Cameron MarkMARK CAMERON (ACT): Thank you Madam Speaker. Look I just want to highlight the Labour member that made a contribution earlier talking about $22 billion $23 billion worth of industry and offered about a minute's worth of submission and I think that's quite egregious really. The bill brought about rigorous debate. I think we all reconciled that in the Primary Production Committee; we were all very collegial. We heard both sides of the equation of the debate from officials from members and from multiple submitters. There were about 30 submitters all told. They were openly supportive of the bill but equally they were opposed to it for notable reasons. The group expressly raised concerns on both sides of the equation like the submitters that I've just mentioned. Half the submissions were in favour of the bill because they saw it as about industry certainty moving forward and the others spoke to environmental concerns and degradation and I think the Green member highlighted that. There were also other players in the milk processing industry outside of Fonterra that raised their concerns. The various submissions acknowledged the challenges that the dairy processors face in this industry especially Fonterra and the liquid milk or raw milk supply. All across the dairy industry productive sector it was noted that there was a shrinking milk reality and hence why this piece of legislation as proposed was so heavily supported by those in it.The predicate of the bill speaks to accountability for the base milk price-setting governance and oversight and the capacity for public transparency and I think that was where a lot of the concern lay in the role of the Commerce Commission and what ultimately the Commerce Commission's role would look like moving forward. In terms of oversight submitters levelled many concerns as well as positive outcomes and the tensions between those realities; issues of heightened and poor environmental outcomes which I have traversed and made mention of and dairy intensification. Now we're trying to still reconcile that on this side of the House when we've got a contracted milk pool and that was well canvassed by both sides of the submissions and in the debate. Equally for those that submitted was the appearance of the lacking of neutrality. Fonterra we understand is about 80 percent of the liquid milk supply and there are other processors that felt that the neutrality had been eroded—Government officials and the oversight openly supporting Fonterra in a manner that seemed to strengthen Fonterra's dominance. Now that was actually raised and again we debated this issue in a very collegial way. It seemed to accentuate the lack of contestability in the rural milk market. Now again this is the House of debate and we saw that noted in the submission process and they'll have to bring that forward tonight. Here is where ACT was concerned and it was shared by some of the submitters: the liquidity of the reality of sharing down. I know that this is going to be quite concerning for some of the Fonterra shareholders that are shared up. We appreciate the reality of sharing in and how that structure had changed but sharing out especially with a potential loss of equity was deeply concerning to some who submitted. Issues were raised about the open entry and open exit strategy; what it meant to actually leave the industry and potentially go through land use change or ultimately supply other processors. Was that reality being given consideration completely in this piece of legislation? The original 2001Dairy Industry Restructuring Act (DIRA) put that provision in place and subsequent amendments have removed it and there are concerns about its removal. As amended the provisions of the open entry no longer require Fonterra to accept all milk. There's certain regions in New Zealand that Fonterra is the only processor of that milk so you can see how some people might be quite concerned by that reality. It was noted that the Government confirmed in the original DIRA that the key regulatory tools—and I noticed the member out of the Green Party Teanau Tuiono mentioned it before—for managing Fonterra's dominant risk the open entry and exit provisions have actually now been removed and that is again quite concerning. It was also noted that the Government—it was necessary to continue to regulate the activities of Fonterra to promote efficient operation of dairy markets in New Zealand and certainly as the ACT Party we are absolutely all for free markets.The question I have and I think it changes the dynamics is all around the exit and entry provision in the new DIRA bill. Now I understand why and I've canvassed it before: it's about creating liquidity potentially in the market for those that want to exit and an environment for young investors coming into the industry. The issue will always be about those leaving Fonterra and going across to other processors or going through land-use changes I've previously canvassed which I think really potentially risks weakening the share value and by virtue puts prescriptions on those potentially going through land-use change and that needs to be reconciled in the committee stage.ACT appreciates that Fonterra has put provisions in for a share buyback programme and I think it was recently announced that it is commencing 30 June 2022. That was $50 million and it was framed as the market share buyback part of a wider $300 million announced last year to support liquidity in Fonterra's shareholder market—we appreciate the reasons for this but again we are concerned. This will allow the transition to the flexible shareholding capital structure and this is ultimately where this stuff lands: creating an environment to give Fonterra and those that supply them which is the lion's share of all of this operational certainty.The ACT Party will support this DIRA bill with considerable reservations and I think I've brought them to the House and discussed them tonight. For various reasons there are other processors in the liquid milk or raw-milk sector that are concerned about the dominance of Fonterra and how this appears to put a continuum on that reality. We accept that 85 percent of Fonterra shareholder supporters agreed with this transition and the progress of this bill in the House but I can certainly say that the ACT Party will look to be heavily engaged in the committee stage of this and see how we can further iron out those concerns and or kinks. Thank you very much Madam Speaker.