Waititi Rawiri; Willis NicolaRAWIRI WAITITI (Co-Leader—Te Pāti Māori): Thank you Mr Chair. Just very quickly as I read through this piece of legislation and going on from what my colleague has just mentioned around Māori accessing the New Zealand Superannuation Fund and due to our mortality rates—dying seven to 10 years earlier than everybody else—it seems to me that this particular fund has built up its funds due to those who maybe don't have access to it including Māori. My question to the Minister is: will this legislation allow for the superannuation fund to invest in closing the mortality gaps for Māori? Is there a priority for this National Government to then start to put pressure on the New Zealand Superannuation and Retirement Income Act and the Guardians of New Zealand Superannuation to start to look at closing the mortality rates investing in those who probably have contributed more to the superannuation because they haven't accessed it—that being Māori.And my colleague also talked about the ability to lower the superannuation rates so we are able to access superannuation due to many of our people working in precarious labour - type jobs for many many years. Many of them don't own homes we're renters and so the investment into housing the investment into better health outcomes I think would be a better spend for the New Zealand Superannuation and Retirement Income Act. And whether the Minister would guide the Guardians or have this piece of legislation ensure that those who are not accessing superannuation because they're dying earlier are able to access that through investment funds where we're able to start closing those particular gaps. That's the question I ask of the Minister.Hon NICOLA WILLIS (Minister of Finance): I thank the member for his question. I think he appreciates that some of his question relates to aspects of the superannuation scheme in New Zealand which are outside of this bill that we are debating tonight in terms of the age of eligibility for superannuation.However the second part of the member's question which relates to the nature of the kinds of investments the super fund can make and may make in future is I think relevant to the bill because what the bill says is that the fund in future can take a controlling interest in a broad range of entities. What the Guardians are required to consider when they make those investments is whether they are making those investments in a prudent and commercial way that is consistent with their statement of investment standards policies and procedures and that is consistent with their governance framework.And it is not hard for me Mr Waititi to imagine that there will be investments which have two benefits which provide commercial return but also provide enhanced wellbeing to Māori people. There is an example in that list of organisations I just discussed: Awanui. They are the leading provider of laboratory and pathology services in New Zealand. The provision of health services that are effective and efficient can be life enhancing. But I have an aspiration which is that I would like to see more New Zealanders feeling that their superannuation assets are being invested in New Zealand assets. And I think that the super fund is a vehicle which in some senses is highly democratic because even if you yourself don't have a KiwiSaver fund by virtue of being a New Zealander you can claim a stake in the New Zealand Superannuation Fund. So when the New Zealand Superannuation Fund goes out and invests it is quite literally investing on behalf of every single taxpayer and New Zealander and therefore in making those investments has the capacity I think to make positive social and commercial impact for New Zealand.Here's a number for the member and others to reflect on: New Zealand investment represents only around 14 percent of the super fund's current total portfolio. Less than 1 percent of that is in infrastructure. So the point that I would simply make is if we want the super fund to be more invested in activities that create prosperity for New Zealanders and that create commercial return for New Zealanders then we should be broadening out the scope. And a bill like that that we are doing tonight will actually broaden out the scope of activities I hope that the super fund will consider. And I look around the world and I see the positive effect that social bonds and social venture investment has had and the willingness of pension funds in other parts of the world to invest in those vehicles because again they have that patient investor mind-set that long-term return mind-set.So to come back to the beginning of course the super fund still has to be looking for commercial return and prudent return but as any good investor will tell you often commercial return and prudent investment comes hand in hand with offering positive social or environment impact to the benefit of Māori and to the benefit of all New Zealanders.