Waititi RawiriRAWIRI WAITITI (Co-Leader—Te Pāti Māori): Tēnā koe e te Pīka otirā tēnā tātou e te Whare. I rise on behalf of Te Pāti Māori to speak to the first reading of the Reserve Bank of New Zealand (Economic Objective) Amendment Bill. Te Pāti Māori will also be opposing this bill. The decision in 2018 that required monetary policy to be conducted so that it contributes to supporting maximum levels of sustainable employment within the economy was welcomed and long overdue. Previously the Reserve Bank was only mandated to control inflation which it does by changing the official cash rate which is the interest rate at which banks can borrow money. Banks use this to help set the interest rates on loans as well as savings accounts.Limiting the amount of information that the Reserve Bank can consider is ridiculous. It makes absolutely no sense. Get our country back on track? This change takes us back to 1992. It takes us back in regard to the campaign slogan in the 2023 elections stated by National and the New Zealand First parties. This is the first legislation of taking us back" to a period where the few control the many. This is what outdated legislation looks like. It is no longer 1992 for goodness' sake. We must shape legislation that ensures decision making has outcomes positive for all communities not just a few rich that fund those in Government benches. Therefore we are disappointed that this new Government has set a bonfire to its commitments by repealing the mandate which allows the bank to look at employment when making its decisions. We know this change will disproportionately impact tangata whenua. Why? Because members opposite in regard to this legislation and the looming Order Paper are taking us backwards having no regard at all for vulnerable populations. Not only will this adversely affect Māori but you can spray a fire hose across this House and not hit any Pasifika whānau. The Government benches are a disgrace in not having the voice of our Pasifika whānau endeavouring to blunt the brutal legislation.Māori unemployment stubbornly sits at double that of general unemployment. Māori unemployment has risen to 7.6 percent in the year to 30 September 2023—up 1.2 percentage points. There is a clear ethnic divide between those more likely to be in insecure employment. Māori and Pasifika peoples have been heavily hit by manufacturing downturns stretching back into the 1980s. Māori and Pacific workers in particular are disproportionately represented in precarious temporary and seasonal work. It's often these same workers who are having to work two three or sometimes even four jobs just to scrape by.This repeal knowingly locks out people into the last hired first fired category and this takes us back to a period of overt known consequences and the Government benches take great delight in these known consequences. There is nothing efficient or sensible about limiting the data and inputs that inform monetary policy decisions. We must also be clear that it is very unlikely that this bill would lead to lower inflation. Where is the modelling? Where is the evidence that this repeal will have the material effect on inflation that members opposite believe will appear by petition? It is one thing to argue the cost and benefits of legislation; it is another thing to merely repeal it to pay back a few billionaires who will do well under neoliberal economics.This repeal is being rushed through under urgency and the knowledge that the majority of citizens in Aotearoa believe Governments would never move legislation that locks in disadvantage—the ability to achieve a brighter and better future for all citizens.This is the first piece of legislation that sheds a shining light on a Government that is anchored by coalition agreements inspired by the advocacy of clear targeted dislikes of matters Maōri in regards to foreseeable consequences. So many people across Aotearoa are trying to survive this cost of living crisis which for Maōri and working people is on top of the entrenched poverty crisis that they have been surviving for decades. Instead of urgently implementing policies to help people get into secure homes put food on the table and pay the bills this Government is doing the exact opposite. Kia ora tātou."