Young Jonathan: Imprest Supply DebateText is incorporated into the Bound VolumeYoung Jonathan: Imprest Supply Debate[Sitting date: 06 August 2013. Volume:692;Page:12381. Text is incorporated into the Bound Volume.]Third ReadingJONATHAN YOUNG (National—New Plymouth):That speech is a very good example of why one should not have too much coffee before 9 a.m. But I do have to thank Dr Clark the previous speaker for giving me the platform to just lay out some information that I think he and New Zealanders will be interested to hear.The fourth Labour Government from 1984 to 1990 saw power prices increase by 98.7 percent. The fourth National Government from 1990 to 1999 saw power prices increase by yes 47 percent. The fifth Labour Government from 1999 to 2008 saw power prices increase by 72 percent. The fifth National Government—the Government that is presently on the Treasury benches—from 2008 to the present has seen power prices increase by 16.2 percent. So when the previous speaker criticises the Bradford reforms this graph will show you exactly what has happened. The Bradford reforms came in here where we see that power prices actually decreased and then of course a Labour Government came back into power and all the reforms in power that had come in were erased by what members opposite say was economic development but what I would say was reckless spending—reckless spending.Of course members of the Opposition are out there talking about their potential electricity reforms and it is wonderful. I say it is wonderful because we had ProfessorWolak in Wellington last week and no doubt those members are very much aware of the comments and reports that he has made. But in terms of the position that we have I think established through the Bradford reforms and then with the Brownlee reforms in 2009-10 ProfessorWolak said to a symposium here in Wellington that he cannot see why New Zealand would want to turn its back on the electricity market structure it has now. [Interruption ] Exactly. This is the man whom Labour says has backed up those members’ policy whom they quoted and whom they said was the one who described the price gouging of $4.3 billion coming out of consumers’ pockets which he refuted of course. He said: “I never gave that figure.” but their policy made it look like it came from him.So anyway we know that our electricity market structure does need continual work. The Electricity Authority is continuing to work on building to have an even more robust competitive structure to it which is going to have the benefit of lowering prices to consumers with regard to electricity. ProfessorWolak certainly gave us the clear impression that we should not ditch what we have got but continue to improve it.I have to say that I really love whatPattrickSmellie said in the Stuff business desk because he then talked about the Labour-Greens single-buyer electricity policy and he said that it “has a problem. While it remains politically resonant with voters who perceive power companies as rapacious and inescapable the American academic whose analysis is a key plank of the Labour-Greens NZ Power proposal says the Opposition parties have got it wrong. Not only that but Stanford University’s Professor FrankWolak—a top US electricity markets academic and a one-time regulator—says that despite repeated assertions to the contrary he never concluded that power companies here had ripped off consumers to the tune of $4.3 billion over the mid-2000’s. Unfortunately that $4.3 b figure has been the smoking gun fact around which the political argument for the policy has been built.”So if I can paraphrase what he is saying: keep what you have got and ditch the shonky snake oil stuff that is being proposed. That was my paraphrase.Hon David Cunliffe: Who are you calling “Shon-key”?JONATHAN YOUNG: I am calling you shonky. So tell me in terms of this Government—which I believe has great momentum going forward—who would you believe and who would you trust? Let us not listen to Opposition members. Who has the weight of credibility? It is National. It is not Labour and the Greens. You will not hear them attack those energy policies with any credence with any facts or with any sense of real depth of data and figures. They have lost the battle over energy—they really have.This Government has got momentum. It has weightiness it has gravitas and it has velocity. It is taking this country forward. We have policies that have traction. That is what is moving this country forward. Economic growth is the highest in 5 years after going through the worst recession in 60 years which everybody conveniently forgets. We have seen the highest growth in 5 years comparable to Australia and higher than for almost every other developed country. Our economy is forecast to grow between 2 percent and 3 percent a year over the next 4 years. Wages are growing cost of living increases have been modest and interest rates are at 50-year lows.Tim Macindoe: And what does Dr Clark have to say about that now?JONATHAN YOUNG: I cannot hear what Dr Clark has to say. In fact the cost of living data shows that consumer prices rose by just 0.7 percent in the year to June. That is phenomenal. It is a phenomenal benefit to the New Zealand consumer that prices have been held at such a low rate and that during this point in time over the lastnumber of years since 2008 household income has risen 20 percent in these last 4 years and is expected to rise by almost 20 percent in the next 4 years.I would say that yes we have our challenges—we are obviously aware of those; even those of recent times withFonterra’s issues—and we know that we have come through some very difficult times in this country but we are a resilient people. We are a people who are innovative and industrious and we put our hand to the plough. We work hard and we come up with great ideas that give us a competitive edge. What this Government is doing through all of its many innovative streams of support funding and investment is building on that great quality that New Zealanders have.As a Government we are responsibly managing the Government’s books. When you understand that this Government actually participates in the economy to the tune of about 30 percent it is very important to understand that the way we manage the Government accounts is incredibly important not only to set an example but also to improve efficiencies and stop wastage in this country so that we can certainly get better value for money. We are building a more competitive and productive economy we are delivering better public services and we are rebuilding Christchurch. We are building a stronger more stable economy that can again weather global storms and deliver opportunities for New Zealanders.This is God’s own country. It has been in the past and it will be in the future where New Zealanders can grow up in this land they can seize opportunities and they can be supported through an education system that ensures that they all succeed—five out of five are going to come through high school with a qualification that is going to enable them to get on to tertiary and further learning and to gain skills and to gain employment. The employment area is one of great importance. It is good to see that more and more people are becoming employed here in New Zealand as this economy starts to deliver more and more for New Zealanders.We are delivering progress and optimism. Yes New Zealand households and businesses have faced some pretty challenging times in the past 5 years. Although these challenges remain the economic recovery is gaining momentum driven by low interest rates investment and strong export prices. We are very thankful right now to have the likes of the Hon Tim Groser working hard for the benefit of New Zealand. He is a man of incredible capacity and great international linkages and relationships and he is able to work through and carry us through in terms of some of the issues we are facing in this current time.I believe that the Budget that has been presented by the Hon Bill English is a great Budget for New Zealand and is progressing this country into a better and stronger state for the benefit of all. Thank you.