Huo RaymondRAYMOND HUO (Labour): Tēnā koe Mr Speaker. I rise to take a reasonably short call to support this bill—[Interruption]—that will be full and comprehensive because it's such a wonderful and comprehensive bill. On that note I'd like to start by acknowledging Dr Parmjeet Parmar for sponsoring this very important bill. Also I would like to follow my colleague the member for Mt Roskill Michael Wood in acknowledging the former member the Hon Judith Tizard the Minister for Auckland Issues who introduced the principal legislation in the first place and of course I'd like to acknowledge all those members former and current who worked tirelessly to make Auckland a better city and a better place.This is a small technical but very important bill. Currently the combination of requirements under the principal Act and the Charities Act of 2005 means that specified amenities under the principal Act would have to meet two different accounting requirements. My learned colleague Dr Deborah Russell in her earlier contribution explained the difference with in particular generally accepted accounting practice. So this bill is designed to fix that part of the problem. Again this is a small technical but very important bill.In terms of technical issues in this space we have spent a considerable amount of time talking about similar technical issues—for instance the big three: Moody's Standard and Poor's and the Fitch group. The big three credit rating agencies and their credit ratings and their impact on central government's and local government's ability to raise funds.As a member of this very busy coalition Government I'm very glad to report that before Christmas this busy Government introduced and passed the first reading of another technically driven bill which enabled an SPV or special purpose vehicle which enabled long-term private debt financing. That particular bill was important if you look at the infrastructure package—the $12 billion infrastructure package—to build and upgrade our roads rail schools and hospitals.Now back to this bill—Hon Members: Yes. RAYMOND HUO: —ha ha!—I'd like to echo my learned colleague Mr Chris Penk. We spent a good time when we were both members of the busy Justice Committee. We have since moved on to another select committee as some members have acknowledged and noticed and pretty much the work's just followed us. So whichever committee we have got involved in that committee has become very busy which is a good sign because for the Justice Committee for instance we got 22 bills and it sent 22 bills back to the House for their second reading.Back to this bill again. The select committee—ASSISTANT SPEAKER (Adrian Rurawhe): I don't think we've hardly got there. RAYMOND HUO: —recommended two important amendments—[Interruption] I don't know why this particular bill is that interesting to all the members across the board. But anyway the second-most important recommendation recommended by the select committee is with regard to retrospectivity because as Michael Wood explained in detail why it is very important for us to introduce that particular amendment is simply because that went to the very nature of this bill. On that note probably I should say I commend this bill to the House.