2. Economy—Reports Housing Affordability and ResilienceTODD BARCLAY (National—Clutha-Southland) to the Minister of FinanceEconomy—Reports Housing Affordability and Resilience2. TODD BARCLAY (National—Clutha-Southland) to the Minister of Finance: What reports has he received showing the New Zealand economy is on track for continuing moderate growth?Hon BILL ENGLISH (Minister of Finance): Well another of many actually from the New Zealand Institute of Economic Research (NZIER). The NZIER has said that despite the recent earthquake New Zealanders should continue to benefit from a growing economy. It is forecasting average growth above 3 percent for the next 5 years and over the next 5 years 400000 new jobs and picking unemployment will fall to 4.2 percent by 2018. The ability to achieve this kind of economic progress is relatively unique in the developed world.Todd Barclay: What does the NZIER say are some of the factors supporting the growth outlook?Hon BILL ENGLISH: The survey points to good confidence in businesses that they will hire more staff and that this is related to higher consumer confidence which is leading to higher growth. It points out that although the effect of the earthquake is significant for those affected it will have a moderate impact on the economy at large. It points out that the New Zealand economy is in good shape and will provide a buffer for any further shocks whether they are international or of a seismic nature.Todd Barclay: What other reports has he received that show the economy is delivering results for New Zealanders?Hon BILL ENGLISH: Just today the ANZ published its job ads survey which shows that the number of jobs advertised rose 2.9 percent in November and the number of job ads is 18 percent higher than a year ago—the strongest monthly growth rate in 2 years. [Interruption] Mr SPEAKER: Order! Just before I call the supplementary question there are just too many interjections coming particularly from one person to my left. I will have to deal with it if it continues.James Shaw: Has he seen the latest IMF Global Housing Watch report which shows that New Zealand is the least affordable country in the world to buy a house in relative to income and will he be asking the new head of the IMF to write less critical reports in the future?Mr SPEAKER: There are two questions. Either can be answered.Hon BILL ENGLISH: Well the Prime Minister tells me it is yet to be determined who the new head of the IMF is. That is just another report on the condition of the New Zealand housing market and I would look forward to the support of the Greens to change their position from 20 years of opposing the growth of our cities to helping with legislation that is going to allow our cities to grow and houses to be reasonably priced.Todd Barclay: What indicators point to diversification of the New Zealand economy supporting resilience?Hon BILL ENGLISH: One indication of the resilience of this economy has been the way that it has reacted to the fall in dairy prices. Dairy prices dropped significantly over the last couple of years but almost all other exports performed much better and as a result of that we have been able to continue with moderate and consistent economic growth even though our largest single primary production commodity dropped in price.Grant Robertson: In light of those probing and challenging supplementary questions does he now regret not going to Todd Barclay's barbecue last week and leaving it to Judith Collins?Mr SPEAKER: Order! There is no ministerial responsibility whatsoever.