Williams Andrew: International Finance Agreements Amendment Bill — Third Reading 
Text is incorporated into the Bound Volume 
Williams Andrew: International Finance Agreements Amendment Bill — Third Reading 
[Sitting date: 21 February 2013. Volume:687;Page:8132. Text is incorporated into the Bound Volume.] 
ANDREW WILLIAMS (NZ First) 
: 
 What a great relief it is to stand on behalf of New Zealand First and not be implicated in any part of that previous debate. Obviously our financial ideas must have a bit of weight and a bit of substance so thank you very much Mr Bennett for that glowing endorsement of New Zealand First’s financial policies. In that regard can I speak to the final reading of this International Finance Agreements Amendment Bill and bring members back to the focus of this bill which is basically to sort of rearrange the deckchairs on the world global stage with the IMF—the International Monetary Fund—and the World Bank. 
Over recent decades of course many economies have changed significantly but in terms of their percentages in the overall IMF scheme of things the positions of emerging countries particularly the likes of China India Brazil and others have not been rebalanced. Changes were adopted by the IMF governors in 2008 and 2010 to readjust things on the economic scales in relation to all those economies and New Zealand is one of those countries required to rebalance its position. In terms of this my understanding from reading the bill is that New Zealand’s commitment or underwriting of the IMF is something in the order of $1.9 billion or thereabouts and our contribution to the greater scheme of things of the IMF will be readjusted by the order of $100 million. That is a valuable contribution in terms of our underwriting of what the IMF does to ensure that there is some balance within world economies and particularly in the developing countries which need support and some backing from the IMF to ensure that their economies remain relatively stable. 
In this regard it is also interesting that Australia passed legislation a couple of years ago in about 2010 so we are lagging behind a little bit. It would have been good if we could have put this legislation through Parliament earlier than this and it is somewhat disappointing that it has taken some time for it to get through. It basically does have the full support of National Labour and New Zealand First and it is somewhat disappointing that the Greens are out on a limb on this one once again. 
In terms of the IMF it is interesting that the Government fully endorses it and fully supports the IMF and what it does but as I have mentioned in this House before the Government conveniently forgets other recommendations of the IMF such as the fact that it has commented that the New Zealand dollar is somewhat overvalued and that there should be some adjustment of the New Zealand dollar. So it is all very well for the Government to accept what the IMF does on the one hand when it is convenient to it but when it is not convenient to the Government such as recommendations that perhaps the New Zealand dollar should be eased a little bit that is ignored. In that respect—Mr Speaker I know you will probably pull me back to the bill that I am talking about; I can see you nodding already and suggesting that in that manner—but can I just say just as other members have talked about bicycles kaumatua from Wainuiomata and other long bows can I just suggest as part of my long bow on this subject that it is perhaps time that the member’s bill of the Rt Hon Winston Peters in regard to the Reserve Bank of New Zealand Act was pulled from the ballot—as it was last year but pulled again. It is back in the ballot— 
Hon Simon Bridges 
: Hey you keep the long bow away from the lemon trees. 
ANDREW WILLIAMS 
: It is back in the ballot the Hon Simon Bridges and we hope that the Government this time—because it lost by only 61 votes to 60 which is pretty close—touch-and-go. We were waiting for a couple of Government members to cross the House and come with us and we could see that they were chomping at the bit to do that. We could see and a lot of those members could see because they knew too that after 26 years maybe it is time to review the Reserve Bank. It maybe is after 26 years. You know most things get reviewed a little bit more often than that so the Hon Simon Bridges—I can see you nodding. I can see you nodding in agreement. Come on I can see you nodding. I am absolutely confident that when that bill is pulled again there will be sound thought around it and it will refer back to what the IMF has said in relation to New Zealand’s dollar and New Zealand’s Reserve Bank—that maybe we need to be a little bit more creative in how the Reserve Bank operates to ensure that our economy works more effectively. Part of that of course is for the benefit of exporters and manufacturers and our trading economy to ensure that New Zealand can play its full role in the world economy in terms of what we are potentially capable of doing. At the moment the potential of New Zealand is certainly being limited by where the dollar is. Just imagine where New Zealand could be today if we had just a little bit of easing of that and could help those exporters and those manufacturers that sadly are finding it pretty grim times at the moment with where the dollar is. 
New Zealand First supports New Zealand’s commitment to international organisations. We strongly believe that we have to be a good global player that we have to play our part—as we do—in many areas around the world in many theatres around the world where we do play our part where things are required of us. We are known as being a good contributor on the world scale a good contributor to the United Nations. We have contributed even more people to the United Nations this week which is a good sign and so we are playing our part there. New Zealand First endorses this bill and trusts that it will go through expeditiously.