Salesa JennyDAMIEN SMITH (ACT): Thank you very much. I've met the first lawyer who can't actually read. If you read the bill it says that those investments are subject to the national security interest test which would deal with that Mr Webb—Hon Member: Fearmonger.DAMIEN SMITH: Yes it's pure fearmongering. Also some of the major companies you've mentioned do have international shareholders. So Labour doesn't want the world to give New Zealand money; it's quite clear. We're slipping away from our First World status by an unambitious Government who just if they had any collegiality would sit down at select committee and nut out a possible solution in this area. The time is right for this legislation given the world economic events and they could have killed it at the committee. But no because of pure dogma they decided to kill it there. You had the opportunity tonight to provide my member's bill a real fair hearing and you just wouldn't do it. Labour and the Green Party have sold their own demise. In a year's time you'll see that New Zealand wants real change and overseas investors will be treated as friendly entities from the OECD countries right now. We're not letting them walk in the door; we're just saying If it's a proper investment and it's fast tracked you can build supermarkets here." because there will be no supermarkets built in this country by the time the election comes and Mr Webb knows that. So Australia receives 80 percent more foreign direct investment per capita and their median wages are 40 percent higher than New Zealand's. So under socialism they're happy to not let investment come in and keep people poor and keep young people from having proper jobs when they have to leave for Australia. Even amongst small nations now on a per capita basis Israel attracted twice as much as us and even Estonia is beating us attracting three times as much foreign direct investment as we are. This is all just about policy settings. This bill was just about looking at the settings and working through with the Ministry of Business Innovation and Employment (MBIE) what could be done. Grant Robertson promised me eight months ago that he was having a piece of work looked at by MBIE on foreign direct investment and "Damien you should come along and sit down." I said "Well Grant I'll wait for that." It still hasn't arrived. So being the gentleman that he is I'd like him to release the terms of reference for that and I'll send him a box of lamingtons to say thank you.Also the existing trade laws would have been grandfathered. No existing trade agreement would have been affected by this law. Ingrid Leary from the backbencher B-team who came in at the start to talk about this bill—I mean the people over there have had no experience of international commerce banks or finance and yet they've killed the bill just for the sake of killing it. If that comes from up top with Mr Robertson I'm very disappointed.Just to give you an example in Canada: Canada's GDP 72 percent of that is originated by foreign direct investment. In Australia it's 47 percent and in New Zealand we are a measly 37 percent. New Zealand has closed the doors from the rest of the world and now we're a hermit kingdom and everybody in the Labour Party who's not elected next year should move to Hobbiton and really hunker down and let us get on with the work.Inward foreign direct investment in New Zealand is significantly lower than our international competitors and we have only ourselves and our policy settings to blame. This country's starved of capital. It can't do the infrastructure projects it needs to do and it's because of bureaucracy. The capital is out there the projects are sitting on the drawing board but it's the policy wonks that are getting it wrong. Even more scarily external foreign direct investment i.e. money going out to other countries—it shows that New Zealand has on a global investment scale only got 7.6 percent of its GDP dedicated to going offshore versus 40 percent in Australia. As an example in the United Kingdom—ASSISTANT SPEAKER (Hon Jenny Salesa): Order! Order! The member's time is up."