7. Economic Growth—GDP Per Capita Productivity House Prices and WagesGRANT ROBERTSON (Labour—Wellington Central) to the Minister of FinanceEconomic Growth—GDP Per Capita Productivity House Prices and WagesGRANT ROBERTSON (Labour—Wellington Central): My question is to the Acting Minister of Finance. Does he agree with Reserve Bank Governor Graeme Wheeler that GDP growth on a per capita basis has been slow and labour productivity growth has been disappointing. House price inflation is much higher than desirable and poses concerns for financial stability and the exchange rate is higher than the economic fundamentals would suggest is appropriate"?Hon Gerry Brownlee: You've got it wrong. Read it as it's on the sheet.GRANT ROBERTSON: It is quite clear Gerry.Mr SPEAKER: Order! [Interruption]GRANT ROBERTSON: I raise a point of order Mr Speaker.Mr SPEAKER: Order! The member will resume his seat. There was so much interjection that I could not actually hear the question being read. I am going to invite the member to ask the question again and I am certainly going to demand far less interjection which was occurring from my right-hand side. There may be a reason to be excited but we will still have question time conducted according to the rules.GRANT ROBERTSON (Labour—Wellington Central): I raise a point of order Mr Speaker. I think just to help with the mood of the Leader of the House he was concerned that I used the phrase—Mr SPEAKER: Order! [Interruption] Order! I do not need this help although I know it is genuinely given. The member has been invited to ask his question again and we will proceed with that.Grant Robertson: Which question?Mr SPEAKER: I want the question as on the sheet asked.CHRIS HIPKINS (Senior Whip—Labour): I raise a point of order Mr Speaker. The concern the Leader of the House raises is a legitimate one in that the question is down on the order sheet to the Minister of Finance. Technically it should not have been accepted by the Clerk because there is no Minister of Finance; there is only an Acting Minister. My colleague Grant Robertson inserted the word "Acting" quite appropriately based on the ruling that you have made—otherwise he cannot ask it because there is no Minister of Finance to ask it to.Mr SPEAKER: I covered this off earlier. In fact I gave the member the Speaker's ruling 192/7 to use. Once the member has been appointed the Acting Minister he is in effect the Minister—I covered that off earlier. I call Grant Robertson if he is to proceed with the question—otherwise I am very happy to move to the next one.Grant Robertson: I raise a point of order Mr Speaker. Mr SPEAKER: No. Order! The member will resume his seat. I have discussed this matter enough. I am not putting up with any more pointless points of order. The member can ask the question otherwise I am quite happy to move immediately to question No. 8.7. GRANT ROBERTSON (Labour—Wellington Central) to the Minister of Finance: Does he agree with Reserve Bank Governor Graeme Wheeler that "GDP growth on a per capita basis has been slow and labour productivity growth has been disappointing. House price inflation is much higher than desirable and poses concerns for financial stability and the exchange rate is higher than the economic fundamentals would suggest is appropriate"?Hon STEVEN JOYCE (Acting Minister of Finance): I agree with the Governor's statement overall which I must say makes other comments prior to those highlighted by the member. It notes: "Relative to the trends over the last two decades New Zealand is experiencing stronger economic growth lower inflation and a lower unemployment rate—even with record levels of labour force participation." And then after the quote the member uses the Reserve Bank Governor says that "prospects look good for continued strong growth over the next 18 months". Those comments from the Governor mainly highlight the challenges arising from that growth. Once again the member demonstrates his unerring ability to focus on the slightly less positive comments in a two-page statement.Grant Robertson: What has GDP per capita growth been in the past year?Hon STEVEN JOYCE: I do not have it exactly to hand but I understand—[Interruption] Actually I do. Actually I do. [Interruption] Chris Hipkins: Come on! Do you want this job or not?Hon STEVEN JOYCE: Well I could act—[Interruption] Mr SPEAKER: Order! I gave a relatively severe warning to my right-hand side; I now need to deliver the same to members on my left. The question has been asked. It can be answered.Hon STEVEN JOYCE: Well actually I do have it to hand. It is 0.7 percent for the last year and because the member doubts my knowledge of such things I will say it is projected to be 1.5 percent in the year to June 2017 1.7 in the year to June 2018 and 1.5 in the year to June 2019.Grant Robertson: What is net debt in dollar terms according to the half-year update?Hon STEVEN JOYCE: I seek leave to table the half-year update for the member.Mr SPEAKER: Order! We need the answer. If that is the answer we will move on but I am certainly not putting the leave.Hon STEVEN JOYCE: Well I do not have the exact number for the member but I do have the half-year fiscal update here and I am happy to table it for him.Grant Robertson: Why does New Zealand according to the Productivity Commission have the fourth-lowest labour productivity growth in the world?Hon STEVEN JOYCE: One of the reasons is that it has one of the highest participation rates and one of the highest employment rates in the OECD. If the member has a look at the Productivity Commission report he will note for example that some of the productivity and growth per capita measures are moving in the right direction. In fact our growth per capita is one of the highest in the OECD.Grant Robertson: What responsibility does he take for New Zealand having the biggest increase in house price to income ratios in the world in the last 6 years?Hon STEVEN JOYCE: Well the increase in New Zealand prices is fundamentally the product of three things—firstly the supply constraints that go back 20 years. Those supply constraints although steadily being unwound have contributed to the increase in house prices. The second reason has been the historically low interest rates which people would be mindful to realise will not go on for ever. The third reason has been the strength of the New Zealand economy which has been one of the strongest in the OECD with one of the strongest rising income rates. You take those three together and that is the explanation for New Zealand house price increases.Grant Robertson: According to the half-yearly update by how much will average wages rise over the next 3 years? I will give him a clue: it is not much more than 1 percent.Hon STEVEN JOYCE: Well actually the half-year fiscal update talks about the increase in wages over the next 4 years. They are expected to rise by $7500 to $66000 by 2020-21."