1. Question No. 1—FinanceKIRITAPU ALLAN (Labour) to the Minister of FinanceTUESDAY 18 SEPTEMBER 2018The Speaker took the Chair at 2 p.m.Karakia.ORAL QUESTIONSQUESTIONS TO MINISTERSQuestion No. 1—Finance1. KIRITAPU ALLAN (Labour) to the Minister of Finance: What recent reports has he seen on the New Zealand economy?Hon GRANT ROBERTSON (Minister of Finance): Following on from the Ministry of Business Innovation and Employment's job ads being up 7 percent on a year ago a record positive terms of trade and strong retail card spending and the growing ANZ Truckometer we can see a tangible example of our healthy economy on our skylines. On Sunday Rider Levett Bucknall released its Crane Index quarter three 2018 which highlighted strong growth in New Zealand's construction industry. The index is regarded as a good measure of the current state of the construction industry's workload and New Zealand in this quarter showed a record high. As the company themselves put it—Chris Bishop: How's the GDP number?Hon GRANT ROBERTSON: —the level of construction activity remains high across the country due to strong underlying demand across nearly all sectors" and is "showing no signs of tailing off." Mr Bishop. This is yet more real data which shows an economy that is moving along at a solid pace.Kiritapu Allan: What do the reports say about construction in Auckland?Hon GRANT ROBERTSON: Well the report shows the number of cranes in Auckland is also a record result—increasing to 90. New building work put in place increased 12.4 percent to $7 billion as a result of significant increases in both residential and non-residential work. In addition new building consents in Auckland are also not slowing down with the number of consents increasing 8.7 percent in financial year 2018. This evidence demonstrates the level of investment and confidence in the Auckland construction market.Kiritapu Allan: What reports has he seen comparing the New Zealand economy with its overseas counterparts?Hon GRANT ROBERTSON: On Friday the New Zealand Herald published a piece from Brian Fallow which showed that despite the positive attention the US economy has been getting New Zealand's economic outlook is actually better. Mr Fallow pointed out that annual average economic growth in the US and New Zealand is expected to run at about the same rate this year but "Beyond that New Zealand's forecast is sunnier." Real wage growth is higher in New Zealand inflation and wholesale interest rates are lower in New Zealand and the US Government deficit is almost $1 trillion while we are running sustainable surpluses. This is a useful comparison to demonstrate the relative strength of the New Zealand economy and that while we are transitioning to a more productive and sustainable growth path we remain competitive on the world stage. [Interruption]SPEAKER: Order!David Seymour: Does the Government—SPEAKER: Order! Can the member resume his seat. Just—all right? We've settled down.David Seymour: Does the Government have any more plans to talk up the dollar?Hon GRANT ROBERTSON: I would expect that as people look at the strong economy that we have in New Zealand the dollar will reflect that but we do know that there are movements in the dollar all day every day.David Seymour: Why does the Minister suppose that the dollar has weakened so much lately at the same time as terms of trade have strengthened?Hon GRANT ROBERTSON: The New Zealand dollar trades in a very competitive global market and I think some of the forces from the US economy may have quite a bit to do with the movement in the New Zealand dollar."