Hayes John: Questions for Oral Answer — Questions to Ministers 
Text is incorporated into the Bound Volume 
Hayes John: Questions for Oral Answer — Questions to Ministers 
[Sitting date: 11 September 2012. Volume:683;Page:5034. Text is incorporated into the Bound Volume.] 
1. 
JOHN HAYES (National—Wairarapa) 
 to the  
Minister of Finance 
: What advice has he received on the impact global economic developments are having on the New Zealand economy? 
Hon BILL ENGLISH (Minister of Finance) 
: 
 The global outlook remains uncertain. Europe in particular continues to grapple with longstanding problems of excessive debt with significant decisions being made in Europe this week. It has however demonstrated an ability to maintain stability while dealing with deep-seated long-term problems. Growth is expected to be maintained at reasonable levels in our second-largest trading partner China. The outlook for Australia is less positive than it was but it still remains one of the faster-growing developed economies. 
Hon John Banks 
: I raise a point of order Mr Speaker. The parliamentary Opposition during the answer from the Minister was yapping out “Tidy yourself up. Why don’t you tidy yourself up?”. I make no comment about that but I think you are doing a great job and should berate them. 
Mr SPEAKER 
: Order! The member does remind members in the House that when they say “you” they are referring to the Speaker. I did look at the member who made that interjection. He seemed unaware of what he had actually said. 
Rt Hon Winston Peters 
: I raise a point of order Mr Speaker. If you look at the question it asks the Minister what advice he has received. Well we are still waiting to hear what that advice was. We heard just his opinion of how the rest of the world is. 
Mr SPEAKER 
: Well one assumes that that is the advice he has received. 
Rt Hon Winston Peters 
: I raise a point of order Mr Speaker. You might assume that but for the rest of us and the country we would like to know what advice he got and where he got it from. [ 
Interruption 
] 
Mr SPEAKER 
: Order! A point of order has been raised. Had the question asked what advice he had got and where he got it from there may have been a different answer but the question did not actually ask that. 
Rt Hon Winston Peters 
: I raise a point of order Mr Speaker. The question was what advice he has received. You could pad it out by saying “and from whom and what day did you get it?” but strictly speaking it is a simple question. I would like to know what advice he received not what his views are on the international economy. 
Mr SPEAKER 
: Order! During question time the right honourable gentleman has absolutely that right to ask that question. He can ask specifically for the source of the advice received. That is absolutely why supplementary questions are allowed. 
John Hayes 
: In the light of New Zealand’s increasing economic links with the Asia-Pacific region what are the immediate prospects for APEC economies? 
Hon BILL ENGLISH 
: The immediate prospects for these economies on our doorstep are reasonably good. The IMF is forecasting growth of 4.2 percent for the APEC area in 2012 and 4.5 percent in 2013. This is considerably faster than developed economies and compares with forecast world growth of around 3.5 percent. Ten APEC countries will grow by 4 percent or more this year which means that in those countries there will be more people with bigger incomes who are willing to pay more for our products. That is good news for New Zealand. 
John Hayes 
: How are international observers viewing the immediate outlook for China and how will this impact on New Zealand’s growth prospects? 
Hon Trevor Mallard 
: I raise a point of order Mr Speaker. This Minister has no responsibility for international people—none at all. If he was asked about advice or reports or something like that he might have responsibility but we have been told that we have to be straight and down the line and have questions within the Standing Orders and Speakers’ rulings. When they are written patsies there is no excuse— 
Mr SPEAKER 
: Order! The member was fine up until that point. The member makes a perfectly reasonable point that Ministers can be asked their opinions about matters but if there is no direct responsibility for what they are being asked about probably the question should refer to advice or reports that the Minister may have received. 
John Hayes 
: I raise a point of order Mr Speaker. The second part of my question and I will just repeat it asked how this would impact on New Zealand’s growth prospects. I think that is a very fair question to put to the Minister of Finance. 
Mr SPEAKER 
: The member makes a fair point in response. The latter part of the question indeed asked that and that is absolutely within the Minister’s responsibility. 
Hon BILL ENGLISH 
: Given that it is among the fastest-growing economies in the world what happens with China does matter to New Zealand. There seems to be a range of views but a general view would be that China’s growth will be a bit lower this year than it was last year partly because of the impact of lower demand in Europe. The way this impacts on New Zealand’s growth prospects is that it is our second-largest trading partner and Chinese demand for our products will determine our income to a significant extent. China is Australia’s largest trading partner and remains our largest trading partner so how Australia does is affected by China. 
John Hayes 
: What other reports has he received on New Zealand’s economic prospects given the significant challenges faced by economies in other parts of the world? 
Hon BILL ENGLISH 
: I recently met with representatives of credit rating agencies Moody’s and Standard and Poor’s. They have noted the good progress the Government is making in getting its own finances in order and returning to surplus while many other countries face many more years of deficits and rising debt. They note that our moderate growth rate and our positive household savings rate compare favourably with that of many other developed countries but they reiterate our need to reduce our high levels of household debt which remain as yet New Zealand’s single-biggest vulnerability to international economic events.