Shearer David: Questions for Oral Answer — Questions to MinistersText is incorporated into the Bound VolumeShearer David: Questions for Oral Answer — Questions to Ministers[Sitting date: 08 May 2013. Volume:689;Page:9632. Text is incorporated into the Bound Volume.]2.DAVID SHEARER (Leader of the Opposition) to thePrime Minister: Does he stand by all his statements?Rt Hon JOHN KEY (Prime Minister): Yes.David Shearer: Does he stand by his commitment to Grey Power in 2009 that his electricity policies would “help constrain electricity prices” and “see fewer stories about electricity retailers putting up power prices ahead of inflation”?Rt Hon JOHN KEY: Yes.David Shearer: In light of his answer does he think it is fair that New Zealand power prices rose more than five times faster than inflation in the last year; if so why?Rt Hon JOHN KEY: Firstly power prices are rising much more slowly under a National Government than under a Labour Government but part of the cost increases was the increase in transmission which is necessary to improve the national grid.David Shearer: Does he consider that residential power prices in New Zealand are too high?Rt Hon JOHN KEY: They are somewhere in the middle of the pack I think when it comes to around the OECD. What I can say is that the changes that the National-led Government has made over the last 4½ years are increasing the competitiveness of the market. That is helping to deal with the issues of the rampant price increases that we saw under Labour. But I would say that if I was to implement the sort of policy I saw announced by Labour and the Greens what I can be sure of are a few things—that the predictions—David Shearer: I raise a point of order Mr Speaker. The question was adequately answered thank you.Mr SPEAKER: If the member is happy with the answer we will move to the next supplementary question.David Shearer: Does he agree withConsumer magazine that “Effective regulation is needed to ensure consumers get a reasonable deal. We are yet to see it.”?Rt Hon JOHN KEY: I do not agree with the last bit. I think we are seeing effective regulation. What I can say is that what we are not seeing are the 101000 bogus signatures that were on a petition—Mr SPEAKER: Order! [Interruption] Order! That is not necessary.David Shearer: Does he agree with his energy Minister that the Bradford electricity reforms introduced 15 years ago “did not have a chance to bed in”; if so how many more years will it take before these electricity reforms bed in?Rt Hon JOHN KEY: I am not sure which electricity Minister the member was referring to—there has been a number over time. But if it was Mr Bridges then absolutely because he is the face of the future my boy.David Shearer: Does he agree with the Minister of Finance who said in response to questions about electricity prices being too high: “if you look at those returns being generated particularly out of the electricity market the Government has taken the view that the market is not as competitive as it should be.”? That was this year.Rt Hon JOHN KEY: Well I would need to see the full context of the speech and what happened because the Opposition has a bit of a habit of cutting and pasting these things. But yes in principle I find myself more often than not agreeing with the Minister of Finance.David Shearer: Does he have any policies that will guarantee power prices dropping in the next 18 months; if so which ones?Rt Hon JOHN KEY: Well I do not think it is possible to guarantee that power prices will drop. I think we can certainly guarantee that we have a market that is more competitive than the one we inherited from Labour. We can also certainly guarantee that if Labour was to ever implement its policy along with the Greens there would be a number of issues for New Zealand. One of them certainly would be that the ability—David Shearer: I raise a point of order Mr Speaker. That was a very adequate answer but he was talking about our policies. I was asking about his policies.Mr SPEAKER: The question has been adequately addressed. Are there any further supplementary questions? Otherwise I move to question No. 3 the Honourable—[Interruption] Order!