3. Question No. 3—FinanceHon AMY ADAMS (National—Selwyn) to the Minister of FinanceQuestion No. 3—Finance3. Hon AMY ADAMS (National—Selwyn) to the Minister of Finance: Does he consider that the Government's policies and actions have contributed to New Zealand's slowing economic growth; if so will we see a plan from the Government to better support New Zealand businesses?Hon GRANT ROBERTSON (Minister of Finance): The Government's plans are already supporting New Zealand's businesses and supporting sustainable growth in the New Zealand economy so the answer to the first part of the member's question is No."Hon Amy Adams: What is his response to business operators who have stated in relation to Government policy changes "Too much change too soon is hitting business confidence and operators' bottom line and many are finding it hard to keep up."?Hon GRANT ROBERTSON: I see a variety of comments from the business sector around both the performance of the Government and the performance of the economy but overall I see businesses who are out there working hard adding to the New Zealand economy. Exports are improving; small businesses are feeling better. It's time for everybody to cheer up about the New Zealand economy.Hon Amy Adams: Does he accept that in order for the economy to grow somebody somewhere has to be willing to invest yet under this Government investment intentions have plummeted and growth in business investment has more than halved compared to the previous five years?Hon GRANT ROBERTSON: In answer to the first part of the member's question yes.Hon Amy Adams: Why does he continue to try and blame global conditions for New Zealand's slowing economic growth when our growth per person over the past 12 months was just 0.6 percent and yet the OECD average for the same period was more than three times faster than that at 1.9 percent?Hon GRANT ROBERTSON: It's not just me that is looking very seriously at our global growth forecasts. I note that the ASB in their quarterly economic forecast listed that as the very first topic—that global growth has slowed. New Zealand is an open small economy. We rely on exports. When the global economy is slow that has an effect on us but the good news is that the fundamentals of the economy are strong and we will be able to withstand these headwinds.Hon Amy Adams: Well can the Minister name one other country in the OECD where in the past 12 months economic growth has undershot forecasts by as much as it has in New Zealand?Hon GRANT ROBERTSON: Oh I don't have the exact details with me but I can say that Australia most certainly didn't grow as fast as New Zealand did in the last quarter and in fact the Reserve Bank of Australia recently downgraded their growth forecasts further. I can also say that the IMF in their global growth forecasts had New Zealand well ahead of other advanced economies and I think New Zealand knows that while the global economy is slowing we have good strong fundamentals; we are shifting to a different kind of growth that's based on actually adding value and increasing exports. That will take some time but the direction of travel is positive.Hon Amy Adams: When New Zealand business confidence remains at very low levels businesses are telling the Government that its policies are hurting them and our growth per person is three times lower than the OECD average why won't that Minister take some responsibility for the damage that Government is doing to our economy?Hon GRANT ROBERTSON: I reject the premise in the member's question. On this side of the House we're focused on making sure that we do support businesses in a challenging time. We're investing in research and development. We're getting alongside them in terms of lifelong learning and skills and training. We are addressing the issues that business raised with us. It is time to back New Zealand and be positive about our economy.Rt Hon Winston Peters: Can I ask the Minister of Finance as to whether he's received any reports as to who is advantaged by talking down the New Zealand economy?Hon GRANT ROBERTSON: It has become the habit of members opposite to talk down the New Zealand dollar."