Robertson Grant: Oral Questions — Questions to MinistersText is incorporated into the Bound VolumeRobertson Grant: Oral Questions — Questions to Ministers[Sitting date: 22 October 2015. Volume:709;Page:7501. Text is incorporated into the Bound Volume.]2.GRANT ROBERTSON (Labour—Wellington Central) to the Minister of Finance: Is it correct that according to Statistics New Zealand figures real seasonally adjusted GDP per capita growth in the first 6 months of this year was the worst it has been since 2010?Hon PAULA BENNETT (Acting Minister of Finance): Statistics New Zealand reports that real seasonally adjusted per capita GDP in the 3 months to June 2015 was $11924. In December 2014 this quarterly figure was $11964 the highest ever reading for this series. That is the smallest change for any 6-month period since 2010. However I would note that most respected commentators use GDP per capita on an annual basis and by that measure GDP per capita is growing. I would also point out that it is easy to grow GDP per capita when a stadium’s worth of people are leaving the country each year as they were under the previous Labour Government in 2008.Grant Robertson: Can the Minister confirm that the first 6 months of this year saw a 0.2 percent negative GDP per capita growth and is this reflective of a successful economy?Hon PAULA BENNETT: Yes but annual GDP growth between June 2014 and June 2015 was actually 2.4 percent and as I say most commentators would take it from an annual GDP per capita basis and we are very confident that this actual calendar year will also see a growth.Grant Robertson: How is it a sign of success for the New Zealand economy that we have now been added to HSBC’s watch-list of nations that it has a concern about due to our overreliance on China falling commodity prices and the Auckland housing bubble?Hon PAULA BENNETT: To quote from HSBC it says “Although low risk New Zealand may be one to watch.” so I think that needs to be kept in the context of what it actually is. I find it ironic that when we are about to sign a Trans-Pacific Partnership agreement that actually sees us extend wider than just the Chinese market Labour does not quite know where it stands on that and is not supporting what would be a real economic growth for this country across more than just the market of China.Hon Gerry Brownlee: Does it surprise the Minister that the Opposition spokesperson on finance ties his credibility to a report from a foreign bank?Mr SPEAKER: Order! There is no ministerial responsibility there.Grant Robertson: Is the Minister proud to be managing an economy that makes the global headlines that these are the economies that could run into trouble?Hon PAULA BENNETT: What I am proud of is to actually have an economy that has had 18 straight quarters of economic growth 11 straight quarters of job growth with 69000 more jobs just in the last year and a stable outlook for moderate economic growth. What I will note is that most other OECD countries would like a Prime Minister like John Key a finance Minister like our Minister of Finance and an economy like ours. They would just like a stronger Opposition.Grant Robertson: Does he think that unemployment of 6 percent which some economists say will rise to 7 percent is part of a successful economy?Hon PAULA BENNETT: What I would also note though is that the Reserve Bank Governor just recently has said that the forecasting that he was predicting 6 months ago actually has not fallen as badly that we are seeing growth in the manufacturing sector since a crisis was called by the Labour Party. We are seeing beef increase and we have seen 69000 more jobs just over the last 12 months. So what we are seeing is real growth in jobs. We have also got one of the strongest labour markets in the country as far as participation is concerned and a net migration quite frankly that is at an all-time high.Grant Robertson: According to the latest household labour force survey how many New Zealanders are currently unemployed?Hon PAULA BENNETT: Sorry I do not have that at the top of my notes here and cannot remember the exact figure but what I would say is that actually one of our highest rates of labour force participation actually shows confidence in the numbers of those who are actually in the workforce and looking.Grant Robertson: How can the Minister judge the economy a success when we are on an international watch-list of concern housing is the most unaffordable that it has been in 60 years exports as a percentage of GDP are the lowest since 1997 and to help the Minister out 148000 New Zealanders are unemployed?Hon PAULA BENNETT: I know that that member is making a career out of trying to talk down our economy and actually does not have the view that we are growing that we are sustainable. We are still looking at GDP growth of around 2 percent which actually is considered low risk. They cannot actually get it together enough to recognise the benefits of the Trans-Pacific Partnership which will grow us beyond just that Chinese market and see other sectors apart from dairy also growing.