Tabuteau FletcherFLETCHER TABUTEAU (NZ First): Thanks Madam Deputy Speaker. I take this opportunity to rise on behalf of New Zealand First to add our contribution to this debate and I take great pleasure from it. I actually begrudgingly I suppose—because the nature of my relationship with Mr Hudson and Mr Goldsmith is such that I much prefer to have an argument with them—congratulate them on their constructive contribution to this debate and thank them for the detail with which they have approached this House and actually acknowledge their concerns. Although I do suggest to Mr Hudson that he be careful with the wording that he uses in his contribution because this legislation does not actually set interest rates. Mr Hudson kept talking about the setting of interest rates and the concerns that National had with that. Actually what the legislation does—and apparently there was some debate about that this morning in the public fora—is set an interest and fees cap at 100 percent of that original loan.So I reflect on my time in Parliament because I sought to write legislation as a private member to bring to the House on this very issue—a usury bill based on the legislation that the Australians have used in their interest rate cap of 40 percent. But that was in the time of National in Government. So I knew that that wasn't going to get very far. Although that seems unfair now and perhaps a conversation with Mr Goldsmith might have achieved more than I initially thought—but I doubt it very much.However in conversations with Minister Faafoi New Zealand First has been incredibly pleased to support his efforts—not only he as the Minister but his officials—because what we have here is an attempt to address an incredibly serious problem. With your patience I suppose Madam Deputy Speaker I think it is worth repeating and I acknowledge those who have stood up in this House and highlighted what those issues are.I come from a place in New Zealand that has some of the highest deprivation statistics in the country and so I have seen not only in my office but first-hand out in the community what it means when these mobile trucks go out into our communities particularly these mobile trucks. We know we have predatory lenders who aren't driving to the victims but particularly with these trucks we have not only a predatory pricing regime but a predatory interest rate regime where there are people who initially think a box of cereal is going to cost them 30c over six months say even though they know paying the original amount of $40 doesn't make sense. They know that but in that instance they're convinced by these people that Well don't worry about the actual price. What this is going to cost you is a dollar a week for the next six months." So if you're sitting there and your baby is crying—because this is still what we're dealing with in our communities—then what are you going to do? Unfortunately good people make decisions because of circumstances thrust upon them. What makes me incredibly angry is that we have to have a debate about this in the House to stop people from preying on those in our community who are at their weakest and most vulnerable.So it is with that anger that I say congratulations to all of us here because it sounds like the contributions from the Opposition members means that we should be able to get to a constructive solution in select committee. I actually agree with them on one of those points around what it is that we set that cap at so that it is still a profitable business for lenders—because we need lenders in our society—but how do we make it such that good people are not attacked and preyed upon?I put it to the members opposite—and this will come out in the debate in select committee which is fantastic—that this was exactly the question asked by officials around what is that number. How do we strike a balance? So it will be interesting to see what that discourse and where that 100 percent figure reaches after a debate in committee.This legislation actually follows on from the work again of the good Minister. I was with him in Māngere—I think it was in October last year—on behalf of New Zealand First again because this was exactly the work and the issue that we were trying to address. The Prime Minister was there Minister Aupito William Sio was there as were the Minister himself and myself and we made these first moves in this space. New Zealand First is proud to be part of that—proud to be part of a solution that looks after our most vulnerable in our community.What we are doing is ensuring that we have—I've already said it—that cap of 100 percent of the principal and introduce clear minimum standards for responsible lending. So that actually means establishing a criteria and engaging with those who would seek to be lenders and asking them: are you up to standard? My vision is—and certainly it's my hope—that there are many operators out there who simply will not meet that standard because we don't need them preying on our most vulnerable.It also strengthens the penalties for irresponsible lending. And the former Minister the honourable member Goldsmith spoke about requirements for record-keeping. I think it is fair to say that we do need more information so that we can clearly establish that if a person's income weighed against their existing debt and their obligations to service that debt means they cannot afford to take another loan then lenders should be stopped from issuing another loan. It sounds simple doesn't it? That is exactly more of what we're trying to do here. It makes enforcement easier and it raises the bar to becoming a lender as I said and it improves the transparency of access to redress debt collection itself.My vision New Zealand First's vision and this Government's vision is about getting rid of irresponsible and predatory lenders. It is about consumers taking out loans that they can afford to pay it is about consumers being protected it is about—and I'm grateful for this—those truck shops and it is about empowerment of our Commerce Commission to make sure that lending is responsible.So with all of that in mind with that in our consideration and in our thoughts together as parliamentarians we can reach that goal. It may take some rewriting—and I respect that that may be the case—but I am very proud to stand on behalf of New Zealand First to support this legislation at the first reading. Thank you very much."