Stephenson Todd; Kuriger BarbaraTODD STEPHENSON (ACT): Thank you and thank you for the contribution from Lawrence Xu-Nan—not the newest member of the Green Party. We're glad to have you here too. We love a diversity of opinions in this House although we may not have a diversity of opinions on this particular bill.I rise to speak for a second time on the New Zealand Superannuation and Retirement Income (Controlling Interests) Amendment Bill. It is a mouthful but a very important bill. As I think has been outlined already this is a bill that started off its life in the 53rd Parliament went through the Finance and Expenditure Committee which I was not a member of but ACT was represented on and actually was well scrutinised. We've now picked it up here in the 54th Parliament and it's now at its final reading.Superannuation is extremely important and I think when the superannuation fund was established way back in 2001 we did live in different times and I think this update to allow a controlling interest is appropriate. It is proper that we actually do look at some of these major Government entities and investment vehicles and they are updated. I was actually just reflecting as I was sitting here that one of the things I've got a real interest in is Pharmac which is our medicines procurement and funding body and that actually hasn't had an update and a look at probably in 33 years. So it is proper that we do actually look at some of these things and adjust them for the appropriate times. And that's really what this bill is doing. It's saying Well when it started it may not have been appropriate to take a controlling interest but now times have changed and investment decisions are made in a different way and controlling interests can actually allow a fund like this to grow and actually deliver its objective." And its objective obviously is to grow a great fund and ensure that New Zealanders in retirement can actually have a comfortable retirement.One of the other things I think is very important—I know it has been touched on a number of times but I just do want to touch on it one more time—is maintaining this discipline around how these funds are invested so that even though the fund will be able to take a controlling investment in different projects or companies or whatever it might be it is being done in a way that actually ensures that returns are delivered to the members. That's very very important. We really need that financial discipline ensuring that investment opportunities are well thought through and are actually providing for Kiwis' futures and continuing to deliver excellent returns of something like just under 10 percent over the life of the fund. And so I know probably—hopefully—members of the Guardians of New Zealand Superannuation are sitting here watching us today in anticipation that we'll be passing this legislation. Obviously we're still yet to vote on it but there are some very key provisions in the bill where they will actually have to update their investment policies and standards and procedures and actually provide an update on how they're going to use this new power that is being granted to them. And I think that is really important.The other thing I did—because as I said I wasn't here in the last Parliament—was look back at some of the submissions that were made in relation to this bill. I just want to talk about a couple because I think it's important that we actually do reflect on those. A couple of the ones I've picked out were from Age Concern New Zealand which as people would know is a charity of older New Zealanders. They actually have a network of 30 Age Concern I suppose groupings throughout 40 locations across the country and they did do a submission in relation to this bill. Interestingly the points they made were that they didn't actually have a strong view on the actual amendment and the controlling interest but they wanted to ensure that we were doing everything that we could do as parliamentarians to ensure that the fund was protected and grew. They did go on to say that they knew there was an increased potential for these larger investments to actually effectively contribute to the fund and grow it more effectively over time. But they also wanted to reiterate that it was very important that the superannuation fund is secure and stable and that New Zealanders have ability to plan for their futures and live with dignity in older age. I think that's very very sound advice from them and they really went on to reiterate about this need for protection and to make sure we are thinking ahead to the future.The other one I did pick out too was the New Zealand Council of Christian Social Services—again an organisation with six founding members: the Anglicare Network the Baptist Churches of New Zealand Catholic Social Services Presbyterian Support and the Methodist and Salvation Army churches. Again they say they really represent over 250 organisations across New Zealand supporting services. They just went on to again say they actually supported the amendments that we're discussing today in allowing the fund to take controlling interests and they thought that again by making this change it would actually provide value for the investment and allow funds to be expanded and really provide more value for future members and for the Government needing to draw down on these funds. They also recognised that some of the economic shocks of COVID-19 had a significant impact on the ageing population and again ensuring secure retirement income in uncertain times after COVID like we find ourselves in now is very very important.The last thing I want to reflect on and the member Ingrid Leary did mention Michael Cullen—I did also enjoy in the second reading people might remember the former finance Minister Grant Robertson also said he had spoken to Michael Cullen about these changes and got his endorsement. Again ACT might have some different philosophical views about how superannuation should actually be done. But I think it is important to recognise that this was a major piece of public policy that Michael Cullen ushered through and I think it was nice to know that he was comforted that the changes we were making lived up to his ideal. I would say he's possibly the second-best finance Minister the Labour Party have had. I mean Sir Roger Douglas of course is probably up there as the best finance Minister. But I do want to acknowledge Michael Cullen's amazing contribution in setting up this fund and putting it in place today.Again we've touched on in previous contributions that this will give the fund the scope to obviously look at more projects within New Zealand. And again one of the concerns was a lot more of this money going for overseas investments which again I think the fund will I'm sure have a balanced portfolio which is important but allowing opportunities to really ensure that where an appropriate opportunity opens up in New Zealand where a controlling interest is going to be required the fund is in a position to do that.So with all that said there's probably not a lot more to say on this particular bill. I'm pleased that we've had a good discussion about the issues. It seems like it was very sensibly worked through by the former Finance and Expenditure Committee who I think did some diligent work. I'm pleased to have been able to make a couple of small contributions speaking on this bill on behalf of ACT and I do commend it to the House.DEPUTY SPEAKER: I just want to make the House aware that in less than two minutes we will be interrupting this debate for the fisheries report debate that's coming up shortly. I think in fairness to Mr Foster it's not really fair to ask somebody to start a speech for one minute. You'd just about get through the title of the bill. So I think what we will do under these circumstances unless Mr Foster really wants to say a minute's speech we might just have the—Hon Scott Simpson: Point of order Madam Speaker. I seek leave of the House to move to next business.DEPUTY SPEAKER: OK. That leave has been sought. Is everyone in agreement?Hon Kieran McAnulty: Does that mean we knock off early?DEPUTY SPEAKER: Well Mr Speaker is going to be here for the next debate shortly so I guess it depends how long the rest of the speeches go. But I would suggest if the whips talk to each other and come back and make a suggestion to the Speaker it will be looked at. OK so in light of that we will make a move on the next speech. This debate is interrupted and is set down for resumption next sitting day. Debate interrupted."