Robertson Grant: Oral Questions — Questions to MinistersText is incorporated into the Bound VolumeRobertson Grant: Oral Questions — Questions to Ministers[Sitting date: 08 March 2016. Volume:711;Page:9427. Text is incorporated into the Bound Volume.]9.GRANT ROBERTSON (Labour—Wellington Central) to the Minister of Finance: Does he agree with the Prime Minister that “when the primary sector sneezes the New Zealand economy catches a cold”?Hon BILL ENGLISH (Minister of Finance): Yes I do agree with the Prime Minister and I remember almost all of his quotes back to 2009. We are committed to doing what—I would particularly agree with the rest of that statement—we can to assist the dairy sector by for example working to remove barriers to free trade supporting primary sector research and development reducing unnecessary red tape developing critical infrastructure and supporting rural communities. Of course since 2009 the Government has delivered on all of those commitments.Grant Robertson: Is it correct that when John Key advised New Zealanders in November 2014 “not to worry about the declining price of milk” and that the price slide would “bottom out soon” the price for whole-milk powder was $567 higher than it is today and when will his Government start to be straight-up with regional New Zealand?Hon BILL ENGLISH: There has been a lot of commentary about what might or might not happen with the dairy price. It can be tracked fortnightly; the member may not be aware of this. Regional New Zealand has screens and computers and newspapers and if he went there he would see that. They can track the Global Dairy Trade every fortnight. I think it is Wednesday morning it comes out. I do not think the patronising attitude he has towards regional New Zealand is shared by this Government.Grant Robertson: What responsibility will he take for encouraging farmers to take on more debt as part of his Government’s plan around doubling dairy sector production while ignoring the warning signs that his Government got more than 2 years ago that there is a 5-year global milk glut?Hon BILL ENGLISH: None. Dairy farmers are owners of significant assets complex businesses and they are absolutely capable of making their own commercial decisions. There is a small group that now will probably come under pressure because they have got high cost structures and excessive debt. I do not think any of them would regard the responsibility for that being any other than their own.Grant Robertson: Is he satisfied with Fonterra’s approach to its value-add strategy and is it meeting his expectations of the role that it can play in diversifying the New Zealand economy?Hon BILL ENGLISH: Fonterra’s fundamental obligation is to meet the expectations of its owners which is not the New Zealand Government but the New Zealand farmers who have invested billions of dollars in that company. They regularly discuss Fonterra’s strategy. Of course the current price of dairy products is going to ensure there is more diversification because the capital that was going to flow into that industry is now going to flow somewhere else.Jacinda Ardern: Does he believe the new terms of payment for contractors and small businesses adopted by Fonterra including a shift to paying invoices after an additional 61 days is acceptable?Hon BILL ENGLISH: Well it would be unacceptable if it was outside the current legislative requirements. In the end these are freely transacting people doing business. Any party to the transaction is able to choose whether the terms are suitable for them or not. But Fonterra I am assured is operating within New Zealand legislation.