Cosgrove Clayton: Overseas Investment (Restriction on Foreign Ownership of Land) Amendment Bill — First Reading 
Text is incorporated into the Bound Volume 
Cosgrove Clayton: Overseas Investment (Restriction on Foreign Ownership of Land) Amendment Bill — First Reading 
[Sitting date: 15 August 2012. Volume:682;Page:4429. Text is incorporated into the Bound Volume.] 
Hon CLAYTON COSGROVE (Labour) 
: 
 Mr Speaker— 
Hon John Banks 
: Ah “Mini-Mike”. 
Hon CLAYTON COSGROVE 
: John Archibald Banks who interjected just before I stood up called me “Mini-Mike”. I presume that refers to my good friend—a very close friend of mine—Mike Moore who— 
Kris Faafoi 
: The right honourable. 
Hon CLAYTON COSGROVE 
: —the Rt Hon Mike Moore who does have a good memory unlike the Hon John Banks. I say this: if the insult from Mr Banks is that somehow I look up to Mr Moore then that is true. Better that than being “Mini - Rodney Hide” with the credibility in this Parliament of John Archibald Banks whose credibility we know is in the toilet. I will not waste any more time on him. At least Mike Moore and other members in this Chamber can remember their own name not just when it suits them and can tell the truth. 
Hon John Banks 
: I’m being savaged by a sheep. 
Hon CLAYTON COSGROVE 
: Well you would know. You would know being a pork-barrel politician. 
I want to address the Overseas Investment (Restriction on Foreign Ownership of Land) Amendment Bill. Labour will support this bill. Labour will support this bill’s referral to a select committee. We and other parties in this House have been accused of xenophobia. I will just say this on the Labour Party position: we have a bill in David Shearer’s name actually which restricts foreign investment in land where there is—and this is the bit that those members do not understand—no likely economic benefit to New Zealand such as farmland but would still allow investment where there are clear economic benefits. That is the Labour position. How can it be xenophobic to require foreign owners to add value to our economy? How can that be xenophobic? 
What we say is that if you want to buy it you have got to add some value. You have got to create some real jobs not just employ one or two people to make it look good. You have got to add value innovation technology and market access—add value to New Zealand. But simply just swapping ownership from domestic ownership to foreign ownership with no value add in critically important land assets in New Zealand simply does this: it transfers the revenue streams out from domestic owners to foreign owners. That benefits no one in New Zealand. So we say that where there are critical assets where there is a clear economic benefit then investment can take place. Investment can take place but you have got to actually— 
Hon John Banks 
: That’s not what the bill says. 
Hon CLAYTON COSGROVE 
: I am talking about our position “Banksie”. I am talking about our position. But you see then we have the position of National over there which is to sell everything holus-bolus whether or not they are State-owned assets aided and abetted by Rumpelstiltskin in the corner there who trots along hanging on to the coat-tails of his National Party brethren desperate to hang on in this place. He has no credibility and has done nothing—done nothing. The only bit of legislation that genius has put into this House is to repeal 31 Acts that do not exist. What an absolute genius! His credibility is in the political sewer—everybody knows it—but he is clinging to his National Party mates. That is what this is about. 
This is about John Key and his pride. He will sell anything at any cost. We see that with the State-owned enterprises with a tribunal hanging over him with court action hanging over him and with the worst possible economic environment in which to float a company and sell off a State-owned asset yet John Key will do it. To hell with the taxpayers who have built those assets up for generations. He will do it simply because his and the National Party’s pride is at stake. And the little snivelling one in the corner there whose credibility is in the dunny clings to his National Party mates turns up to the trough and will vote accordingly with National in order to preserve his own little future. He is a man who has “honourable” in front of his name which for that member is now an oxymoron. We say that where there is an economic benefit to New Zealand where foreign ownership can prove that it can add value then that is the appropriate way to execute the sale of certain land. 
We think this bill does need some changes. We will be promoting some changes but we do believe that it is appropriate to support the bill’s referral to a select committee so there can be a proper examination of the issues before a select committee. And by the way it will allow us to show up the ineptitude the policy gaffes and the contradictions once again of the National Party when it comes to land of significance and when it comes to State-owned enterprises because all it is willing to do all it wants to do is sell New Zealand out. John Banks has done that with the people of Epsom.