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 stand by his statement in February 2018 growth is expected to continue to travel along on average at about 3 percent over the next four years" and has he revised his view in light of annual GDP growth to December 2018 of 2.3 percent?Hon GRANT ROBERTSON (Minister of Finance): In answer to the first part of the question yes that is what Treasury and independent economists were forecasting at the time for growth in the year to June of each of those four years. In answer to the second part of the question I would highlight for the member that Statistics New Zealand has reported annual average GDP growth for the 2018 year was 2.8 percent or as some might say "about 3 percent".Hon Amy Adams: Has his view been impacted by today's Quarterly Survey of Business Opinion from New Zealand Institute of Economic Research which points to a further softening in annual economic growth to below 2 percent in the first quarter of this year?Hon GRANT ROBERTSON: I note in the last quarterly survey they were projecting for the numbers that the member wants to refer to—the December to December quarter—2 percent and that ended up being 2.3 percent. So we'll see whether or not they end up being accurate.Hon Amy Adams: When reflecting on economic growth how does he reconcile his statement that the Government "knows that growing the economy requires more than just an increasing population" with New Zealand having had zero economic growth per person over the last six months?Hon GRANT ROBERTSON: I do note that in the last quarter it did go up and I do note that it's forecast GDP per capita to be 1.1 percent. We'll see where that gets when the forecasts are finalised.Hon Amy Adams: Well what does it say about this Government's economic management that despite an already record low official cash rate the Reserve Bank is now indicating further rate cuts are likely to be needed to stimulate the weakening economy?Hon GRANT ROBERTSON: If the member took the time to read the statement from Adrian Orr the very first thing he talked about was global volatility and the decline in growth in a number of our trading partners. New Zealand is not immune from what happens in the rest of the world but the good news is that the fundamentals of the economy are strong the books are in surplus unemployment is low and this is an economy that will be able to withstand global headwinds but we will not be unaffected by them.Hon Amy Adams: Well given that he wants to blame global conditions has he seen that ANZ have recently concluded that while international headwinds remain just risks a domestic slow-down is concrete?Hon GRANT ROBERTSON: I would note that the New Zealand economy began slowing down at the beginning of 2017 when the party opposite was in place. I would also note that for the GDP numbers for the December 2018 quarter New Zealand had 0.6 percent growth compared to Australia with 0.2 percent Canada with 0.1 percent the euro area with 0.2 percent Japan with 0.5 percent and an OECD average of 0.3 percent. The economy continues to do well in the face of global headwinds.Hon Amy Adams: Well when considering the Tax Working Group's recommended capital gains tax will he take on board comments from Harbour Asset Management who have noted that a capital gains tax would lower investment lower productivity lower employment and lower economic growth?Hon GRANT ROBERTSON: We consider all of the views that are coming forward around the question of the Tax Working Group and as the Prime Minister has said we are considering that report and our response will be coming forthwith."