Gilmore Aaron: Taxation (Annual Rates Trans-Tasman Savings Portability KiwiSaver and Remedial Matters) Bill — First Reading 
Gilmore Aaron: Taxation (Annual Rates Trans-Tasman Savings Portability KiwiSaver and Remedial Matters) Bill — First Reading 
[Volume:659;Page:8312] 
AARON GILMORE (National) 
: 
 That was a wonderful bit of rhetoric from the member for Waimakariri the Hon Clayton Cosgrove. Maybe it was a deputy leadership challenge. I think the Taxation (Annual Rates Trans-Tasman Savings Portability KiwiSaver and Remedial Matters) Bill is all about some wonderful steps. I think it is great that the member for Waimakariri thinks that the former National Prime Ministers are super. I think it is great that he thinks they are super but I will talk about another super man. Bill English who is in the House has done a wonderful job of putting in place some wonderful portability around KiwiSaver. When I was born New Zealand had a higher per capita income than Australia. Since that time we have gone backwards. 
This bill will allow somewhere in the region of $15 billion to $16 billion as I understand it sitting in Australia right now to come home. Some of the tens of thousands of Kiwis who since the last election a year ago have decided to come home will be able to bring their capital to New Zealand and invest in the things that are here in New Zealand. I think that is a wonderful thing. We welcome them home. Whether they are seniors or young people wherever they come from we welcome them home. They are coming home in droves because what they want is a John Key - led National Government and they are very happy to come here. They want to bring their investments home. 
Our Government is focused on issues of growth but the member who just resumed his seat Clayton Cosgrove talked about the vagaries of history. I do not care really about the history; I care about the future. The other thing I want to talk about is the fact that the portability of KiwiSaver will allow some people to bring money here. The member has worked in Australia. One of our members who spoke earlier worked in Australia. They have money tied up in superannuation schemes there and they can bring it home in KiwiSaver and that money can then be used to invest in and grow New Zealand businesses. 
I want to touch on one other aspect of this bill that no one has spoken about and that is the technical issue around non-resident oil-rig operations. This country is mineral-rich. We have spoken a lot about Australia and Australia’s wealth. Well our third-biggest export last year was oil despite what people believe. This bill will push out for a bit longer some of the exemptions that the oil rig operators have. At the moment there are two oil rigs drilling off the coast of Taranaki and I expect there will be more in the next 6 months. There is something like $1 billion being invested in oil rig drilling operations over the next 6 months and some of them will be successful. That will allow us to grow our economy faster and catch up with Australia. That is all I want to touch on. I look forward to further debate at the select committee. 
Bill read a first time.  
Bill referred to the Finance and Expenditure Committee.