Commerce Minister Simon Power to retire from politics at next election

Commerce Minister Simon Power has announced he will leave politics at the November 26 election to pursue opportunities in the private sector.

Power, who is number four on the National Party list and MP for Rangitikei, is also Associate Minister of Finance, Minister of Justice, Minister for State Owned Enterprises, Minister responsible for the Law Commission, and Deputy Leader of the House.

Power, who trained as a lawyer, entered Parliament in 1999 and is 41 years old.

Prime Minister John Key said he was informed of Power's decision on Sunday and expressed surprise at the decision. Seaking on Newstalk ZB this morning, Key said he was "flabbergasted" by the decision and that Power could have made a good Prime Minister.

See the release from Simon Power

Simon Power, the MP for Rangitikei and the fourth-ranked Minister in John Key's National-led Government, is to retire from politics at the election in November.

Mr Power said he was looking forward to continuing to contribute to New Zealand's growth, but in the private sector.

"It's time for new challenges and new opportunities.

“I've been extremely privileged to serve in the Cabinet under Prime Minister John Key, and as the Member for Rangitikei since 1999.

"It's been an exciting and rewarding time and I've achieved a lot, but now I feel it's time to move on to something else."

He said he had discussed his decision with Mr Key and Deputy Prime Minister Bill English, who were supportive of his move.

"I've thoroughly enjoyed my time as the holder of three warrants in this Government, and am not closing the door on future public roles, but it's time for new challenges."

Mr Power is Minister of Justice, Minister of Commerce, Minister for State Owned Enterprises, Minister responsible for the Law Commission, Associate Minister of Finance, and Deputy Leader of the House.

"I'm proud of the reforms I have instigated and driven in the commerce area – the changes in oversight and supervision of financial markets, and the new regime around corporate trustees and financial advisers. Leading work on the Single Economic Market with Australia has been particularly enjoyable and rewarding.

"I have also enjoyed using the experience I have gained to refocus state-owned enterprises on better performance, refreshing their commercial boards, and driving the move towards public disclosure regimes that are based on those of publicly listed companies.

"And we have turned the justice system on its head with badly needed reforms.

"We have introduced police safety orders to combat family violence, the $50 offender levy to fund new services and initiatives for victims of serious crime, initiatives around sexual violence and the protection of children and vulnerable people, and DNA collection to help clear unsolved crime. We have also made it harder to get bail, removed parole eligibility for the worst repeat violent offenders, and targeted gangs.

"And there is much to do before the end of the year – we've got to get the Financial Markets Authority up and running, make changes to liquor laws, crack on with work to simplify and speed up the justice system, progress the Single Economic Market agenda, and finish the review of the Securities Act.

"I'm grateful to the Prime Minister for allowing me to stay in my portfolios until the election so I can complete this important work.

“National's Rangitikei electorate committee will be selecting its candidate in the near future, and I look forward to supporting that person in the campaign, and working hard to ensure a John Key-led Government is re-elected in November.”

Mr Power took Rangitikei from a marginal seat with a majority of 289 in 1999 to one with a majority of 12,042 at the last election.

Here is the reaction from Prime Minister John Key:

Prime Minister John Key today expressed his sadness at the news that senior Government Minister Simon Power will retire from politics at the election.

“Mr Power is an outstanding Minister and has played a key role in the National-led Government,” says Mr Key.

“He has also been an outstanding Member of Parliament, and representative for the people of Rangitikei, since his election in 1999.

“I am saddened that he will be retiring from politics at the election and he will be a great loss to National.

“Mr Power has worked extremely hard and has been completely on top of his many important portfolio responsibilities.

“I was informed of his decision on Sunday night. It has come as a complete surprise, as I’m sure it will to most people in the National Party and the Government.

“However, I accept his decision. Mr Power is hugely talented and has been dedicated to his political career. He is a loss to New Zealand politics, but I’m sure that he will continue to make an outstanding contribution to New Zealand in whatever he does next.

“Mr Power will continue in his portfolios until the election.”