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Home / Business

The Insider: Too quick for the law

NZ Herald
30 Oct, 2014 04:00 PM4 mins to read

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Sometimes, technology outpaces legislators' attempts to keep it under control. Case in point: the Gambling Amendment Bill (No 2), which MPs dealt with this week. The bill was introduced seven years ago under the Labour Government, mainly to catch up with changes in technology. It became stalled and this week the Government introduced more changes to the legislation - again in a bid to catch up with the latest changes in technology. There is also a Gambling Amendment Bill (No 3) waiting to go. Internal Affairs Minister Peter Dunne says New Zealand and other countries are going through a fundamental change in the nature of the gaming industry and legislators are "fighting a little bit against history", as the internet destroys nations' ability to regulate.

Another institution hit by technology is the country's least read - though possibly most important - newspaper, the New Zealand Gazette, which is now published entirely online. It is the official newspaper of the Government and its administration, and is the authoritative journal of constitutional record. Despite all that, it's hardly a riveting read, and the move to the internet seems unlikely to result in a leap in readership.

Holy orders
The Exclusive Brethren entered parliamentary debate this week for the first time in several years. At their behest, the Accounting Infrastructure Reform Bill now includes an amendment to exempt from membership of an accredited body an auditor who is a practising member of a religious society or order "whose doctrines or beliefs preclude membership of any organisation or body other than the religious society or order". The move mirrors one in the Employment Relations Act allowing Exclusive Brethren members to stay out of unions, put in after they lobbied Labour. The latest exclusion means they are still bound by audit regulations, but aren't members of the official body. The move was supported by all parties, including Labour, though some MPs muttered that the last time they accommodated the religious denomination, it repaid Labour in 2005 by clandestinely campaigning against the party - seemingly a breach of the sect's rules about staying out of politics.

Well-covered
The Ministry of Business, Innovation and Employment has issued an open request for proposals to provide government risk financing and insurance. The documents show that after the Canterbury earthquakes, the days of simply buying insurance to replace losses are long gone for the government. The tendering process signals a move away from "insurance-centric" risk management to wider risk financing/insurance.

New seat, new outlook
The usually rather cocky Trevor Mallard has cut a somewhat nervous figure in his first days in the Assistant Speaker's role. Interestingly for an MP who sometimes pushed things to the edge and beyond, Mallard has been a stickler for the rules and even invented some new ones, demanding that MPs' speeches not only be relevant, but also asking for novelty - a new standard which may prove difficult for some. He also admonished new Act MP David Seymour for bringing a "briefcase" or "schoolbag" into the House. To be fair, Mallard has been equally mean to some of his Labour colleagues, and gave David Cunliffe very short shrift.

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Good old days
The spectre of tough times for retirement businesses was raised this week after a Court of Appeal ruling. The court upheld an earlier decision over equal pay for the industry's mostly female workers. Some of the NZX's most popular stocks are retirement village owners and operators, and anything that hits their profits - such as having to pay higher wages - would indeed be big news. So far, though, investors don't seem too concerned - the share prices of the big retirement village operators barely moved this week.

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