Ross Jami-Lee: Oral Questions — Questions to MinistersText is incorporated into the Bound VolumeRoss Jami-Lee: Oral Questions — Questions to Ministers[Sitting date: 11 February 2015. Volume:703;Page:1452. Text is incorporated into the Bound Volume.]2.JAMI-LEE ROSS (National—Botany)to the Minister of Finance: What are the main priorities for the Government’s economic programme in 2015?Hon BILL ENGLISH (Minister of Finance):We will pursue four priorities that we believe will underpin a stronger economy and a stronger community. They are responsibly managing the Government’s finances building a more productive and competitive economy delivering better public services and continuing to support the rebuilding of Christchurch. The Government’s next steps consistent with these priorities will be outlined in the Budget which will be delivered on 21 May. Building on the current momentum it is important that we focus on achieving not just solid economic growth but sustainable economic growth year after year.Jami-Lee Ross: Under the Government’s economic plan how is New Zealand performing compared with other developed economies?Hon BILL ENGLISH: We perform reasonably well due to the hard work and positive attitude of New Zealanders over recent years. Our economy is growing employment is increasing wages are rising faster than the cost of living and New Zealanders are benefiting from a period of stable lower interest rates. We are growing new industries such as information and communications technology and high-tech manufacturing and strengthening existing industries successfully such as the food industry tourism and international education. This is a much more positive picture than most other developed economies and New Zealanders should be proud of what they have achieved.Jami-Lee Ross: Since Treasury issued its Half Year Economic and Fiscal Update in December what updated data has been issued about economic growth commodity prices and inflation?Hon BILL ENGLISH: The progress of the New Zealand economy is against the background where there are significant fluctuations in data across the global economy. Since the Half Year Economic and Fiscal Update before Christmas which forecast further strong growth for New Zealand we have seen oil prices fall by 40 percent taking retail petrol prices to their lowest level in 4 years and annual inflation dropping to less than 1 percent—that is 0.8—and could be headed lower. Despite an upward correction in the past week petrol prices remain low suggesting that inflation can stay subdued. We have also seen a turn-round in the persistent drop in dairy prices which is consistent with the forecasts—at least the Government’s forecasts—for the dairy sector. Low inflation combined with low interest rates and weak global commodity prices are generally good for households but they will make it a bit harder for the Government to balance this Budget.Jami-Lee Ross: What examples does he have of particular sectors of the economy contributing to growth more jobs and higher incomes?Hon BILL ENGLISH: The data would indicate that the manufacturing sector continues to make an important contribution to more jobs and higher incomes. The performance of the manufacturing index is up since November by 2.1 currently at 57.7. A number above 50 means the sector is growing. So despite claims of a manufacturing crisis manufacturing has now been in solid expansion for 27 consecutive months which is delivering some of the 80000 new jobs in the last year and rising real incomes.