Brown Peter: Taxation (KiwiSaver and Company Tax RateAmendments) Bill — Second Reading In Committee Third Reading 
Brown Peter: Taxation (KiwiSaver and Company Tax RateAmendments) Bill — Second Reading In Committee Third Reading 
[Volume:639;Page:9487] 
PETER BROWN (Deputy Leader—NZ First) 
: 
 I have been tied up outside the House for much of the morning. However I had a brief look at the bill before I left and I thought: “This will not take too long.” I do not even know why this has to go through in urgency today. I would have thought this bill would have huge support in this House. This is what it states: “Tax rate changes. The bill reduces from 33% to 30% tax rates for: companies: unit trusts: group investment funds (GIFs) that are taxed as if they are companies: widely held superannuation funds: widely held GIFs that are taxed as if they are trusts: life insurance policyholder funds. It also caps the top rate for PIEs at 30% instead of the previous 33%.” 
I knew in my heart that these guys would go for that. I did not know how Labour came up with it but I knew that the National Party would support it because it has been pushing this to the public and through the House time and time again for I cannot remember how long. Now that National members have the opportunity to vote for it they are going to vote against it! 
Jill Pettis 
: What? 
PETER BROWN 
: I know it is beyond belief. These tax cuts—and that is what they are; no ifs no buts no maybes—will encourage savings. 
The ASSISTANT SPEAKER (H V Ross Robertson) 
: I am sorry to interrupt the honourable member but I say to members on my left and on the cross benches that their interjections on each other in close proximity as the members are interfere with the microphone. It is a longstanding convention that that does not happen. 
PETER BROWN 
: These reductions will encourage savings and will encourage investment in this country. 
I may stand corrected but I did not hear Bill English say much more than one word on the tax cuts in this bill. The only aspect he talked about was the KiwiSaver regime. Dr the Hon Lockwood Smith used as the champion of his debate Laila Harré. Laila Harré belongs on this side of the House. It is most unusual for the National Party to drag up her name as their champion. 
I challenge National members to say whether if this bill is so wrong they would scrap it if they became the Government. Will they tell us that now loud and clear? Would they scrap it? Would they reverse it? 
Hon Harry Duynhoven 
: You’ll get three different answers Peter. 
PETER BROWN 
: Yes. I draw to the attention of members that Australia has had compulsory superannuation for many a year now. It came in under the Keating Government. We have something like $15 billion under the Cullen fund or thereabouts. In Australia if my information is correct they have in excess of NZ$1 trillion. We can imagine what that can do. National members tell us weekly how many Kiwis go from here to there. Why do they go? One reason is that they get security in retirement. 
The second reason is that Kiwis get higher rates of pay in Australia. National gave an increase of $1 in the minimum wage in the 9 years it was in power in the 1990s. From 1990 to 1999 the previous National Government gave a $1 total increase in the minimum wage yet National members talk about people being poor. I have not looked it up—and I will look it up—but I would not mind betting that that increase occurred when New Zealand First was in coalition with National. 
R Doug Woolerton 
: It did. I remember it. 
PETER BROWN 
: That is when it occurred. 
This bill is a good bill for this country. New Zealand First has long been an advocate for savings in this country. We have said for many a year now that we need to save more in this country not only for our economic well-being now but also for our future economic well-being. We cannot live on debt; we cannot live on borrowed time. New Zealand First is absolutely delighted to put this bill through and to do so under urgency. 
I would urge National members to think again—to think about where they really stand on this issue for New Zealanders and for this country. They are just playing games. Thank you Mr Assistant Speaker.