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Budget 2006: Protecting consumers and investors

Hon Lianne Dalziel
Minister of Commerce

Protecting consumers and investors

Budget 2006 boosts the funding for court cases so the Commerce Commission and the Securities Commission can better protect consumers and investors, said Commerce Minister Lianne Dalziel.

The Commerce Commission Litigation Fund increases by $7.8 million over the next two years lifting the available funds for cases if required to $10.8 million.

The Securities Commission Litigation Fund increases by $5.8 million over the next four years boosting the available funds for cases if required to $8.1 million.

"The Labour-led government wants competition to flourish because it's a vital part of economic transformation as well as benefiting consumers. Dynamic and effective capital markets, which have the confidence of international and domestic investors, are also critical," Lianne Dalziel said.

"The government's support for the Commerce Commission and Securities Commission ensures that businesses can work in an environment that helps foster the growth of globally competitive firms," said Lianne Dalziel.

The Commerce Commission oversees competition and fair-trading law and it was given additional regulatory responsibilities in 2001, while the Securities Commission oversees securities markets and is pursuing litigation under new insider trading powers.

"The government is committed to ensuring that New Zealand remains a great place in which to live, invest and do business," said Lianne Dalziel.

ENDS

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