Heatley Phil: Overseas Investment Bill — First Reading 
Heatley Phil: Overseas Investment Bill — First Reading 
[Volume:622;Page:18037] 
PHIL HEATLEY (National—Whangarei) 
: 
 The National Party gives cautious support to the Overseas Investment Bill. We support its referral to the select committee and will watch very closely as submitters come forward and put pressure on the Government. We will be interested to see where and when the Government folds on some aspects of this bill. 
We know that there are far too many roadblocks to investment in this country not only to overseas investment but also to internal investment. Members have heard many many claims made in debates in the House that the Resource Management Act has caused a slowing down in investment in this country both from overseas and from internal investors large and small. The taxation regime and all the associated levies and taxes slow down investment in this country. The immigration regime holds back expansion in business because people cannot employ the right skills from overseas. This is either because of xenophobia as demonstrated by the New Zealand First member who spoke earlier or because we are allowing into this country those who do not contribute and never will and those who have no skills and never will. 
I turn to clause 18(2)(d) which deals with land access. It states with regard to land owned by an overseas investor that there will be adequate mechanisms in place for walking access over the relevant land or a relevant part of that land by the public or any section of the public. It is interesting to see that provision introduced in this bill. I hope it is not the thin end of the wedge for later Government legislation to see a “right to roam” for the general public across agricultural rural and other remote land. 
I know that David Carter has travelled the length and breadth of this country both in the media and physically preaching the National Party’s stance on that issue. We say the general public should have the courtesy to talk to farmers before crossing their land just as they always have because they will see farmers allowing them free and safe access across the land just as farmers always have. That is what David Carter has been saying the length and breadth of this country. Some hundreds of metres behind him of course has come Gerrard Eckhoff echoing those sentiments and redistributing David Carter’s speech. We thank him for pushing National Party policy. These land access issues as demonstrated in clause 18(2)(d) relating to land owned by overseas investors had better not be a stalking horse for free-range access over our rural properties because that involves safety issues private property rights and not least of all matters of courtesy that have served this country well for many years. 
I also take great interest in clause 73 which deals with the amendments to the Fisheries Act 1996 because that deals with the overseas ownership of fishing quota. It might be of interest to the House that overseas interests are prohibited from owning New Zealand fishing quota. In fact they are prohibited from owning not just quota but provisional catch history and annual catch entitlement without obtaining exemptions under that Fisheries Act. “Overseas ownership” is defined as any company or building society in which 25 percent or more of any of its shares are held by that overseas person or entity. But it is not just the ownership of share rights; it is also the control or the voting rights held at any meeting that that person or entity may hold. That influence cannot exceed 25 percent either. If that figure is exceeded either by the ownership share numbers or by the voting power on any meeting relating to that entity then that is deemed an overseas owned company or person. They are prohibited from owning fisheries quota. 
Interestingly the rules that will be brought in by this Government are about amending the Fisheries Act 1996 so that it falls in line with this other legislation. I am intrigued to see section 57G “Criteria for overseas investments in fishing quota” inserted by clause 73. That section states that all relevant individual overseas persons must be of good character. I will be intrigued to see how this Government with its policy judges that. I trust that it will not have anything to do with being part of the Labour Party. There is also criteria for overseas investments in fishing quota relating to the Immigration Act of 1987. That Act lists certain people who fall into a category that we do not want to see owning New Zealand fishing quota. I think Ahmed Zaoui would qualify under this section as the Government has clearly welcomed him with open arms by not deporting him the moment he arrived in this country but giving him 2 years’ stay. 
Stephen Franks 
: Free board. 
PHIL HEATLEY 
: And free board as the ACT member chips in. It is not just free board but a weekly $180 cheque for the next little while which will contribute to the friars’ fund I should think. 
Section 57H inserted by clause 73 also deals with determining whether overseas investment in fishing quota is in the national interest. The criteria there deal with the creation of job opportunities in New Zealand; the introduction into New Zealand of new technology that may be useful to us; the development of new export markets which may not have happened if this overseas investment in quota did not take place; added competition to make the fishery more efficient in the use of our fishing product; the introduction into New Zealand of additional investment for purposes of development which of course is quite important; and improvement in the efficiency of processing of New Zealand fish or aquatic life. 
What concerns me is section 57H(2)(b)—and I will be interested in the select committee examining this—which states: “any other criteria prescribed under the Overseas Investment Act 2004”. That of course is subject to Government policy of the day and may be far too wide ranging. It is not just giving the Government free and unchecked scope to allow investment into the fishing industry but scope to close off investment in the New Zealand fishing industry. So those are the issues that I would particularly like to highlight this evening. We will be supporting the bill to the select committee and watching with interest.