David Caygill

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Hon. David Caygill
34th Minister of Finance
In office 14 December 1988 – 2 November 1990
Prime Minister	David Lange Geoffrey Palmer Mike Moore
Preceded by	Roger Douglas
Succeeded by	Ruth Richardson
Constituency	St Albans
Born	1948 Auckland,  New Zealand
Political party	Labour

David Caygill, CBE (born 1948) is a former New Zealand politician. After being New Zealand's youngest city councillor at 22 (in Christchurch), he was an MP from 1978 to 1996, representing the Labour Party. He served as Minister of Finance between 1988 and 1990.

Contents 1 Member of Parliament 1.1 Minister of Finance 2 Life after politics 3 Further reading

[edit] Member of Parliament

Caygill was first elected to Parliament in the 1978 elections as MP for the Christchurch electorate of St Albans. When the Fourth Labour Government was formed after the 1984 elections, Caygill aligned himself with Roger Douglas, the controversial Minister of Finance. Douglas, Caygill, and Richard Prebble were together dubbed "the Troika", and were responsible for most of the economic reform undertaken by the Labour government. The "Rogernomics" reforms, which were based on free market economic theory, were unpopular with many traditional Labour supporters, but Caygill managed to avoid the worst of the condemnation directed towards Douglas and Prebble. When the two became founding members of the ACT New Zealand political party in 1994, Caygill chose not to join them.

[edit] Minister of Finance

When Douglas was fired by the Prime Minister, David Lange, Caygill was appointed Minister of Finance in his place. After Lange himself had resigned, Caygill retained his position under both Geoffrey Palmer and Mike Moore, Lange's short-lived successors as Prime Minister.

In 1991, a year after the Labour Party had lost office, Caygill was replaced as finance spokesperson by Michael Cullen, who was more moderate in his economic policies. Caygill continued to hold a senior position in the party, however, and when Helen Clark became leader in 1993, Caygill replaced her as deputy leader. At the 1996 elections, however, Caygill finally retired from Parliament. He was replaced as deputy leader by Michael Cullen.

[edit] Life after politics

After leaving politics, Caygill returned to his original occupation, law. For some time, he was a partner at Buddle Findlay, a prominent law firm. He also worked for a number of government bodies, and was chair of the Accident Compensation Corporation. He chaired a ministerial inquiry into the New Zealand electricity market in 2000, and was appointed chairman of the Electricity Commission in 2007.

David Caygill in his last budget as Minister of Finance before retiring, lifted the quarantining of rental losses on investment property, allowing an investor to offset losses on their investment property against their other taxable income. This aspect of New Zealand's taxation regime is widely (dis-)credited with fuelling the residential property bubble in New Zealand that is currently in a wobbling stage (2008). No loss-quarantining gives New Zealand residential property investors a huge advantage over owner-occupiers in terms of the overall costs of property ownership. The enhanced investor returns from the taxation bias has lead investors to factor the additional returns into New Zealand housing prices - quickly taking home ownership out of reach for so many intending owner-occupiers (who do not have access to the same taxation benefits of the property investors).

[edit] Further reading

• Comments on the speech of the Minister of Trade and Industry to Canterbury United Council Thursday, 29 January 1986, Christchurch, [N.Z.]: Canterbury United Council, 1986, ISBN 1-869-37009-0 

• This includes the text of Caygill's speech.

• Convention 90: the future for manufacturing: August 15, Plaza International Hotel, Wgton [New Zealand Manufacturers’ Federation, Inc. Convention (1990 : Wellington, N.Z.)], Wellington, [N.Z.]: The Federation, 1990 

• Caygill contributed a paper entitled: "Address to the Manufacturers Federation."

• The 1993 Company Law Reform Summit: 20 & 21 September 1993, James Cook Hotel, Wellington [Company Law Reform Summit (1993: Wellington, N.Z.)], Auckland, [N.Z.]: The Institute [for International Research], 1993 

• Caygill contributed a paper entitled: "Beyond company law reform: the Labour Party's directions for commercial law reform."

