Grigg NicolaNICOLA GRIGG (National—Selwyn): Thank you Mr Speaker. The only words I agree with in Ingrid Leary's contribution just now was that it is a shame that the Government can't support this bill. I rise in support of Damien Smith's Overseas Investment (Exempt Investment from OECD Countries) Amendment Bill and congratulate the member on the bill being drawn.The National Party does support this bill in principle and that's because we do think that there are advantages to it that should have gone to select committee to be teased out. We don't think it's perfect in its entirety but we certainly do think that there are some good ideas in it. And that's primarily because as the Labour Party has once again demonstrated they seem to think that money grows on trees. And most New Zealanders would realise that money most certainly does not grow on trees that we have to earn it and it is hard work earning it. In this country we are small island nation at the bottom of the world. We rely on trade and we rely on foreign direct investment (FDI) and foreign capital coming offshore to our nation to support us.I as the National spokesperson for Land Information New Zealand which oversees the Overseas Investment Office (OIO) have been increasingly concerned actually by the performance of the OIO. It is unfortunately becoming slower and slower and slower and more expensive for applicants to turn-round applications for FDI or foreign direct investment. It takes on average about 126 days or 18 weeks not to mention the millions of dollars for overseas investors to get a response out of the office—whether it is a yes; whether it is a no.Because of that New Zealand's reputation is becoming increasingly hostile to offshore investors. We had an economist speak to us recently and they gave the lovely analogy that if you were a hotel or a resort developer and you looked at Switzerland and you looked at Queenstown to develop a resort you're going to choose Switzerland every day of the week simply because New Zealand is hostile to offshore investors. As they say as a small isolated economy—Anna Lorck: What about forestry?NICOLA GRIGG: Well Anna Lorck mentions What about forestry?" This is the same Government that's looking at shutting off the special forestry test so there won't be any more offshore investment in forestry. Anna Lorck well done for pointing that out!I have to say that this bill does make a heroic attempt to address some of those issues that I've raised. It will exempt investors from OECD nations from having to go through that OIO approval process—except obviously in respect of investments in residential land. We do believe that there are safeguards in place particularly because by its very nature membership into the OECD does require a country to demonstrate a commitment to advancing democracy and God forbid market capitalism. But we also know that many OECD nations are already our allies on particularly national security issues.So those are just my short comments to make. We are disappointed on behalf of Damien Smith. We would have liked to have seen this go to the select committee. We do think there are some good ideas. We do agree that there is some stuff that could have been ironed out particularly any potential impact on existing free-trade agreements and those most-favoured nation clauses—but with those comments we do support this bill but unfortunately Damien Smith it has already been dealt the death knell."