Willis NicolaHon NICOLA WILLIS (Minister of Finance): This past week there have been green shoots across this country because we have a Government that is on the side of everyday working New Zealanders that's on the side of taxpayers of ratepayers of mortgage holders and on the side of every New Zealander who uses a bank each week. What we've seen in these past few days are things that make a meaningful difference for everyday people. A reduction in the official cash rate a reduction in interest rates that actually many forecast wouldn't happen for months ahead. I well remember those on the opposite side of the House saying Oh no you'll never get inflation under control. Interest rates will never come down." In fact they said they'd rise again. "Tax relief can never be delivered while interest rates are coming down." In fact this is the case.We have a responsible economic management team back in charge and here's what's happening. Inflation is under control interest rates are coming down tax relief is sitting in peoples' bank accounts and now I have a message for the banks: we're putting an end to your cozy pillow fight too because we won't stand by while New Zealanders have to pay fees that are higher than they should be. We won't stand by while New Zealanders watch their interest rates not being passed on as quickly when they are paying the debt as when they've got the deposit. We won't stand by while our Australian cousins get innovative services new technology and us here in New Zealand get left behind even while the banks extract their profits.We on this side of the House are on the side of markets that work. We are on the side of competition. And we are on that side because we think it is fair that everyday people can know that they are operating in a market where banks are incentivised to give them the best deal possible. So it should be of concern to us all that the Commerce Commission has conclusively proven that in fact our banks are some of not only the most profitable in the world but there is very good evidence that they are not competing hard for New Zealand consumers. And what does that mean? That means that instead of going after those consumers with better prices better services showing them a good deal they're sitting back content with how things are. Well we're not content for New Zealanders to get a raw deal. We want them to get a fair deal. We want them to pay less for all of those fees. We want them to have better services and we are going to take the action required to make that happen.When I talk about these things I reflect on what it's been like for a typical family in this country these past three years because boy oh boy it's been a tough slog hasn't it. We had a Government that thought it would spend its way to economic nirvana. It spent and it spent and it spent recklessly and the result was sky-high inflation. This time a year ago that inflation rate was 6 percent the year before that 7.3 percent. Three years where prices rose and rose—an era of extreme price increases. Every time mums and dads were at the supermarket checkout aisle that price was more expensive still. Whatever it was people were paying more. And then if that wasn't bad enough they watched while the Government leant back and the Reserve Bank leant in and whipped those interest rates higher and higher to try and get a hold on inflation. People with a mortgage they've paid more they've struggled and the shopkeepers have noticed fewer people coming through their doors with less money to spend and it has been tough.So we should all if we are on the side of New Zealanders celebrate the progress that we have seen these past few weeks. And that progress is pretty clear. The Reserve Bank is forecasting inflation to come back in to target this year. With the confidence of that occurring with a responsible Government that's putting fiscal discipline back they've made the decision to reduce interest rates earlier than they ever forecast they could. I have already had the emails and the phone calls from the parents from the families saying "This has made the difference for me." And what's more they've got tax relief in those bank accounts a Government driving better results a Government on their side; us the Government of working people."