Banks John: Overseas Investment (Restriction on Foreign Ownership of Land) Amendment Bill — First Reading 
Text is incorporated into the Bound Volume 
Banks John: Overseas Investment (Restriction on Foreign Ownership of Land) Amendment Bill — First Reading 
[Sitting date: 15 August 2012. Volume:682;Page:4425. Text is incorporated into the Bound Volume.] 
Hon JOHN BANKS (Leader—ACT) 
: 
 The ACT Party opposes this xenophobic exercise in economic nationalism. That is what the Overseas Investment (Restriction on Foreign Ownership of Land) Amendment Bill is. It is a xenophobic exercise in economic nationalism. What a cheek—the Australian leader of the Green Party coming into this Parliament and wielding this xenophobic piece of legislation in the House. But at least he is smart enough to line up the Labour Party to go with him like one of the lemmings. 
One of the great leaders of this country once said to me: “Some doctors make you well and others make you sick.” Well I can tell Dr Norman that if he wants investment growth and jobs in this country then this proposition is sick. This bill is diametrically opposed to the best interests of this country. Members should know that when it comes to welcoming foreign investment in New Zealand New Zealand is already an international laggard. Every few years the Organization for Economic Cooperation and Development measures how open countries are to foreign investment including investment in land. Members should get used to the idea. The same members might be surprised to hear that out of 55 countries measured New Zealand is the sixth most restrictive country on foreign investment. What are foreign owners going to do with the land? What is a self-respecting Aussie who wants to come to this Parliament going to do when he buys his one-bedroom flat in Manukau Road in Epsom in my electorate? He cannot take it back to Aussie when he has finished with his political career come the next election. It stays here. It is an investment here. There are fewer restrictions on investing in Russia than there are here. 
If we wish to prosper we need foreign investment. 
Hon Clayton Cosgrove 
: Where is Dotcom from? 
Hon JOHN BANKS 
: I can say to “Mini-Mike” that if we want to prosper— 
Hon Clayton Cosgrove 
: Better that than “Mini-Rodney”. 
Hon JOHN BANKS 
: The downmarket version of Mike Moore—that is whom we are hearing from—is yapping across the other side of the House. I want to hear him. I cannot understand the Labour Party members who want to be on this side of the House. The previous speaker David Parker was parachuted into the Epsom electorate got 2000 votes and we have not seen him on Broadway in Newmarket ever since. 
I want you to know that we know we need foreign investment because up until approximately 1000 years ago there was no foreign investment in New Zealand. There were no jobs either 1000 years ago. There was no foreign investment and no jobs. Foreign investment equals jobs foreign investment equals productivity foreign investment equals foreign exchange earnings and foreign investment equals the fact that New Zealand is going to go ahead and be able to compete with the rest of the world. 
Take this example Labour Party people over there. James Cameron listening on his crystal set in the Wairarapa tonight will be appalled. The best film director in the world will soon live within an hour of this Parliament. He is bringing his capital he is bringing his know-how and he is going to bring many many jobs to this country. But the Labour Party and the Australian leader of the Green Party do not want James Cameron here. The Australian leader of the Green Party does not want James Cameron here. With this legislation if we pass it through here James Cameron the greatest film director in the world—one of the great ones—will not be welcome in this country. Only the Green Party would want to discourage that kind of investment—only the Green Party. Only an interloping Australian leader of the Marxist Green Party in this Parliament would want that kind of legislation foisted on the people. 
This bill actually tells us quite a lot about the Green Party does it not? It is a party of old dudes and young fogies—old dudes and young fogies. One of the older members Steffan Browning said that this bill is “totally timely”. That is what Steffan said—that it is totally timely. As modern as it sounds this bill would be a step backwards towards fortress New Zealand of old. This would be fortress New Zealand of old. People would be packing up their bags and fleeing to where that joker fled from—Australia across the Tasman. Well we say to the Australians unlike the Australian leader of the Green Party in this Parliament that if you want to come to New Zealand invest in New Zealand buy land in New Zealand buy property in New Zealand create jobs in New Zealand and create wealth for New Zealand then you are welcome. 
This bill would be a disaster for this country. It would close down New Zealand when it needs to be opening up and would leave the nasty aftertaste of Green xenophobia in our mouths. That is what it would do. It would leave a nasty aftertaste of Green xenophobia. I have not heard in the last 8 months what that party stands for in terms of investment growth jobs and creating wealth and foreign exchange earnings. [ 
Interruption 
] Ah the little yapper there. He has never had a real job in his life—