Boyack RachelRACHEL BOYACK (Labour—Nelson): Thank you Madam Speaker. It's a pleasure to take a call on the third reading of the Retail Payment System Bill and I just want to note some comments following the previous speaker from the ACT Party and I want to note—just regarding his speech tonight—that last week ANZ reported their half-yearly profit which was up 18 percent on the previous year showing a record profit of $1.1 billion. And it's very interesting to note that the ACT Party have chosen on this bill to side with big business with the banking sector of New Zealand instead of supporting small businesses who have been doing it tough. It's interesting to hear the ACT Party show their true colours in Parliament and refuse to support a bill that is intervening in a market—Damien Smith: Point of order Madam Speaker. There is no way you can make that comparison of a company's results that sell mortgages business finance corporate finance and in fact—ASSISTANT SPEAKER (Hon Jenny Salesa): That is not actually a legitimate point of order—Damien Smith: No no that is not a reflection of our position and I'd like it withdrawn—ASSISTANT SPEAKER (Hon Jenny Salesa): I ask the member to take a seat. That is not a legitimate point of order. Rachel Boyack.Matt Doocey: I seek leave for Damien Smith to make a personal explanation. ASSISTANT SPEAKER (Hon Jenny Salesa): When one makes a point of order usually they should actually quote the Speaker's rulings that they're making a point of order about and as the Chair of this House it is up to me to decide whether or not a point of order is legitimate. Simon Court: Point of order Madam. In terms of Standing Order 121 Personal reflections" I'd just like to ask if you feel that the member Rachel Boyack through her comments about ACT policy and about the ACT member Damien Smith in fact made an imputation of improper motives against a member and whether that would if she had done so require her to withdraw and apologise. I'd like to hear your opinion on that Madam Speaker. Thank you. ASSISTANT SPEAKER (Hon Jenny Salesa): The Standing Order that you referred to was 120. Is that right? Simon Court: It was 121.ASSISTANT SPEAKER (Hon Jenny Salesa): Standing Order 121 "Personal reflections". In my opinion that is not a point of order; the Standing Order does not apply. Rachel Boyack continue.RACHEL BOYACK: Thank you Madam Speaker. The point I was noting there is that there are times when it is appropriate when a market is not delivering for people or for those involved in that market for Government to intervene and that is exactly what we are doing: delivering on a manifesto commitment from 2020 to ensure that the retail payment system is fair. Look in my electorate of Nelson this is a policy—a piece of legislation—that is incredibly popular. I've spoken to many dairy owners cafe owners who often feel quite embarrassed quite frankly that they have to add an extra fee on to the payments that people are making—adding that fee to the transaction value. For example they're often using payWave because of their commitment to keeping people safe; they want people to be able to make a contactless transaction. So this bill is actually going to ensure fairness in the system for consumers and for the retailers and those hospitality small businesses who are affected by this particular issue. One of the points I'd like to make is the importance of ensuring that all parts of this system have regulation attached to them so that's the totality of charges that are faced on a transaction—including payWave credit and debit card fees and the interchange fee that has been talked about tonight so that for example a merchant a bank couldn't perhaps see one set of those fees reduced and then increase another fee to cover that. So one of the things that the select committee has done which I think is very good is they have looked at that totality of charges to ensure that there is fairness in the system. The Minister earlier tonight noted that there would be some initial designations. There are some areas where the Minister will be putting initial pricing standards in place—and specifically MasterCard and Visa credit and debit networks—so while the legislation will be another six months prior to it coming into effect and for the Commerce Commission to take on their role in the meantime the Minister is making some initial designations which I think is a very pragmatic way forward. So I want to thank the Minister thank the officials and the select committee for their outstanding work on this very important bill which will make a difference to New Zealand businesses and on that note I'm looking forward to this becoming law and I commend this bill to the House."