Joyce Steven: Appropriation (2012/13 Estimates) Bill — Third Reading Imprest Supply Debate 
Text is incorporated into the Bound Volume 
Joyce Steven: Appropriation (2012/13 Estimates) Bill — Third Reading Imprest Supply Debate 
[Sitting date: 21 August 2012. Volume:683;Page:4550. Text is incorporated into the Bound Volume.] 
Hon STEVEN JOYCE (Associate Minister of Finance) 
 on behalf of the Minister of Finance: I move  
That the Appropriation (2012/13 Estimates) Bill be now read a third time and the Imprest Supply (Second for 2012/13) Bill be now read a second time 
. Budget 2012 confirmed that the Government is on track towards achieving the top four priorities it set itself shortly after the 2011 election: responsibly managing the Government’s finances building a more productive and competitive economy delivering better public services within tight fiscal constraints and rebuilding Christchurch. These priorities meet New Zealand’s current needs and ensure that we are well placed to seize future opportunities. 
Getting the public accounts back into order quickly will let us lift the debt burden off future generations and free up resources for investment in productive infrastructure and public services. Budget 2012 demonstrated the Government’s commitment to this objective with an operating surplus in 2014-15 and net debt peaking at 28.7 percent of GDP in 2013-14. I would remind members that this is a dramatic improvement on the fiscal environment the Government faced when it first took office where Treasury projected deficits continuing out into the 2020s and debt climbing rapidly. Although this build-up in Government debt was appropriate in the aftermath of a domestic recession and the Canterbury earthquakes it cannot continue for ever. Instead of looking into the financial abyss we are now within sight of surplus—a fact that is solely down to this Government’s prudent fiscal management. 
A more competitive and productive economy is the key to achieving the living standard that New Zealanders aspire to. The weight of world economic power is shifting towards the Asia-Pacific region and the growing Asian middle class is likely to be a willing buyer of New Zealand made goods and services. If we are to make the most of this development we will need to rely more on savings investment exports and the tradable sector and less on debt and consumption and we will need to create a business environment that rewards effort and enterprise. Budget 2012 made a further contribution towards rebalancing the economy with significant new investments in skills and innovation including the establishment of an Advanced Technology Institute to support our growing cohort of high tech services and manufacturing firms. 
We believe strongly in having efficient high-quality public services. Thirty-three percent of the economy goes towards public services so it is essential that we get the best possible value from this money. The Government has a wide-ranging agenda focused on getting better outcomes from current services seeking new and more efficient ways of delivering services and making progress in areas that will make a real difference for New Zealand: reducing long-term welfare dependency supporting vulnerable children boosting skills and employment reducing crime and improving interaction with Government. Budget 2012 funded a number of initiatives that will further this agenda. 
Finally the Government is committed to rebuilding Christchurch and the reconstruction process is gathering pace. The  
Christchurch Central Recovery Plan  
has laid out an exciting blueprint for our second-biggest city’s future and the Government was pleased to endorse this. Budget 2012 provided additional support for the Canterbury Earthquake Recovery Authority to support Christchurch’s reconstruction. 
For the previous 4 years there has been significant disruption to economies around the world. Growth prospects for these economies are uncertain. In contrast New Zealanders have avoided substantial reductions in their living standards and are on the doorstep of a rapidly growing Asia-Pacific region. The Government has a sound plan to grasp these opportunities. That plan is built around four clear credible and critical priorities that respond to New Zealanders’ needs and ambitions. These priorities drive the Government’s entire work programme and shape our Budget decisions. Budget 2012 is an excellent example of this and I commend it to the House.