Foss Craig: General DebateText is incorporated into the Bound VolumeFoss Craig: General Debate[Sitting date: 25 September 2013. Volume:693;Page:13705. Text is incorporated into the Bound Volume.]Hon CRAIG FOSS (Minister of Commerce): I am sure the House is very grateful for that lesson in business resting on the vast experience in the real world of that member Russel Norman. I am sure we have enjoyed that. I do challenge such members to check some of their facts around the job creation side of what he has just been talking about.Anyway every time the far-left socialist coalition members over there speak and welcome socialism with open arms as does the new leader of the Labour Party—and congratulations to the new leader—every time they open their mouths New Zealand mortgages suffer. After that speech right then and the Leader of the Opposition’s speech New Zealand mortgages will suffer if in fact those members are ever to get near the Treasury benches. The programme of multibillion-dollar borrowing from overseas that the three contestants in the Labour Party leadership contest have committed their party to if Labour becomes the Government will mean that New Zealand mortgages will be so much higher than they are now. The Opposition cannot wait to get its sticky fingers on the Reserve Bank. Its members cannot wait to get the independence of monetary policy out of the clutches of the world-renowned Reserve Bank here in New Zealand. The moment they talk about that as with the moment they went there the last time they were in Government in 2008 with an inquiry—actually New Zealand mortgages will go higher if in fact those members ever get anywhere near implementing that policy.The results of the Better Public Services prudent management of our economy are starting to be enjoyed by more and more New Zealanders all the time. There are lower mortgage rates—half of what they were under Labour in 2008 in spite of the global financial crisis and in spite of the efforts we are having to do around the Christchurch and Canterbury earthquake tragedies. I must note that we should contrast where we are now with 2008 the source of data being the 2008 pre-election fiscal update—the document that introduced the decade of deficits to our country. I do note that one of the Associate Ministers of Finance was one Mr David Cunliffe in 2008 when the decade of deficits arrived in New Zealand.In 2008 under a Labour Government New Zealand had been in a recession for over 1 year. Under National right now there is some of the highest growth in the OECD. Under Labour when one Associate Minister of Finance was one David Cunliffe we had 10 percent floating mortgages. Under National right now we have 5 percent floating mortgages. Under Labour when Mr Cunliffe was an Associate Minister of Finance we had only 4 percent real wage growth over 9 years. Here under the National Government over just 5 years we have had 22 percent growth in after-tax wages. Inflation when Mr Cunliffe was an Associate Minister of Finance was nudging 5 percent destroying the financial assets of New Zealand and pumping up an ongoing housing boom. Under National it is 0.5 to 1.5 percent—under control. In 2008 under Labour exports had been in recession for many many years. Under National manufacturing and all export sectors are growing and having a brighter future. Under Labour when David Cunliffe was one of the associate finance spokesmen the tax take went up 50 percent. Taxes went up 50 percent. National in 2013 is rebalancing the tax system to target those who speculate on property. Under Labour in 2008 there was an explosion of loss attributing qualifying companies—nobody really hears about them any more—a product of the distorted tax system of the Labour Government backed by the Greens when Mr Cunliffe was one of the associate finance spokesmen.After 5 years of National in Government New Zealanders are better off. There is no better proof than the mortgage rates that New Zealanders are paying which are half of what they were under the Labour Government.