MPs will not have to reveal finances

A law that would have forced MPs to disclose financial interests has been shelved.

The proposed bill has been postponed until August 14 - after Parliament rises before the election.

Under the bill, MPs would have to disclose their interests in companies, trusts, property, and declare any other jobs they do.

They would also have to list donations, gifts worth more than $500, overseas travel and who paid for it - unless it was a private trip - and any payments they receive other than salary and allowances.

They would have to name anyone they owed more than $5000 and anyone who owes them more than that.

Ministers have been required to disclose their interests and assets since 1991.

The Members of Parliament (Pecuniary Interests) Bill had its first reading in October 2003. It was scheduled to come back to the house on May 1.

In 2003 Finance Minister Michael Cullen told Parliament the bill was designed to strengthen public trust and confidence in the parliamentary process by "promoting greater transparency, openness and accountability".

But a spokeswoman for Dr Cullen said today the decision to extend the report back date was approved by a committee representing all parties as recommended by Parliament's Standing Orders Committee.

New Zealand First MP Peter Brown hopes it will now be scrapped altogether.

"I opposed the thing, I thought it would probably stop good people trying to become MPs. Basically it was a nosy parker bill," he said.

- NZPA