2. Economy—Government PoliciesWILLOW-JEAN PRIME (Labour) to the Minister of FinanceEconomy—Government Policies2. WILLOW-JEAN PRIME (Labour) to the Minister of Finance: Will this Government's policies help transition the economy; if so how?Hon GRANT ROBERTSON (Minister of Finance): Yes. The Government is ambitious for New Zealand's economy. Through our research and development tax credit we're encouraging Kiwi businesses to look at how they can do new things in different ways. Through our initiatives such as the Green Investment Fund we'll be working with the private sector to make investments that benefit New Zealanders in the present without compromising our ability to meet our future needs and through our Provincial Growth Fund we're investing to ensure New Zealanders in the regions get the same opportunities to fulfil their potential as those living in our main centres. This Government has put in place the policies to help transition our economy to one that is more productive more sustainable and more inclusive.Willow-Jean Prime: Why is this transition necessary?Hon GRANT ROBERTSON: Well if we look back at New Zealand's growth over recent years it's very clear why it's necessary. First we've seen growth driven by an out-of-control housing market and population growth—that's not sustainable. Nor is it sustainable to ignore both our international obligations on climate change and the damage to New Zealand's brand and reputation in the world from failing to shift to a lower carbon economy. Secondly the growth we've seen has not translated into meaningful improvements to many New Zealanders' lives. That's why this Government is changing our focus to an economy that is more sustainable and inclusive.Willow-Jean Prime: What will a successful economic transition look like?Hon GRANT ROBERTSON: A successful transition will result in an economy where we have productive businesses that can do more with what they have sustainable growth that meets our needs without compromising our ability to do so in the future and inclusive growth that improves the well-being of all New Zealanders and enables a just transition for businesses and communities. This transition will take time but we have the building blocks in place and we can see today in the GDP numbers that the transition is beginning with growth in business services information media and telecommunications—major contributors to GDP growth. Hon AMY ADAMS: How is this Government helping transition the economy to becoming more productive when Statistics New Zealand figures published just this morning show real per capita growth is going backwards and is now at its lowest level since 2011?SPEAKER: Order! Before the member answers I just want to say to the people in both those quadrants at the back can they keep their mouths shut while questions are being asked.Hon GRANT ROBERTSON: What the release from Statistics New Zealand shows today is that GDP growth for the quarter was in line with what economists were expecting. Thirteen of 16 industries grew in the quarter; annual GDP growth was 2.7 percent in line with the OECD average; and interestingly business investment is up 5.5 percent year on year compared with 3.7 percent in the previous year under that member's party. Businesses are investing in the economy. The member should join in. [Interruption] SPEAKER: No the member—I'm going to ask her to read her question again.Hon Amy Adams: How is this Government helping the economy to transition to being more productive when Statistics New Zealand figures released just this morning show real per capita GDP growth is going backwards and is at its lowest level since September 2011?Hon GRANT ROBERTSON: The way that this Government is making the transition as the member asked is exactly what I've just spent three answers answering—that we are going to invest in the productive part of our economy practically through initiatives like the Provincial Growth Fund and the Green Investment Fund rather than the previous Government relying on people selling houses to one another and the population growing.Hon Amy Adams: Well does he agree that GDP per capita growth is what matters most for achieving higher material living standards and that falling GDP per capita is showing that New Zealanders were working harder and harder for less with both of those statements having been made by Grant Robertson?Hon GRANT ROBERTSON: And what a sensible member Grant Robertson Opposition MP was. What I would say to that member is GDP per capita will increase once we move to a more sustainable more productive and inclusive economy. I would also suggest to the finance spokesperson for the Opposition that she perhaps listen to her predecessor who said that it was unwise to look at quarterly numbers because they go both up and down.