Ardern Jacinda: Oral Questions — Questions to MinistersText is incorporated into the Bound VolumeArdern Jacinda: Oral Questions — Questions to Ministers[Sitting date: 16 March 2016. Volume:712;Page:9790. Text is incorporated into the Bound Volume.]4.JACINDA ARDERN (Labour) to the Minister for Small Business: Does he believe that the statement by the Prime Minister yesterday that New Zealand “is a highly diversified economy” and “business confidence is strong” applies to small businesses?Hon CRAIG FOSS (Minister for Small Business): Yes. New Zealand has a highly diversified economy and business confidence continues to be strong. Small businesses directly and indirectly benefit from growth and increase in revenues from exports and diverse industries such as meat wool education forestry seafood horticulture tourism and ICT. I know that member herself believes that we have a diversified economy when she stated that the Rotorua economy was better placed than many as its diversification meant that it was not solely reliant on one sector and that “If dairy falters at least you won’t have such a huge hit to your economy”.Jacinda Ardern: If the New Zealand economy is highly diversified why did the Mind Your Own Business (MYOB) survey released yesterday find that the dairy prices had affected consumer spending for more than a third of retail and hospitality businesses and caused a decline in revenue for even more businesses still in the manufacturing and wholesale sector?Hon CRAIG FOSS: Either that member’s earlier statement was wrong about diversification in an area such as Rotorua which has tourism which has hospitality—you name it—and a very diversified economy.Jacinda Ardern: Does he accept the findings of the MYOB survey which found approximately 100000 businesses employing more than a million people are facing falling revenues because of the dairy downturn?Hon CRAIG FOSS: It comes as no surprise when the decrease in the dairy industry’s revenue has a flow-on effect on the rest of the economy. There is no surprise about that. But the dairy industry other industries small businesses and farmers have been here before and will no doubt be here again. But the strength of the economy and the changes that this Government has put in place to enable them to have sustainable ongoing growing export businesses will serve them very well.Jacinda Ardern: What will the future hold for small businesses if dairy prices remain where they are for the next 18 months?Hon CRAIG FOSS: I know what the future will hold for people involved in the dairy industry and beyond if this Government continues its policies: their industries will continue the solid growth they have had over many years. If in fact there was nationalisation of banks and trade unions effectively setting interest rates that would be devastating for all New Zealand businesses.Jacinda Ardern: What action is he taking as Minister for Small Business to support small businesses that are feeling the effect of reduced business confidence as measured by ANZ and falling dairy and farm spending?Hon CRAIG FOSS: Business confidence comes from positive growth in the economy and certainty of application of Government policies and adherence to agreements such as free-trade agreements. Confidence and certainty in such an economy would be smashed if in fact a future Government made laws without regard to the controversial Trans-Pacific Partnership as that member says her party would.