Sepuloni Carmel: Third Readings —Text is incorporated into the Bound VolumeSepuloni Carmel: Third Readings —[Sitting date: 30 October 2014. Volume:701;Page:469. Text is incorporated into the Bound Volume.]CARMEL SEPULONI (Labour—Kelston):It is good to speak on legislation that we do support. Labour does support this legislation and we do agree with its intent. We have heard from a broad spectrum of voices from the accountancy audit and professional services industries including small and regional practitioners regarding this legislation. We are aware that there is a diverse range of views on the future and the shape of the industry not just those put forward by the Institute of Chartered Accountants and other representative bodies.The intent of this legislation makes the accounting and audit industry more efficient and effective hence we will be supporting it. We are happy about the common-sense approach that appears to have been taken with this and we congratulate the new Minister of Commerce and Consumer Affairs Paul Goldsmith on attaining the commerce portfolio. In saying that we congratulate him we are concerned that the Government has placed the commerce portfolio at the very bottom of the executive totem outside Cabinet at No. 25. So on this side of the House we are concerned that the Government is not giving it the recognition or prioritising it in the way that we would expect and actually that we think that the general public of New Zealand would expect any Government to do.There are important issues within the commerce portfolio that do need addressing such as the reform of section 36 of the Commerce Act to improve the policing of competition law by the Commerce Commission. I have to say that National has had a really poor track record on modernising commerce legislation since the departure of Simon Power. You know on this side of the House despite the fact that he was a National Minister we did have a lot of respect for Minister Simon Power and we just have not had a Minister from that Government with the same ability and competence since he departed.Chris Bishop: You wait for Goldie. You watch Goldie. Just wait.CARMEL SEPULONI: We are really lacking that level of competence just in general across the board with the National Government.Hon Ruth Dyson: Chris Bishop thinks he’s going to be a Minister in 5 minutes.CARMEL SEPULONI: Chris Bishop thinks he is going to be the next Minister. Given the low levels of competence that is possible.National has had as I said a really poor track record and has let important commerce legislation languish on the Order Paper for inordinate periods of time. We ae hoping that Minister Goldsmith will be able to pick up the pace from outside Cabinet but again despite the fact we do support this legislation and we support the purpose of this legislation and we support the provisions of the legislation we are concerned that the priority being given to the commerce portfolio has been really low and actually really insulting. We are concerned about that.The five main proposed law changes with this are one reducing restrictions on legal form for audit firms; two charities assurance; three members of accredited bodies performing statutory audits; four qualified accountants performing statutory accountancy roles; and five the structure of the New Zealand Institute of Chartered Accountants. So all of those things and the detail that is involved with that are things that the Labour Party supports.In terms of the main provisions we see there that the amending rules on who may perform statutory audits—[Bell rung]—I am sorry my time is nearly up. Just going back to what I was saying we do support this legislation. We support the intent of the legislation. We have concerns about the recognition that the Government is giving to the commerce portfolio. That is all I have to offer today. We support the legislation in front of us. Thank you.