Peters Winston: Questions for Oral Answer — Questions to Ministers 
Text is incorporated into the Bound Volume 
Peters Winston: Questions for Oral Answer — Questions to Ministers 
[Sitting date: 19 June 2012. Volume:681;Page:3036. Text is incorporated into the Bound Volume.] 
2. 
Rt Hon WINSTON PETERS (Leader—NZ First) 
 to the  
Minister of Finance 
: Is he confident that the Government’s economic and fiscal strategy is on track; if so why? 
Hon BILL ENGLISH (Minister of Finance) 
: 
 The Government’s economic and fiscal strategy reflects the circumstances that we found when we came into Government in 2008 and the very difficult global situation since then as well as the effect of major earthquakes in Canterbury. All those circumstances have been difficult; despite that New Zealand has now grown in nine of the last 10 quarters. That is a tribute to the businesses and households that have adapted with so much resilience to such difficult circumstances. We will continue to support them with our plan for greater productivity and competiveness as well as a return— 
Rt Hon Winston Peters 
: I raise a point of order Mr Speaker. Some time ago in this answer I thought someone would have been stopped because I asked him whether it was on track not about a long— 
Mr SPEAKER 
: Could I assist the right honourable gentleman. There have been a series of questions to the Minister of Finance that have been quite particular questions and in response we have really had reiteration of the Government’s policy. In question time Ministers should answer questions. I take it the Minister is actually telling the House he believes that the economic and fiscal strategy is on track but he has not actually told the House that. The question asked whether he is confident that it is on track and if so why he is confident that it is on track. That was the question asked. I think the member asking the question has a right to be aggrieved by the answer. 
Hon BILL ENGLISH 
: He stood up before I had completed the answer so— 
Mr SPEAKER 
: There had been an awful lot of—[ 
Interruption 
] Order! There had been an awful lot of answer given before I heard an answer and that is why I believe the member had every right to be aggrieved. I invite the Hon Bill English now to answer the question. 
Hon BILL ENGLISH 
: Despite the significant challenges that New Zealand has faced the economy has grown in nine of the last 10 quarters and in that sense the economic and fiscal strategy is on track. But the reason it is on track is that New Zealanders have been so resilient in adapting to these difficult circumstances. We will continue to support them and that will help us stay on track. 
Rt Hon Winston Peters 
: How can he be at all confident that the Government is on track to—to quote those members—“responsibly manage the Government’s finances” given that the Reserve Bank now forecasts that Government debt will be $10 billion higher in 2014 than the figures he gave the House on Budget day in this Budget document? 
Hon BILL ENGLISH 
: As I said in answer to an earlier question there is a range of forecasts now that reflect the uncertainty that I think not just forecasters but many New Zealand businesses and households feel. The Reserve Bank happens to have moved from a view that the economy was much better than Treasury thought to a view 3 months later that says it is much worse than Treasury thought. Well you know that is one opinion. However we stay focused on our plan to lift competitiveness and our growth prospects and support New Zealanders who whatever the uncertainty are continuing to make sensible decisions that keep the economy on track. 
Rt Hon Winston Peters 
: When will he stop hiding behind the European situation and take responsibility for his own policy failures at home such as for example his inability to balance the books by 2014-15 which was the Government’s stated objective of the May Budget this document just 4 weeks ago? 
Hon BILL ENGLISH 
: As my colleagues have pointed out we take responsibility for all the decisions we make and what they cost and we welcome the Opposition starting to take responsibility for all the stuff it is promising which we know it would not able to pay for. 
Rt Hon Winston Peters 
: Mr Speaker was that an answer? 
Mr SPEAKER 
: I take it this is a point of order. 
Rt Hon Winston Peters 
: Actually I was hoping you would volunteer it yourself. 
Mr SPEAKER 
: Order! I would have been very tempted to assist the member but he started out his question asking why the Government is hiding behind the European situation. If he wants the Speaker to assist he does not ask questions like that because it leaves a lot of latitude to the Minister. Otherwise I would have assisted but I think given the wording of the question there is not a lot the Speaker can do. 
Rt Hon Winston Peters 
: How can New Zealanders be confident that he is managing anything other than economic decline when according to the Reserve Bank unemployment remains “near its recessionary peak” and New Zealand’s capacity for GDP growth has halved—halved I say—under his management? 
Hon BILL ENGLISH 
: In the first place I just disagree with the Reserve Bank’s view on the final point. I think the reason New Zealanders are confident is that they have a quite realistic grasp of the economic uncertainty that we all face but in the face of that uncertainty they have done very well to adapt to it. So our businesses and households have been remarkably resilient and actually that is the main reason the Government has confidence that we can stay on track. New Zealanders understand what needs to be done and they are getting on and doing it. 
Rt Hon Winston Peters 
: How can the New Zealand public believe the Prime Minister’s statements on the economy when a yawning credibility gap has opened up between Treasury’s and the Reserve Bank’s views of the economic prospects for New Zealand? 
Hon BILL ENGLISH 
: Well they are a couple of agencies that make independent forecasts and they clearly have some differences of opinion. I mean in the end they are just spectators trying to predict how the game is going to play out. What really matters is New Zealand households and businesses which are increasing their savings which are making investments carefully which are reducing their debt and which are creating new jobs and paying wage increases month by month. So we are on a track to moderate growth and we believe we can stay on that track.