1. SU’A WILLIAM SIO (Labour) Link to this
to the Minister of Finance
What reports has he received on alternative ways of promoting domestic savings?
Hon Dr MICHAEL CULLEN (Minister of Finance) Link to this
Despite the fact that this Government has radically transformed the savings environment in New Zealand in the last year with the introduction of KiwiSaver, with over—
Gerry BrownleeHon Dr MICHAEL CULLEN Link to this
Not a single KiwiSaver account is going broke, and that is about the most irresponsible thing I have heard from that member for an extraordinarily long time. He seems to be confusing finance companies and mortgage investment funds with KiwiSaver funds. Despite the fact that this Government has radically transformed the savings environment in New Zealand with the introduction of KiwiSaver, with over 750,000 New Zealanders signed up to it, I have seen reports to suggest that KiwiSaver should be “adjusted” in order to make savings for tax cuts. That is one issue on which the National Party needs to front up publicly on its plans, rather than relying upon the back-door method of cocktail parties or overseas ratings agencies to get its views out into the public arena.
Has he seen any suggestions for increasing the range of businesses that New Zealanders could invest their savings in?
Hon Dr MICHAEL CULLEN Link to this
Yes, I have seen a suggestion that the Government should partially float State-owned enterprises such as Kiwibank and the power generators so that New Zealanders can buy shares in these companies, which of course we already own. That suggestion was made by Mr English on Agenda last year, and it confirms that rather than choosing his words badly, what has emerged from the National Party conference is an unorchestrated litany of truth about what National really plans to do in the unlikely event that it ever has the chance.
Hon Bill EnglishHas he seen the quote from the Minister for State Owned Enterprises on 13 July 2008 where he said: “Well I’m happy to have floats as long as it’s non core assets.”, and is it the Labour Party’s policy to float non-core assets on the public market; if it is, why is Labour getting so moralistic about any public discussion on this matter?
Hon Dr MICHAEL CULLEN Link to this
The member should float non-core. If the member thinks that Kiwibank is a non-core asset, that KiwiRail is a non-core asset, that Transpower is a non-core asset, that Genesis is a non-core asset, and so on, that is a very fascinating view and we have at last found the weasel words that National could use in Government to justify flogging off those State-owned enterprises.
Rt Hon Winston Peters Link to this
With respect to the variable statements on Kiwibank, has the Government received any reports—
I raise a point of order, Madam Speaker. Firstly, you might like to consider whether the Minister is aware of what the nature of the question initially was. Secondly, he of all people should know that that is not the way to start asking a question in this House.
Rt Hon Winston Peters Link to this
How many times are you prepared to put up with this buffoon making pointless points of order?
Madam SPEAKERThis is question time, not statement time. Would members please note that, so that everyone asks a question.
No, I am sorry; please be seated. Start with a question, not a statement. “Having regard” is a statement. Just ask the question, please.
Rt Hon Winston Peters Link to this
I have no difficulty in doing that by just rearranging the words to say, on savings and the Kiwibank—
No, no, please be seated. You are not turning today into a circus. Please be seated. Now if the member does not ask his question, I will be asking him to leave the House. He knows how to ask a question; he should just ask it.
Rt Hon Winston Peters Link to this
With respect, Madam Speaker, I am entitled to at least point to the subject I am about to ask my question on.
Please be seated. The member knows that you ask a question. That question can, of course, contain that which you wish to know in terms of an answer, but you start with a question. We have had this out in this House many times before.
Rt Hon Winston Peters Link to this
What, where, when, why, and how did the Government learn of variable statements on Kiwibank and savings, and has the Government ever received reports that would suggest that one deputy leader is undermining his leader in the way that happened to Muldoon and Marshall many years ago?
Hon Dr MICHAEL CULLEN Link to this
I think it is fair to say that Government members have been glued to their television screens at 6 o’clock every evening watching TV3, as we watch the unfolding saga of the various statements that the National Party has made. But, of course, we were also fascinated with Close Up last night, when we learnt that Mr Key had no basis in fact for his accusation of Labour Party involvement in the leaking of the cocktail party - circuit rubbish or in the nonsense about the rubbish outside his electorate office.