to see that we've got this Government investing in our roads of national significance and the four-lane expressway in Hawke's Bay which will get that wine to port faster. This is beneficial when we are investing in our infrastructure.They were also very happy to see us out in the world looking at more market access and investment opportunities because as we've already heard capital investment in New Zealand in our agriculture sector particularly which creates a lot of our exports and wealth in this country is really really important. We need to be an attractive option for investors and that is why this bill is really important. I talk about these industries because this bill will enable the Guardians to diversify investment. That's not just offshore but it's focusing investment at home here. We need to get on top of our infrastructure deficit and opening up more capital opportunities will be positive. This is why I'm very very supportive of this bill and I would like to commend this bill to the House.ASSISTANT SPEAKER (Teanau Tuiono): The next call is a split call—Helen White