Young Jonathan: Companies Amendment Bill (No 4) Limited Partnerships Amendment Bill (No 2) — Third ReadingsText is incorporated into the Bound VolumeYoung Jonathan: Companies Amendment Bill (No 4) Limited Partnerships Amendment Bill (No 2) — Third Readings[Sitting date: 24 June 2014. Volume:699;Page:18839. Text is incorporated into the Bound Volume.]JONATHAN YOUNG (National—New Plymouth):Just in reply to some of those comments from Clayton Cosgrove I want to highlight the number of pieces of legislation that went through the Commerce Committee that touch on commerce and consumer affairs. I think that members of the Commerce Committee—of which the previous speaker Clayton Cosgrove is the deputy chair—would say that we are a very hard-working committee. In fact we would claim to be the hardest-working committee in this Parliament where we measure legislation not by pages but by kilograms. [Interruption] I can see that they are sparking up. A little bit of praise and approval—is it not amazing how much the Opposition members all smile? It is a pity they are not getting it out there in the electorate.We targeted loan sharks and provided more protection for vulnerable families. We updated consumer law to give more protections to individuals reflecting the increasing number of online purchases. We improved financial reporting requirements so that 90 percent of New Zealand businesses no longer need to produce full financial accounts. We strengthened capital markets and created more opportunities through crowdfunding which I think is going to be very enabling for the start-up sector in particular. We tightened the regime for those providing financial advice. We introduced standardised reporting for KiwiSaver funds allowing more informed comparisons. We lowered fees for KiwiSaver default members. This is what this Government has done.We strengthened our reputation as a good place to do business. The previous speaker spoke of what the World Bank was saying about New Zealand—the easiest place in the world to start a business and the third-easiest in the world to do business. So our reputation does stand internationally. We progressed our commitments toward a single economic market with Australia. We strengthened the ability of our trans-Tasman regulatory agencies to work together. We have improved intellectual property settings which allows for innovative local companies to grow and to protect the product they develop.We reduced the costs of businesses as far more reporting can be done online. We have allocated the New Zealand business number to 500000 companies allowing business and the Government to communicate more effectively. What a great Government we are. I have to say that we worked under a very excellent Minister of Commerce the Hon Craig Foss.The debate that took place on the original bill the Companies and Limited Partnerships Amendment Bill was one I think that the Commerce Committee probably enjoyed quite considerably. How to protect creditors and consumers but how to not put all the straps on directors so that they are totally bound up by compliance was an issue that we found quite challenging to find the balance on but I believe that we did. The legislation addresses the misuse of New Zealand’s registration scheme by overseas entities as well. It tightens the criteria for company registration and is part of the Government’s Business Growth Agenda to improve regulation and to lift confidence in New Zealand’s capital markets.One of the underlying themes of our Government is that we have worked very very hard to boost growth and allow jobs to be created in our economy. Only a strong economy can provide financial security for families real opportunities for young people safer communities and the high-quality education and health services that all New Zealanders need. These pieces of legislation—the Companies Amendment Bill (No 4) and the Limited Partnerships Amendment Bill (No 2) which derive from the Companies and Limited Partnerships Amendment Bill—are important to achieve that. They shore up and strengthen our regulatory environment especially around the area of commerce financial markets investment etc.One of the things that we found through the financial company collapses is that New Zealanders all over this country—particularly the elderly who had retired—had lost confidence. They had so much of their savings burnt up that this Government took it upon itself as a priority to move through that whole sector and to tidy up clean up and tighten up where needed the different regulations and legislation that would enable investors in our country to invest with confidence again in the innovation the bright ideas and the hard-working companies of New Zealanders.I would just like to say thank you very much to my fellow select committee members for the hard work they have done. Thank you to Craig Foss who does a great job as the Minister of Commerce. I am happy to commend these bills to the House.