Foss Craig: General Debate 
Foss Craig: General Debate 
[Volume:657;Page:6802] 
CRAIG FOSS (National—Tukituki) 
: 
 Did anyone hear an apology in that speech from Phil Goff? Did anyone hear an apology for the state of the economy that this new Government inherited? Did anyone hear an apology to the mums and dads whose children are now living in Australia after being driven from this country by the previous administration? Did anyone hear an apology about the billion dollars that was written off from the purchase of KiwiRail? Did anyone in this House hear an apology for the things that really matter? 
 Today there are some positive albeit small signs of relief that the recession is starting to turn and that things may be improving: a 0.1 percent increase in GDP is a welcome and well-overdue sign. I am sure all members across the House are at least grateful that our economy may be stabilising and I am sure they will all join me in my greatest hope that unemployment may have stabilised and will begin to decrease. I am quite sure that all members regardless of persuasion are quite hopeful of that. 
We are still suffering from the global recession that hit New Zealand about 1 year earlier than most other OECD countries. One year earlier than those countries the previous Labour Government drove New Zealand into recession with all the hallmarks that a recession—a slow-down in the private sector—brings. We are suffering for that; we will suffer for many many years to the tune of the decade of deficits that this Government now has to deal with. In fact analysis has now shown that the private sector was in recession from 2005. It is just as well New Zealand kicked out the previous Labour Government in 2008. It is just as well New Zealand did not have to wait around for the mini-Budget promised by the previous Minister of Finance prior to the previous election of which he would not give any details. By the way he would never release any of the details around the rail purchase in response to any questions of any substantial nature. It is just as well New Zealand is not waiting for the recession response plan from the Opposition. What happened to it? It was promised months and months ago. We have seen nothing. We have actually seen promise after promise of more spending: it has announced $6 billion of extra spending thus far. It is still up to its old habits; I guess old habits are hard to knock off. 
What have we heard from the Opposition members? We heard that their leader roared into the Labour Party conference on a Suzuki 125. Did he own that bike? That is an interesting question. The big announcement to come out of that conference was something about free condoms for all and some new ministry—a “Ministry of Social Inclusion” or something. There was no costing no trail of funding; it was a matter of what sounded good or would make a headline—anything to get in the papers. I note that today’s press release from the Hon David Cunliffe includes the Hon Phil Goff. Phil Goff is struggling for publicity so he is doing joint press releases with the guy who is challenging for his job. 
There are massive imbalances in our current economy. To name one there was massive destruction of taxpayer wealth under the previous administration. I laugh when I hear those members talk about the kick-up in the value of the New Zealand Superannuation Fund right now particularly when they oversaw about $5 billon of write-off of taxpayer assets and over $1 billion of write-off in the private sector from failed finance companies. Those are a couple of imbalances that this Government has to try to address. The Opposition policy is still—as announced by press release—a position of $6 billion of extra borrowing and counting. Where would that come from? That amount of extra borrowing equates to about $400 million per annum of extra interest rate bills. What would the Opposition cut? What tax would it hike to fund these promises? How many jobs will be lost? How soon would New Zealand go back into recession because of the promises of the current Opposition? 
It will take a long time to unwind the imbalances of the last 9 years. This Government has jobs and families at the forefront of its thinking in building a sustainable and growth economy that will start to attract New Zealanders home and put right the problems the misdirected spending the lack of transparency and the lack of accountability of the last 9 years. Thank you.