Mallard Trevor: New Zealand Superannuation and Retirement Income Amendment Bill — First ReadingText is incorporated into the Bound VolumeMallard Trevor: New Zealand Superannuation and Retirement Income Amendment Bill — First Reading[Sitting date: 19 March 2014. Volume:697;Page:16811. Text is incorporated into the Bound Volume.]Hon TREVOR MALLARD (Labour—Hutt South):We saw that member Paul Goldsmith wind down as his speech went on. He started off quite enthusiastic. We were just having a discussion here about how we were actually feeling a little bit sorry for the member. He is the member who basically sacrificed a seat for that prima facie fraudster John Banks and apparently he is being asked to sacrifice it again. He is being asked to sacrifice it again for someone who is going to play “Dueling Banjos”—you know the song from Deliverance from the backwaters of Georgia—with the Prime Minister. The Prime Minister as part of the National Party tune is going to be playing “Dueling Banjos” with the inbred people from the ACT Party or at least the people who want to sleep with their sisters and a number of other arrangements. One little bit of progress I think for the member is that if that was the sort of relationship with John Banks politically it would be getting pretty close to necrophilia at this point.Hon Christopher Finlayson: How many convictions does that member have? Two or three convictions.Hon TREVOR MALLARD: Oh many more than that—many more than that and proud of them. I was a member of the protest movement all over the place who stood up for his principles. I have convictions both of principle and from the police. The member knows that well. What I have not done is what that member has done and denied my own integrity—and denied my own integrity—the way that that member has time and time and time again through the last 30 years of his life. If that member wants to mix it up I am prepared to mix it up with the person with the wonderful cousin. What a problem it is when families have to balance out and you get a member like that member that young squealer over there Finlayson who acts like a pig and denies—The ASSISTANT SPEAKER (H V Ross Robertson): Order!Hon TREVOR MALLARD: —his own conscience all over the place. What are we saying Mr Assistant Speaker? He is allowed to interject on me but I am not allowed to respond to him? He wants the protection of the Chair because he is not prepared to take it when he dishes it up. He is like Bill English in this area. We hear Bill English trying to defend the Government’s approach to the Superannuation Fund. I want to ask members opposite: what do they hope to raise from asset sales? $4.6 billion. What have they lost through not investing in the Superannuation Fund? $10 billion. The National Party has through its mad policy on the Superannuation Fund sacrificed $10 billion which will have to be taken in future from the taxpayers of New Zealand. What National Party members are saying is that the New Zealand taxpayer has to take a $10 billion hit because they had a mad policy on superannuation which meant that they stopped investing in it.It is just a nonsense. We have got in the last 12 months a 27 percent—a 27 percent—return from the Superannuation Fund and an average over its life of 9.55 percent. At the point where the Government was borrowing at 3.2 percent it was turning down the alternative of getting a 9.55 percent return from the Superannuation Fund and 17 percent—17 percent—from the assets that it has sold. It claims to be a Government with knowledge of economic management. It claims—Maggie Barry: Running out of steam now are you? Getting sadder by the moment. Wind it up.Hon TREVOR MALLARD: Oh Maggie Barry has had a long lunch again. Maggie Barry has had a long lunch yet again. We can hear it from here. Well she is lucky they do not have breath tests on the outside of this place because if a breath test was required I think she would be blowing in the bag at the moment. In fact I have got a machine up in my office and I challenge the member to use it. I have got a machine in my office and I challenge Maggie Barry to use it.Maggie Barry: Use it on yourself Trev. You need all the help you can get you bore.Hon TREVOR MALLARD: Here we go again. We have got Maggie Barry again claiming to have economic credibility. A marginal gardener a failed talk show host and now she says she has got economic credibility in the National Party. Well I think she might be right. I think she might be right. I think the way that National is going—Maggie Barry: Does Jane like this does she?Hon TREVOR MALLARD: Oh there we go. That is an interesting approach from the member. That is an interesting approach from the member Maggie Barry. Maggie Barry I will just let you know that I have got quite a long list. I have got quite a long list and if you want to go there I am happy to go there as well. You want to go there Maggie Barry? I am prepared to go there as well.Let us get back to this particular bill the New Zealand Superannuation and Retirement Income Amendment Bill and the arrogance of the National Party members in this area of legislation. They claim to know a lot about the Superannuation Fund. They opposed it. They said it was wrong. They said it was wrong. What has this saved us so far? What has this saved us so far in future superannuation costs? It is about $14 billion. This Superannuation Fund has saved the taxpayers of New Zealand about $14 billion that they would otherwise pay in tax. The National Party members—I was going to say “to a man” you know old-fashioned—all of them even the women opposed it. Well we would not expect anything else from Maggie Barry. They said it was wrong. They would rather have had tax cuts for their mates—people like John Key. What did he get? He got a $1 million a year tax cut—a $1 million a year tax cut.Tim Macindoe: What rubbish!Hon TREVOR MALLARD: The member said “Rubbish!”. John Key does not deny it. John Key does not deny it and on $57 million worth of assets—any reasonable return. Sam Lotu-Iiga knows that John Key got a $1 million a year tax cut. Yes he is nodding. He knows. Sam knows that that is what John Key got in tax cuts and what National members would rather have done is to do that short-term approach of giving even bigger tax cuts to their mates and of getting bigger tax cuts for the richest people in New Zealand rather than investing in the Superannuation Fund which has already saved $14 billion of taxpayer liability in the future. They say they are economic wizards. I say they are economic failures.