Woolerton R Doug: Estimates Debate — In Committee 
Woolerton R Doug: Estimates Debate — In Committee 
[Volume:648;Page:17469] 
R DOUG WOOLERTON (NZ First) 
: 
 By and large over the last number of years New Zealand First has supported wholeheartedly the stance on finance that the Labour-led Government has mapped out for us and its actions. It is interesting to see that the National Party in its wisdom is now changing over to many of the policies it previously railed against. By election time I do not think there will be many policies put in place by the Labour Government that National will undo after all. 
It is interesting to see though that the National Party’s spokesperson on finance is in his comments doing what I have seen him do a number of times just prior to announcing another policy. What he and Mr Groser are saying in shorthand in their speeches is that because Labour has spent all the money National will not be able to deliver on its promised tax cuts. I would like to say that now because people should understand what is going on over there and what those speeches actually mean. In this case they mean that National will not be giving more tax cuts than those laid out on the table by the Labour-led Government. That is what those speeches were about—nothing more and nothing less than that. 
New Zealand First has wholeheartedly supported KiwiSaver and it has supported Working for Families. We have supported those moves enthusiastically. Sadly there are two areas where we have not been able to agree with the Labour-led Government. One of those concerns the Reserve Bank of New Zealand Act. We have said as friends that we would like to see the Governor of the Reserve Bank widen his target from just inflation and take into account exporters and employment in this country. It is time to move beyond the single target of inflation because we believe—and this has been proven in our view over the last year or two—that that is having a detrimental effect. That is No. 1. 
The other area we disagree with the Government on is one that is dear to our hearts—that is New Zealand ownership. We were sorry that the Minister in the chair Dr Cullen and the other Minister saw fit to agree to a 100 percent takeover by Nutritek of a new dairy company south of Timaru called New Zealand Dairies Ltd. We were sorry to see that happen. We also believe—and I notice an article in the  
Independent  
goes on about this—that it should not be possible for other countries to own dairy companies in New Zealand at the level of 100 percent. We believe that is detrimental and that all of the profits from that wonderful industry should be retained in this country for the benefit of farmers their families and ultimately of every citizen of New Zealand. We are sad that moves were made to allow those things to happen. I am sure that people are aware that our laws in this country work on the basis of precedents. If we have a situation where a 100 percent takeover by Nutritek is approved by the Overseas Investment Office then it will be very hard in the future to refuse other companies—companies that at the present time are minor shareholders in admittedly smaller dairy companies around the country—a 100 percent shareholding when that time comes. 
We always have to understand our relative size in world trade when it comes to these matters and we can see the day coming when we will have unfriendly takeovers going on throughout the country. And yes we can see the day coming when if this takeover is allowed unfriendly shareholders will involve themselves in Fonterra also. 
Vote Finance agreed to.