3. Question No. 3—FinanceWILLOW-JEAN PRIME (Labour) to the Minister of FinanceQuestion No. 3—Finance3. WILLOW-JEAN PRIME (Labour) to the Minister of Finance: What reports has he seen on the international view of the New Zealand economy?Hon GRANT ROBERTSON (Minister of Finance): I've seen a range of reports that take a favourable view of recent developments in New Zealand and see a positive outlook for the economy in particular from the global ratings agencies. Moody's latest credit opinion for the Government reaffirmed its Aaa stable credit rating. Moody's said The outlook is anchored by its expectation that even in the face of shocks New Zealand's credible institutions with highly effective policymaking and ample policy space will maintain economic and financial stability". Moody's commented on the Government's use of the well-being Budget saying that the Government's "Ongoing focus on well-being denotes [its] very high institutional capacity and fiscal flexibility".In its latest credit opinion Standard & Poor's (S & P) revised its outlook on New Zealand's AA foreign and AA+ local currency credit ratings up to positive from stable. In its report titled "New Zealand's outlook revised position" S & P referenced our solid economic growth and specifically noted New Zealand's per capita GDP growth continuing to outpace similarly rated peers.Willow-Jean Prime: What reports has he seen on the outlook for the international economy?Hon GRANT ROBERTSON: Today the OECD released its interim economic outlook in which it downgraded global growth forecast for the next two years. The OECD said that policy uncertainty ongoing trade tensions and low business and consumer confidence are all contributing to the global slow down. It also pointed to the risk that the Chinese economy could slow more sharply than anticipated. The OECD is now projecting 3.3 percent global GDP growth in 2019. Its forecast growth was downgraded across most economies including Australia Canada the UK the US the Euro area and Japan. It's important to note that in New Zealand our own forecasts remain solid with growth forecasts for 2019 near the 3 percent level which puts us well ahead of those advanced economies I've just mentioned. These global risks do highlight the importance of our commitment to fiscal responsibility to ensure that the Government has options in the face of any shocks.Willow-Jean Prime: How is the Government ensuring New Zealand is resilient in this global economic context?Hon GRANT ROBERTSON: We are doing that by our responsible fiscal management but also by making important—Hon Gerry Brownlee: Poor tax.Hon GRANT ROBERTSON: —investments into the—I know you won't understand investments Gerry so listen up.SPEAKER: Order! Now the member does know better than that and he is the senior member of his party in the House at the moment. In fact I'll say to both finance spokespeople that neither of them have been providing good examples including that member interjecting during Ms Collins' questions earlier. So people will just settle down.Hon GRANT ROBERTSON: We're making a number of important investments into research and development through our training and skills programmes such as Fees-free and He Poutama Rangatahi through the Provincial Growth Fund through the establishment of the Green Investment Fund and through continuing to progress negotiations on free trade agreements. Through these initiatives and many more we will continue to deliver on our plan for a more resilient and productive economy that improves the lives and well-being of all New Zealanders."