Goldsmith Paul: Questions for Oral Answer — Questions to Ministers 
Text is incorporated into the Bound Volume 
Goldsmith Paul: Questions for Oral Answer — Questions to Ministers 
[Sitting date: 26 February 2013. Volume:687;Page:8153. Text is incorporated into the Bound Volume.] 
3. 
PAUL GOLDSMITH (National) 
 to the  
Minister of Finance 
: What reports has he received on the economy? 
Hon BILL ENGLISH (Minister of Finance) 
: 
 In the accounts for the first 7 months of the 2013 fiscal year the Inland Revenue Department reports that PAYE receipts were $12.66 billion. This is $208 million higher than forecast by Treasury in its half-year update and $748 million or 6.3 percent higher than the same period last year. This higher PAYE revenue of $748 million compared with a year ago indicates that more people are being paid or that those who are in employment are being paid more. So when we try to reconcile increases in PAYE with changing employment figures it could point to more people moving out of self-employment into wage and salary jobs or it could point to changes in retirement patterns. But there is no doubt that more people are being paid and we are collecting more PAYE. 
Paul Goldsmith 
: How does this growth in tax revenues compare to levels of investor and consumer confidence? 
Hon BILL ENGLISH 
: It could be perhaps the good weather but recent confidence surveys have shown some increase in consumer and investor confidence. In fact rates for the investor confidence survey are the highest they have been in 3 years. But probably more important than that it is pleasing to see that the ANZ’s regional survey showed that all 14 regions of New Zealand expanded in the December quarter and that is the first time that has happened since 2005. However we remain concerned about the ongoing effects of increasing drought conditions particularly in parts of the North Island and we are also concerned that this year could follow the pattern of previous years with higher levels of confidence in the first half of the year tailing off in the second half of the year. 
Paul Goldsmith 
: How will improved confidence affect investment and productivity in the economy? 
Hon BILL ENGLISH 
: At a time of prolonged uncertainty it is important that we do whatever we can to lift the confidence of firms and companies so that they can invest another dollar and employ another person and do so in a way that is going to be of benefit to them. Clearly the increase in PAYE payments of $750 million since this time last year indicates that at least some businesses are taking the decision to employ more people and back that with more investment. 
Paul Goldsmith 
: What other plans has he seen for building investment and creating jobs? 
Hon BILL ENGLISH 
: There are two sets of plans that I think can be compared. The first is the Government’s plans articulated in some detail in the Business Growth Agenda publications. I have also seen other plans that include opposition to reduced taxes opposition to major roading projects opposition to improvements in the Resource Management Act opposition to work expectations on beneficiaries and opposition to responsible investment in oil and gas exploration. These I understand are the plans of the Opposition parties.