1. Government Financial Position—External Debt Services Sector and GDP per CapitaALASTAIR SCOTT (National—Wairarapa) to the Minister of FinanceWEDNESDAY 15 MARCH 2017Mr Speaker took the Chair at 2 p.m.Prayers.ORAL QUESTIONSQUESTIONS TO MINISTERSGovernment Financial Position—External Debt Services Sector and GDP per Capita1. ALASTAIR SCOTT (National—Wairarapa) to the Minister of Finance: What reports has he received on New Zealand's external financial position?Hon STEVEN JOYCE (Minister of Finance): Today Statistics New Zealand released the balance of payments and international investment position figures for the December 2016 quarter and the December year. They show that New Zealand's annual current account deficit was down to 2.7 percent of GDP well down on the 3.4 percent of GDP for the previous year to December. The deficit for the most recent quarter was also the smallest deficit since the March 2014 quarter and it reflected in part increased income earned through New Zealanders investing abroad and also our export sector.Alastair Scott: What is New Zealand's net international liability position?Hon STEVEN JOYCE: Today's release shows that New Zealand's net international liability position at $156.5 billion is 59.9 percent of GDP the lowest it has been since records began in the series in 2000. In addition New Zealand's overall net external debt was down to 55 percent of GDP well down on the nearly 85 percent of GDP this Government inherited—so that is 55 percent today as against 85 percent in 2008. It is very good progress for New Zealand it is a tribute to our exporters and it is a tribute to the success of New Zealanders investing overseas.Alastair Scott: How has the services sector contributed to New Zealand's improvement?Hon STEVEN JOYCE: The statistics show that New Zealand's services surplus was $1.2 billion up $174 million on the September 2016 quarter surplus and is the highest ever. This is due to an increase in both the number of tourists and the amount they spend but also the international education sector has contributed strongly growing from $2.7 billion 2 years ago to $3.8 billion now. Other highlights across the export sector include fruit which is up $1 billion over the last 2 years to $2.7 billion and wine which is up $260 million over 2 years to now $1.6 billion.Alastair Scott: How does the services sector figure highlight how New Zealand's trade composition has changed over recent years?Hon STEVEN JOYCE: The strong growth in the services sector led by tourism and international education highlights how the economy's increasing diversification has cushioned the tough time experienced by the dairy industry recently. Despite a nearly $3.5 billion reduction in export returns from dairy as compared with 2 years ago overall exports have increased from $67.5 billion dollars in 2014 to over $70 billion with a range of industries contributing to this increase. There are of course risks ahead particularly due to the increased protectionist sentiment around the world and New Zealand will have to continue to work hard to maintain our progress.Rt Hon Winston Peters: If those figures contain the GDP growth in this country would he tell us whether those figures contain the GDP per person growth in this country or has that stagnant figure been left out for convenience?Mr SPEAKER: There are two questions there. The Hon Steven Joyce can address one or both.Hon STEVEN JOYCE: Well the member is a day ahead of himself because the GDP figures come out tomorrow but we will talk about those then no doubt. Actually the last time they were quite good. I think GDP per capita was over 1 percent from memory but I think the member should be very proud of these figures for his fellow New Zealanders because I think that of all the 40 years he has had in politics we have never seen such a strong improvement in our—Rt Hon Winston Peters: I raise a point of order Mr Speaker. [Interruption]Mr SPEAKER: Order! The Minister will resume his seat. Point of order the Rt Hon Winston Peters.Rt Hon Winston Peters: We really have to dissuade that member and his colleagues from indulging in vain personal attacks. It is likely to lead to disorder in this House.Mr SPEAKER: Order! No. The member is better than that. It was hardly a significant attack in that it was certainly a political question that was asked and a political answer was given.