Jones Shane: Taxation (International Investment and Remedial Matters) Bill — Third Reading 
Text is incorporated into the Bound Volume 
Jones Shane: Taxation (International Investment and Remedial Matters) Bill — Third Reading 
[Sitting date: 01 May 2012. Volume:679;Page:1786. Text is incorporated into the Bound Volume.] 
Hon SHANE JONES (Labour) 
: 
 Thank you for the opportunity. This is a 5-minute call and it will be followed up by the Green Party our comrades-in-arms. We actually are supporting the Taxation (International Investment and Remedial Matters) Bill and unlike the previous speaker my contribution will echo something sensible and penetrating as came from Mr Mallard. Naturally we are aware of how important the application of a rational tax regime is enabling us to ensure we gain access to international funds but at all times never lose sight of the fact that one of the maladies confronting our economy is the absence of domestic or indigenous savings. Every step we take in this direction unfortunately proves to be a step away from the orthodoxy that the Government is following.  
On many of these large taxation changes or minor taxation changes we look for what is best in terms of “New Zealand Inc.”. This is a set of refinements and indeed some of them follow the work that Michael Cullen did in terms of changes to the international tax regime and a deemed rate of return so there is some tidying-up that has happened there. But we will always raise questions as to whether or not we are simplifying a process for those who are actually inhibiting the development of a domestic funds industry. Of course we are seeing the worsening of this situation once this foul policy to do with privatising our State assets goes ahead and we unfortunately are going to see a drift of opportunity overseas etc. not the least of which we have seen through the sale of our land etc.  
Dare I say it as of yesterday a number of us have been participating with a host of other stakeholders on what is the future of the dairy industry. I fear under the parlous leadership of the current Minister for Primary Industries otherwise known as the Minita o te Atu Matua of the new Ministry for Primary Industries it is evident that although it is not directly related to the taxation that we are dealing with here there is a connection because every opportunity that we produce for investment opportunities to be scooped by people overseas to the detriment of New Zealand industry or New Zealand funds participants is something that should be raised in this House as a matter of key economic public policy. It is unfortunate that this bill along with a host of other measures has never really represented a coherent response as to how in the 3 years since the last election and in particular since John Key and his soon to be departed to Hawaiki nui Hawaiki roa Hawaiki pamamao for redundant politicians John Banks you will find then that a great opportunity has been squandered.  
We wanted to see in a bill of this nature included possibly in this bill further incentives for deepening our reserves of domestic savings through an improved KiwiSaver scheme. We wanted to see something ambitious to do with superannuation policy because that in itself is related to tax but no we have seen this ongoing tinkering. So we hope to engage in the debate because unfortunately as this policy is implemented the policy pertaining to the privatisation of our key utilities and our key assets an impact that they may say on that side of the House is unintended but an impact that is going to worsen the level of ownership that will come to pass in hands that may not be directed towards the best interests of New Zealand. In that case we will certainly be borrowing more and more money and will be reliant more and more on overseas funds.  
That is not to say that we are islands to ourselves and we should not draw from international capital but over time all economies and all successful regimes have to have a balance. This Government this particular Minister of Finance and his sort of inept helpers have worsened that level of balance and it is disappointing that legislation of this nature has not seized the opportunity to move in the right direction. 
The ASSISTANT SPEAKER (Lindsay Tisch) 
: My apology that was a 4-minute bell. I do not know whether the member was going to go for a 5-minute call. I rang the bell at 4 minutes. 
Hon SHANE JONES 
: I will gladly continue in the Ngapuhi dialect. Some would say missionary-trained translator although probably his translation services will be needed somewhere near Coatesville somewhere near Epsom. In fact I think I know the word for Epsom and it is ka mate ka ora—ka mate you die. Anyhow I will come back and round up: yes we do support this bill but the deeper issue which we will never support is an erosion and undermining and an absence of policies to actually grow New Zealand’s depth of savings other than the fact that the current Government believes that by hocking things off New Zealanders are going to be fantastically rich—by hocking things off that are disproportionately going to disappear overseas—and all we are going to see is the new stakeholders wanting to expand revenue. That is higher costs—higher costs in an area where the competition could definitely be improved.