Radhakrishnan PriyancaPRIYANCA RADHAKRISHNAN (Labour): Thank you Madam Speaker. I have been doing a little bit of reading—which is probably a good thing seeing as I'm taking a call on this bill—into the issue of super and the change to the residency requirement which of course will disproportionately impact some people and I'll get to that in a minute. But I just wanted to I suppose acknowledge right at the outset as my colleague Dr Deborah Russell did that New Zealand super in some form or other—a form of pension—started back in 1898. At that point it was means-tested. And then fast forward to 2001 the Hon Michael Cullen who was Minister of Finance at the time established the New Zealand Superannuation Fund as we know it. As others have mentioned in this House it is a generous payment. It is universal for one. And compared to other countries many of which take different views I guess on superannuation payments—for example some are calculated based on contributions that people make to their own pension—compared to all of that what we have in New Zealand is generous and I just want to acknowledge that at the outset.Now as we know if you're legally a resident if you've lived in New Zealand for 10 years after the age of 20 including five years after you turn 50 you're eligible regardless of where you've come from or how much you've contributed to New Zealand. And I take the point that others have made but I do also want to push back a little bit on that because as I mentioned it is universal and so it's available to everyone here in New Zealand regardless of how much they've contributed to New Zealand. So that is not the point upon which I'm arguing my support for this bill to select committee; instead it is on the fact of sustainability. The point that I want to make there is that this Government resumed contributions to the New Zealand Superannuation Fund. The previous Government's failure to invest in the retirement plans of New Zealanders put those plans at risk and the opportunity cost of that is $14 billion. So if the previous Government had actually invested at the rate they really should have perhaps we wouldn't even have to have this debate at this point in time. Hon Damien O'Connor: Borrowed $80 billion.PRIYANCA RADHAKRISHNAN: That's a good point that the Hon Damien O'Connor makes. The previous Government borrowed $80 billion. So when members across are yelling out that this Government's borrowing money they obviously have no idea what they're talking about. [Interruption] DEPUTY SPEAKER: Order! Order! Everybody can we just focus on the bill. PRIYANCA RADHAKRISHNAN: Sure Madam Speaker. There's a fair bit to focus on as well. Anyway as others have said as well on this side of the House we believe in keeping the eligibility rate at 65 because not doing so would actually disproportionately adversely impact certain groups of people who have lower life expectancies. So that's that issue there. Now the point that I made at the start was that this bill will disproportionately affect some people and that's because immigrants from certain countries we have social security agreements with won't actually be affected by this but immigrants from countries like China and India will. Is that an argument not to support the bill? Again I go back to the point on sustainability and that's the argument that I would make in terms of my support to see this bill go to select committee. But what I will say though is that I would like to encourage all those who would be affected by this and groups that work with those who would be affected to have their say at select committee and to actually come and tell us. Of course we have one of the most transparent parliamentary systems in the world where virtually anybody can come and tell us how a bill will affect them and how it will impact them and I encourage them to do so. I'm not sure why the member Andrew Bayly's making faces at me from across the House but that's the whole point of the—Hon Member: That's just how he looks normally.PRIYANCA RADHAKRISHNAN: That's just how he looks—ha ha! But that's the whole point of the select committee. So I would encourage the member to engage widely as well because we do want to hear all sides of the story and from people who would be affected in various ways and I will be helping him with that as well. I look forward to the discussion.Andrew Bayly: Are you joining the committee?PRIYANCA RADHAKRISHNAN: I suspect this is going to come to a select committee that I'm on and I look forward to the debate on that. I commend this bill to the House.