Swarbrick ChlöeCHLÖE SWARBRICK (Green): E Te Māngai tēnā koe. Tēnā koutou e Te Whare. It is a pleasure to rise and speak on this the first reading of the Taxation (Research and Development Tax Credits) Bill. We as the Greens believe that a clean green economy has to be our future because indeed if we don't have a planet if we don't have a sound safe secure environment then we don't really have an economy.I also wanted to reach out across the aisle and say thank you very much to the Opposition for throwing their support behind this piece of legislation. I do think that it's perhaps the first time that I've ever heard from the National Party fears or concerns about tax credits or reducing tax but I absolutely invite their critiques on this piece of legislation because that robust scrutiny is going to be incredibly important at the select committee process.This piece of legislation is important because New Zealand is presently behind the rest of the world but we typically actually pride ourselves on being at the cutting-edge. We're behind the rest of the world when it comes to our investment in research and development—a point which has been noted by speakers prior to myself but I think it's important to put it on the Hansard in detail—and New Zealand's investment in research and development measures at 1.26 percent of GDP which is well below the OECD average of 2.35 percent. New Zealand is also behind on the number of patentable ideas produced with most OECD countries producing nearly four times the amount produced here in Aotearoa New Zealand.I think that we're a country and a people and a society that prides ourselves on our innovation and indeed on our ideas. The purpose of this legislation is to get behind those ideas and incentivise them with as little bureaucracy and red tape as possible. Why we are stoked about this methodology as opposed to what other members from the Government benches have criticised the grants-type approach is that grants appear to pick winners. There is absolutely a competitive process but it isn't as simplified or as streamlined or as available to all companies who are investing in that research and development and innovating. There therefore are barriers to entry and it's not available to all. Tax credits remove that bureaucracy and ensure that all who are investing obviously within that threshold are able to get that tax credit. So too I think it is important to note that this diversification which is enabled by way of investment in research and development and indeed in innovation is incredibly important to build a more robust and sustainable economy—one which adds value. New Zealand has often actually led the world when it comes to our innovation and ideas in services in software and in products. I think that it's also worthwhile noting that throughout the select committee process it would be incredibly valuable for members of the select committee as I'm sure will come up throughout the submissions process to take into account that it's presently kind of unclear how loss-making companies—which notably is the situation for many start-ups and small businesses which has been cited by many members—will be catered for under this new regime. So that perhaps is something worth taking into account throughout the submissions process and indeed I would invite any member of the public who is interested in this riveting piece of legislation—I promise it is riveting—to engage in that select committee process. It creates essentially a more level playing field because it is moving away from this system of grants and picking winners. Instead it is available to all of those companies who engage in that investment in research and development. I just finally—despite the cross-partisan sense of great unity—want to bring to account a few of the tiny things mentioned by the previous speaker Lawrence Yule when he noted that it was under the National Government that we steamed ahead with our diverse and our highly productive economy. Just on one point in particular I wanted to state and fact-check the point that labour productivity in the final years of the National Government was at the lowest that had been seen since 1996. So I think that's just an important fact to put on the Hansard if we shall entertain such facts. But moving back to that unanimity and that great sense of innovation and collaboration which I'm stoked to see lighting the way across the House this Thursday afternoon the Green Party is incredibly proud to be supporting this piece of legislation and would like to tautoko the sentiments raised by my colleagues—particularly from New Zealand First—in bringing this idea to the table and making it happen in this Government through the coalition agreement. We're incredibly proud of this move. I would also—just finally—like to make the point that this is something which I hope Russel Norman former Green Party co-leader will be incredibly happy with given that it is something that he advocated very loud and strong for for quite a long while. Kia ora.