1. Economy—Forecasts and Crown DebtTAMATI COFFEY (Labour—Waiariki) to the Minister of FinanceWEDNESDAY 15 NOVEMBER 2017Mr Speaker took the Chair at 2 p.m.Karakia.ORAL QUESTIONSQUESTIONS TO MINISTERSEconomy—Forecasts and Crown Debt1. TAMATI COFFEY (Labour—Waiariki) to the Minister of Finance: What reports has he received on the forecast for the New Zealand economy?Hon GRANT ROBERTSON (Minister of Finance): Last week the Reserve Bank as part of their Monetary Policy Statement reported their forecast for the New Zealand economy incorporating their assessment of Government policy decisions. They forecast that GDP growth will be higher than 3 percent annually over the next three years following some weakness earlier this year. They also forecast the official cash rate track would reach 2 percent in March 2020 and that inflation is forecast to hit the midpoint of 2 percent in 2019. Overall the Reserve Bank forecast shows an economy that with the right investments can become stronger and more resilient. Tamati Coffey: What reports has the Minister received from other economists on the prospects for the New Zealand economy? Hon GRANT ROBERTSON: I have received reports from several bank economists. None of these reports state that it will not be possible—Mr SPEAKER: Order! I just want an absolute assurance that these are reports to the Minister he has received. Hon GRANT ROBERTSON: I have received them.Mr SPEAKER: To the Minister? Reports—[Interruption] No no. You might have seen them; you only receive official reports.Hon GRANT ROBERTSON: I've received official reports.Mr SPEAKER: From banks as Minister of Finance?Hon GRANT ROBERTSON: I have received a range of official reports all of which show that it will be possible for us to meet our goals within our Budget responsibility rules and I can assure the House that that includes a commitment to the goal of reducing net debt to 20 percent of GDP within five years. Tamati Coffey: What objective does the Minister have for core Crown net debt? Hon GRANT ROBERTSON: As indicated during the Speech from the Throne the Government is committed to reducing net debt to 20 percent of GDP within five years. Progress towards this will be set out by the Government during the usual Budget reporting cycle to the House starting with the Half Year Economic and Fiscal Update before Christmas. Hon Steven Joyce: Has he seen amongst those reports the economic forecast from ANZ chief economist Cameron Bagrie who calculates that the Minister in fact won't be able to meet his own Budget responsibility rule No. 2 to keep net debt below 20 percent of GDP even with some rather heroic spending assumptions? Hon GRANT ROBERTSON: I have seen those reports and I disagree with them.Tamati Coffey: Why is the Government committed to this net core Crown debt track?Hon GRANT ROBERTSON: The Government is committed to twin goals of reducing debt as a percentage of GDP while at the same time dealing with the social and infrastructure deficits we have inherited. We make no apology for making provision for a $2 billion investment in affordable housing a $3 billion investment in securing superannuation or a $1 billion annual investment in giving regions a fair go.