Bayly AndrewANDREW BAYLY (National—Port Waikato): Thank you Madam Speaker. It's a pleasure to be speaking on the third reading of the Retail Payment System Bill. That wasn't a bad effort from the Minister and I just wish we all had the opportunity to have people write us notes.But I think the first thing I'd like to say is after socking small businesses with about $3.5 billion worth of extra costs over the last nearly five years I've got to say—when you think about all the different things all additional taxes that Labour have thrown at small businesses—I hardly think this bill is going to cut the mustard. It is good we will support the bill; we have supported the bill. But if you think $74 million against $3.5 billion that's been thrown against our small business owners is going to really save them I don't think so.The other thing I find amusing is that the Minister said We've fulfilled Labour's 2020 election promise." So we've just had two years where many small businesses have just about gone out of business if they haven't already gone out of business because it's been so tough during COVID lockdowns particularly for businesses in Auckland and the Waikato but across the country—even in Dunedin where the Minister comes from. Here we are and this thing is going to take—it will be in force come into play six months from now. So effectively we've gone from 2020 to 2023 before small businesses are going to benefit from this $74 million benefit. If it was that high of a priority why haven't you pushed it through under urgency? All the urgent bills that have come through this House over the last couple of years why didn't you push this through if it was so important? Why didn't you help our small business owners quicker with at least one little thing so they can think "Well I've got something out of this Labour Government."?But just to put it in context $74 million across 536000 small business owners. Not everyone's going to be using credit cards and so on but let's say that's about $110 million a year—$110 million is the savings a year. There will be some that get a higher amount of savings there will be some that get less but it hardly is going to help it. But none the less we will support the bill and we have supported the bill.But I don't think Labour members should stand up and say "This is a panacea for our small business owners." Because unfortunately it's not. Unfortunately if we get the opportunity to get back in 2023—if we get the opportunity—one of the big things we're going to have to do is to deal with the huge avalanche of costs and compliance issues that have been imposed on them by this Labour Government.Anyway there are good parts as the Minister talked about. Just to be very specific—if people are listening at this stage to this third reading which means it's going to pass tonight—there's going to be a cap on the interchange fees. As the Minister quite rightly said interchange fees are the major part of merchant fees so there's a cap of 0.8 percent on credit card transactions 0.6 percent for online debit card transactions 0.2 percent—or 5c per transaction—for a contactless debit. So what this means is that if you have a Visa or MasterCard they will be subject to these fees. Just to be clear Diners and American Express (Amex) are not included under the current regulations and I do stand to correct a comment I made at the second reading. Amex weren't covered by this arrangement in Australia when it was put in place—and of course this is mirroring what went on in Australia. But none the less this bill gives the Minister and the Commerce Commission to recommend of course that if one of those entities should be part of the regulations then the Commerce Commission will have to recommend it to the Minister.The big thing we talked about yesterday during the committee of the whole House stage is what is the threshold that a new card might enter this arrangement? It was very unclear whether it's a market value test a market share test because the rules around that are very unclear. It just sets out the process and some of the guidelines that the Commerce Commission might adopt but without really tangibly helping anyone to assess whether or not they might be put in place.A lot of changes made in the select committee—I think some of them are very good and I thank all colleagues across the House in terms of making those. One of the big things is MasterCard and Visa are large internationally arranged businesses. New Zealand needs to be careful that if we're going to impose regulations on a global operation then we need to be mindful that we are at a very small end of the global arrangements. So one of the important changes the committee did make is the process for the Commerce Commission how it would engage with those network operators to make sure that any changes—if they were so sought in New Zealand—could be put in place where appropriate because the last thing we'd want is some of those credit card operators to pull out of New Zealand.Look there is a whole lot of other stuff but I'm not going to talk about it. I think we've canvassed it. As the Minister said it was only but yesterday that we were going through the details of this. We move on and just acknowledge as I said before members of the select committee and also the officials.Long may our small businesses prosper and hopefully get over the past two years of such a dreadful period in New Zealand as we've gone through this period of COVID lockdown and hopefully this is but a small part that will help them on their journey. My view is that we need to look after every small business not only the owners and the people who put up the capital but the people that work in them. They are the driving force—the economic force—of New Zealand and it's so vitally important that we look after them."