Cullen Michael: Financial Review Debate — In Committee 
Cullen Michael: Financial Review Debate — In Committee 
[Volume:630;Page:2422] 
Hon Dr MICHAEL CULLEN (Minister of Finance) 
: 
 That member has had his one call in the debate and as usual he has wasted it. At least for once he managed to exit from the sewer for a brief moment to talk about the state of the economy. How his cheeks must be blushing—all four of them—from the attacks on him by his previous leader and founder of the ACT party who has accurately summed up Mr Hide’s contribution to politics in this country. 
But one thing that happened this afternoon is that I did not hear a single call from Mr Key—who has become the Tony Ryall of fiscal policy more and more in this House—for massive borrowing in order to fund tax cuts. That is another policy being prepared for dumping by the time of the next election because that was the core of National’s policy at the last election. But of course Mr Key will not be the finance spokesperson by the time of the next election if he achieves that ambition because he is spending every week white-anting Don Brash trying to take over the job of Leader of the Opposition. Well bring another one on and another one down and another one up and another one down. It is a bit like National’s policy on trade in honey and apples. It depends where one sits as to which side one is on. 
We inherited an economy that had been through nearly 2 years of sub-zero growth under National with 7 percent unemployment under National. That is what we inherited. We have delivered not merely 43 percent nominal growth but also the lowest unemployment rate in the developed world. If that were my only legacy I would be damned proud to leave it because none of the members opposite can claim that. Nor can the previous leader of the ACT party claim that as his legacy as a Minister of Finance. Unfortunately for them I will be around for a lot more years yet. I have seen off so many National Party finance spokespeople in the last 15 years I have lost count and I expect to see off a fair few more yet as Mr Key gives up his great hope to save New Zealand and goes back to being merely a very rich man. 
What else do we have to show for our growth? We have seen real income growth for New Zealanders—not just for the rich as under National but for the great bulk of New Zealanders who are seeing real income growth. We have seen a massive increase in infrastructure spending particularly in roading—and more is to come. We have seen the creation of the super fund and the Government saving for the long-term future. We will see the creation of the KiwiSaver scheme. We have reduced spending on benefits as a proportion of Government spending and a proportion of GDP. We have increased spending on health education science and roading. And what does National come here and call for every day? It asks us to spend spend spend. Half National’s questions every day are about why the Government is not spending more in some area or another. Well it will take a large pot of indigenous honey spread as thinly as the National Party thinks it needs to be spread to pay for all the promises National is implying at present. 
The National Party has discovered the bottom of the cycle. Dr Lockwood Smith has discovered a particular interest in the bottom of the economic cycle. Let me tell him that National’s bottom was a lot flabbier than the bottom will be under the Labour Government. National’s bottom was sub-zero growth for nearly 2 years. Its bottom was rising unemployment. Its bottom was increasing poverty. Its bottom was cutting the level of New Zealand’s superannuation. That is what we saw in the last 2 years of the previous National-led Government. I must say that my cheeks are firm and rosy compared to the bottom under the National Government in the late 1990s. We are very proud of our record and our success. 
Business is telling National to stop talking the economy down. Business is telling National that we will not have a recession; this economy is healthy. The chief executive of Fletcher Building—which is not planning to go offshore—has told National many times that he prefers New Zealand’s corporate tax system to Australia’s corporate tax system. But Mr Key will not listen because he has no respect for the people who actually produce and make things. His idea of an economy is people who make money out of nothing by shuffling paper around and speculating on the foreign exchange market. That is the kind of Minister of Finance he would be—a Minister of Finance for international financiers not for New Zealand’s productive sector. 
Reports noted.