Genter Julie AnneHon JULIE ANNE GENTER (Green): Tēnā koe Madam Speaker. Tēnā koutou e te Whare. I'm just going to take a short call on this bill. As I said in my second reading speech on the bill this bill will finally implement something that the Green Party has called for since 2013 at least—so over 10 years. At that time Russel Norman was our co-leader and finance spokesperson and made the point that this type of scheme would be similar to an Australian type of scheme. Far from what the previous speaker said it's not actually falling on the Crown. It's ensuring that ordinary people don't lose their savings up to $100000. Their savings are protected in the case of financial insolvency or a collapse in the financial sector. It ensures that the funds that are available for that are paid by the institutions themselves. Of course those institutions especially the four largest banks operating in New Zealand which are not owned in New Zealand have been excessively profitable for many many years. This is a sector that cannot fail it is too big to fail and takes excess profit and takes—essentially a kind of I would say tax in the way that the parties on the right use the word tax. Like it's money that New Zealanders are paying but rather than it going towards public services or public goods that benefit New Zealanders it's going to the private shareholders of the banks and that's not particularly good for the economy it's not good for our people—Simon Court: It kind of is because then they keep lending us money. I mean that's the point isn't it?Hon JULIE ANNE GENTER: My colleague to the right seems to think that the banks are the ones who are responsible for the society and the good that we have these private shareholders. And yet the banks are institutions that exist because of rules made up by people and at the moment those rules are enabling those shareholders to make excess profit to make lots and lots of money at the expense of New Zealanders and you know at the expense of the environment in some cases. It's one thing for something to be sustainable but it's quite another for it to take in excess profit. So those are things that are quite clearly defined in the field of economics. I say to my colleague who I don't believe has an economics degree who was previously complaining about people who don't have an economics study commenting on such things—quite the irony. Anyway. Look the bill is good. It's brought in the deposit guarantee scheme that we've been calling for over 10 years. It's great that the two largest parties are supporting that. I guess it takes about 10 years for National and Labour to catch up with the Green Party but that's fine. We'll almost be able to make it on climate change since they now admit that climate change exists. Maybe in 10 years they'll support policies that actually take action on climate change. That would be good. In terms of the changes that were made during the select committee process while I wasn't on the select committee I was happy to see that there was special consideration given to non-bank deposit takers. I laud the role of credit unions and other types of societies that provide really important access to finance for communities and the Green Party would like to see a much bigger role for them in our society so that people have access to finance and financial services without having to pay the extra for you know the big Aussie-based banks for their senior executives and their board members to have lavish lifestyles on their lavish salaries. For their shareholders to get excessive returns while people are struggling with a cost of living crisis here in New Zealand—struggling with rising interest rates rising food prices which are related to rising interest rates. The point is all of these rules are made up by people and we can change them so they work for people and the environment and let's do that. That's what the Green Party wants to do.