Doocey Matt: Oral Questions — Questions to MinistersText is incorporated into the Bound VolumeDoocey Matt: Oral Questions — Questions to Ministers[Sitting date: 02 March 2016. Volume:711;Page:9286. Text is incorporated into the Bound Volume.]3.MATT DOOCEY (National—Waimakariri) to the Minister of Finance: What reports has he received showing the New Zealand economy is strengthening and exports are diversifying despite uncertainty in the global economic outlook?Hon BILL ENGLISH (Minister of Finance): Today the New Zealand Institute of Economic Research released its quarterly predictions. It says the New Zealand economy is picking up after a softer first half of 2015 led by increases in construction tourism and population growth and these point to a reasonably strong finish to the 2015 year. The New Zealand Institute of Economic Research says that the foundation for sustained growth in New Zealand remains intact. It forecasts an additional 193000 jobs to be added to the economy over the next 4 years which is higher than the Treasury forecast for new jobs and moderate growth of around 2.5 percent through to 2020.Matt Doocey: How is increasing export diversification helping to support resilience in the New Zealand economy?Hon BILL ENGLISH: There are export figures out today showing that despite the drop in the value of dairy exports New Zealand’s total exports have increased recently. Tourism is now New Zealand’s largest earner with a record 3 million visitors achieved for the first time in the last year. Annual beef exports are now $3.3 billion up a third in the last year and will be assisted further by the Trans-Pacific Partnership (TPP) trade agreement. International education now earns $2.8 billion supporting over 30000 jobs. Wine exports are now worth $1.5 billion up 14 percent in the last year. The ICT sector has achieved 9 percent growth per annum. In addition to this the ANZ Regional Trends survey shows rising or steady economic activity in all 14 regions.Matt Doocey: How is the Government’s commitment to trade through the TPP expected to support further export diversification resilience and growth?Hon BILL ENGLISH: If you support diversification of the New Zealand economy that will certainly be assisted by a wide range of options for countries to sell our goods to. The TPP accesses up to 800 million consumers who represent 36 percent of the global economy. At current trade volumes it will deliver $274 million a year in tariff savings and we believe that over time this will prove to be a conservative estimate. But if you support diversification of the New Zealand economy you must back that up with support for more trade agreements so we get access to more markets for more products.Matt Doocey: What additional steps is the Government taking as part of its fiscal and economic plan to support growth jobs and higher wages for New Zealanders?Hon BILL ENGLISH: The forecasts I referred to earlier reinforce the other forecasts from Treasury that were on a moderate growth track of around 2.5 percent per year through to 2020 with the creation of somewhere around 170000 new jobs. Real wages continue to rise and the Government will continue with its programme of microeconomic reform including over the next year or two focusing on the proper regulation of the housing market continuing to improve our fiscal management and productivity of Government services and sorting out issues related to the intensification of agriculture and fresh water.Dr David Clark: Can he confirm that figures released by his Government today show trade with China to the December quarter was the lowest in 2 years and that dairy trade overall is at its lowest level in 3 years?Hon BILL ENGLISH: That may be correct but I thought the member would be pleased about that because there has been criticism—Dr David Clark: What? Why?Hon BILL ENGLISH: Well total trade is up $1.9 billion for the year and trade to China is down. That surely indicates progress against the criticism that we are too dependent on China and on dairy. In fact other export industries are growing robustly.