• Sustainable management & development of energy resources in New Zealand and the Pacific Asian region: 15 & 16 June 1993, the Parkroyal Hotel, Wellington, Auckland, [N.Z.]: The Institute [for International Research], 1993 

• Caygill contributed a paper entitled: " Agenda for change and its effect on the industry."

• Conference 1994: facing the future: held in Wellington 18-19-20 November 1994 [APNZ Conference 1994 held 18-20 November 1994], Wellington, [N.Z.]: Association of Polytechnics in New Zealand, 1995 

• Caygill spoke at this conference.

• Who’s in charge here?: members, ministers & MMP: proceedings of an IPA seminar held at Downstage Theatre, Wellington, October 1995, Wellington, [N.Z.]: New Zealand Institute of Public Administration, 1995 

• Caygill and Wyatt Creech presented a paper entitled: " Parliamentarians’ perspectives on decision-support and decision-making under MMP."

• The Third Annual Administrative Law Conference, 25 & 26 March 1998, Plaza International Hotel, Wellington [Administrative Law Conference (3rd: 1998: Wellington, N.Z.).], Auckland, [N.Z.]: AIC Conferences, 1998, ISBN 1-869-37009-0 

• Caygill provided a paper and speech notes to this conference and its proceedings.

• Caygill, David (1988), Health: a prescription for change , Wellington, [N.Z.]: Department of Health, ISBN 0-477-04539-1 

• Caygill, David (1989), Economic statement, 21 March 1989: statement to the House of Representatives, Wellington, [N.Z.]: [The Treasury] 

• Caygill, David (1989), 1989 budget and tables: (House of Representatives 27 July 1989), Wellington, [N.Z.]: New Zealand Government 

• Caygill, David (1989), Securing economic recovery: economic strategy, Wellington, [N.Z.]: [The Treasury] 

• This is Caygill's Budget speech.

• Caygill, David (1989), Securing economic recovery: summary of social policy announcements, Wellington, [N.Z.]: [The Trasury] 

• Caygill, David (1990), Building economic growth: economic strategy, Wellington, [N.Z.]: New Zealand Government 

• Caygill, David (1990), Economic statement, 20 March 1990: statement to the House of Representatives , Wellington, [N.Z.]: New Zealand Government 

• Caygill, David & Salmond, George (1989), Managing the health changes: the official view, Wellington, [N.Z.]: New Zealand Institute of Health Management, ISBN 0-477-04550-2 

• Clark, Margaret (ed.) (2005), For the record: Lange and the fourth Labour Government, Wellington, [N.Z.]: Dunmore Pub., ISBN 1-877-39910-8 

• Caygill contributed a paper entitled: "Industry policy."

• Clinton, Michael (1988), Child Health Services in South Auckland Project: report to the Hon. Mr. David Caygill, Minister of Health, Wellington, [N.Z.]: Victoria University of Wellington, ISBN 0-475-11100-1 

• Coates, Ken E. & McHugh, Paul G. (1998), Living relationships = kokiri ngatahi: the Treaty of Waitangi in the new millennium, Wellington, [N.Z.]: Victoria University Press, ISBN 0-864-73330-5 

• Caygill is one of several prominent New Zealanders to provide commentary for this book.

• McLay, Geoff (ed.) (1995), Treaty settlements: the unfinished business, Wellington, [N.Z.]: Published by N.Z. Institute of Advanced Legal Studies and Victoria University of Wellington Law Review, ISBN 0-475-11039-0 

• Caygill contributed a paper entitled: "A Labour Party view."

• Ricketts, Rita (ed.) (1988), Closer Economic Relations and beyond: seminar papers from the NZIIA Conference, 23 August 1988 [Occasional paper (New Zealand Institute of International Affairs); no. 5.], Wellington, [N.Z.]: New Zealand Institute of International Affairs, ISBN 0-908-77207-6 

• Caygill contributed a paper to this gathering.