Key John: Reserve Bank of New Zealand Amendment Bill — In Committee 
Key John: Reserve Bank of New Zealand Amendment Bill — In Committee 
[Volume:610;Page:7889] 
JOHN KEY (NZ National—Helensville) 
: 
 I intend to take a short call on the title. We have just heard from the Hon Richard Prebble who said that this bill should be known as the “Triumph of Capitalism Bill”. I would argue that it should be known as the “Last Bastion of Capitalism Bill” and not necessarily as a triumph of capitalism. The Reserve Bank legislation is one of the few things introduced in the late 1980s and carried through the 1990s that has remained under the Labour Government. 
When we look at accident compensation we see that as soon as Labour members managed to get their little grubby hands on it it was changed. It was renationalised. Accident compensation was not left alone as the Reserve Bank has been—that would not have had its own title as the Reserve Bank has here. That was the first thing Labour did. Let us look at the labour markets. What do we hear now emanating out of the trade unions? A nasty little backroom deal has been done whereby the Government is to support a minimum of 4 weeks’ paid holiday. Because the Prime Minister went up and down the country and told everybody that she would not support 4 weeks’ paid holiday—and more important told business she would not support it—in this the forty-seventh Parliament she has thought of a crafty way of introducing it in the forty-eighth Parliament.That is what she is to do; that is what is happening in the labour market. I could go on about taxes for ever—so much so that it would bore Mr Cosgrove. I could talk about taxes because that is what is happening in the rest of the market. 
So with regard to the Reserve Bank I am not surprised that the title of this bill is very simply the Reserve Bank of New Zealand Amendment Bill. The Government does not want to frighten the horses. It does not want to frighten the business community because that is happening everywhere else. So the Government does not want to frighten the business community with the Reserve Bank bill. Therefore this bill should not really be seen as a triumph for capitalism. If it was a triumph then all the other things that are required to make a highly effective market operate—an efficient labour market insurance market and human and financial capital market—would be required and that is not taking place here. So I do not think that the title should be dressed up to make the bill appear to be smarter than it is. 
I do think it would be a nice touch if the title reflected the work of the past Governor of the Reserve Bank. He was appointed by none other than Margaret Wilson when she was on the board of the Reserve Bank back in 1987. She was part of a select group that selected Don Brash to be Governor of the Reserve Bank. He shepherded that organisation for 14 years through some very heady times and what a wonderful job he did. He was commended fully in the report that was undertaken on the Reserve Bank yet I do not see any mention of credit being given where credit is due. I would have thought that the words “The Labour Government Would Like to Thank Dr Donald Brash for Being a Wonderful Governor of the Reserve Bank” could be put in the title. New Zealanders would then be able to remember the great name of that fine New Zealander Don Brash for ever more without having to look at a $10 a $5 or a $20 bill because they would see his name in the title of this legislation as well. 
I do not want to take any more of the House’s time except to say that a far more inventive name for this bill could be thought of. We will be proposing something far more inventive and more reflective of the true history of our Reserve Bank by including the name of its former Governor Dr Donald Brash somewhere in the title.