Smith Nick: General DebateText is incorporated into the Bound VolumeSmith Nick: General Debate[Sitting date: 20 May 2015. Volume:705;Page:3462. Text is incorporated into the Bound Volume.]Hon Dr NICK SMITH (Minister for Building and Housing): I think David Cunliffe’s poetry on Harvard was significantly better. Poetry will do for Mr Little’s career what it did for Mr Cunliffe’s career. Mr Little could not even get agreement on Labour’s response to National’s housing tax policy on Sunday with half its caucus saying it was a capital gains tax and the other half saying it was not. Tomorrow’s Budget will be about further delivering on our plan for New Zealand. It is a pity there was not a single idea or plan in Mr Little’s contribution.The backdrop for this Budget is the best set of economic fundamentals that this Parliament has seen in a generation. Economic growth at 3.5 percent is growing at a faster rate than in Australia the UK the US Japan or Europe. Employment is up by 74000 in the past year with the unemployment rate down to 5.8 percent—less than in Australia less than in most countries in the OECD. Inflation is 0.1 percent in the last year. That is the lowest rate in 17 years. Interest rates—I know they do not matter to the members opposite; they actually matter to housing—are 5.5 percent. That is the lowest in 40 years. When you look at education when you look at health numbers when you look at crime when you look at welfare every one of them is headed in the right direction. My challenge to members opposite is to tell me of a country in the world that is doing better. New Zealanders know we are doing well. That is why a record number of New Zealanders are not leaving; in fact a record number of New Zealanders are coming home.I want to focus on the mantra from the Leader of the Opposition that National’s programme is in tatters in respect of the economy because we did not quite make a surplus this year. In fact Mr Little said that this is the biggest political deception in a lifetime. Well Mr Little must be very young. If this is Labour and the Greens’ big attack on the Budget tomorrow it is going to go down like a damp squib. Let me give you the numbers.Hon Member: What the Budget?Hon Dr NICK SMITH: Treasury forecast—no your criticism. Last year we forecast a surplus of $0.4 billion. The latest numbers are that it is likely to be a deficit of about $0.6 billion. That is overspending of $70 billion. We will not know the final number until October but it is fair to say it will be about $1 billion or about a 1.5 percent difference from what was forecast. Well if that is the greatest political deception let me just remind members opposite of one thing. The last time you were on this side of the House you promised the House a $1.3 billion surplus. And what did we get? We actually got a $3.9 billion deficit out by $5 billion. So if a $1 billion mistake or variation is the biggest political deception ever what is $5 billion—what is $5 billion? In fact I asked the Parliamentary Library how Budgets and actuals compare over the last 20 years. Do you know what? Over the last 20 years the average variation has been $2 billion. In fact in the nine Budgets that Labour delivered they were on average out by $2.5 billion a record significantly worse than this Government’s. The truth is that the record is this: an $18 billion deficit for 2010 halved to $9 billion halved to $4 billion down to $3 billion and well and truly under $1 billion. I compare that with the Budget in Australia last week—a $40 billion deficit going further into the red for the next 4 years. I know what side of the Tasman I would like to be on in respect of good fiscal management.Let me give you another number. Are members opposite saying it was a broken promise when National promised 171000 jobs? We delivered 194000—194000. Forecasts are just that. This Government is well and truly if you look at those numbers in great shape. I am going—