Gordon Campbell | Parliament TV | Parliament Today | Video | Questions Of the Day | Search


Minister Complains To ASX About Self Mutilation

Commerce Minister Complains To ASX About Self Mutilation

Wednesday 23 Jan 2002

New Zealand businesses facing extra compliance costs on the ASX are now paying the price for the business ignorance of Commerce Minister Paul Swain and his overbearing leader, says ACT Commerce Spokesman Stephen Franks.

"Complaining to the Australians about the ASX decision not to continue mutual recognition of New Zealand-listed companies, merely makes worse the position the Minister created last year.

"A year ago Ministers Cullen and Swain were busy giving the Australians the impression that they would push the NZSE into the ASX takeover. For political mileage here they falsely claimed New Zealand was a Wild West regime. That just played into ASX hands. It was what they wanted to hear to enable a platform for the move they have now made, to try to force New Zealand companies to abandon the NZSE.

"No strategic analysis supported the Government's enthusiasm for merger of the exchanges. Gradually the implications for New Zealand financial independence and prosperity emerged.

"The Securities Markets and Institutions Bill is the result. As usual, appeasement is useless for fending off Australian designs. It simultaneously destroys some of the remaining competitive advantage New Zealand might have exploited.

"The bill was introduced prematurely to distract from Helen Clark's market-manipulative statements about Air New Zealand. The real reason for low confidence in our sharemarket is the failure of our justice system to ensure that existing law is enforced. That does not take new law, it just takes commitment to ethical conduct. Why then should the Government expect its new laws to work - except perhaps in a few political show trials? There has been no Government will even to fund show trials. A Government that connives to block enforcement of existing law against the powerful (but not the small fry) will never generate basic honesty, which is the main reason for legitimate investor concern.

"The bill is all about the Government saying things it might do, by giving itself new powers - when it has shown already that it is not willing to uphold existing law. The Australians, if they take at face value the Government's own accusations about the NZ regime are right to wait and see whether key things will happen and whether powers available are used.

"Instead of all this, the Government should be making sure that business law of all sorts is readily enforceable and winning a case does not leave the winner out of pocket. The bill should be replaced with something dealing with the real problems - instead of cosmetics," Stephen Franks said.


© Scoop Media

Parliament Headlines | Politics Headlines | Regional Headlines

Werewolf: What Does Winston Peters Want His Legacy To Be?

A lot of people in New Zealand seem to resent Winston Peters and the power that he appears to have. “Appears” being the operative word. In reality, Peters will have power only up to the point that he uses it.

By next week, he’ll have become just another junior player in an MMP governing arrangement, battling to hold onto the gains he was promised. More>>


Rising Toll: Road Safety Needs To Be A Higher Priority

Official advice released to the Green Party under the Official Information Act shows that the previous National Government dismissed an option to make road safety its most important transport priority after being told the road toll was rising. More>>


Wellington.Scoop: Arrests At Blockade Of "Weapons Expo"

“We encourage people in Wellington to get down to the Westpac Stadium now for a day of awesome peace action. There will be plenty of food, music and activities to keep us sustained through the day.” More>>


Rorschach Restructuring: PSA Taking Inland Revenue To Court Over Psychometrics

The Public Service Association will be seeing Inland Revenue in Employment Court over its intention to psychometrically test employees reapplying for their roles at the department as part of its controversial Business Transformation restructuring plan. More>>


Nuclear Disarmament: Nobel Peace Prize 2017 Awarded To ICAN

Congratulations from iCAN Aotearoa New Zealand to international iCAN, the other iCAN national campaigns and partner organisations, and the countless organisations and individuals who have worked so hard for a nuclear weapons-free world since 1945. More>>


Expenses: Waikato DHB CEO Resigns

An independent inquiry has identified that Dr Murray had spent more than the agreed $25K allocated for relocation costs, and other unauthorized expenses involving potential financial breaches of the chief executive’s obligations. More>>


Wellington.Scoop: Sad About The Trolley Buses?

The Regional Council’s MetLink is today spending money to tell us that it really loves Wellington’s trolley buses, even though they’re all being taken off our roads by the end of this month. More>>


Post-Election: Preliminary Coalition Talks Begin

New Zealand First will hold post-election preliminary discussions in Wellington with the National Party tomorrow morning and the Labour Party tomorrow afternoon. More>>




Featured InfoPages

Opening the Election