4. Economy—Business ConfidenceHon PAUL GOLDSMITH (National) to the Minister for Economic DevelopmentEconomy—Business Confidence4. Hon PAUL GOLDSMITH (National) to the Minister for Economic Development: Does his description of the ANZ survey of business confidence as junk" include the ANZ Own Activity Index which has dropped to the lowest level since May 2009?Hon GRANT ROBERTSON (Minister of Finance) on behalf of the Minister for Economic Development: There's a bit more to the question but fair enough—SPEAKER: Sorry?Hon GRANT ROBERTSON: Mr Speaker I think there is a little bit more to that question but we'll—SPEAKER: No there's not. The member should rely on the printed copy rather than an early draft.Hon GRANT ROBERTSON: On behalf of the Minister for Economic Development no.Hon Paul Goldsmith: So is the fact that the ANZ Own Activity survey has dropped to plus 4 percent—its lowest level since May 2009 in the midst of the global financial crisis—well below the long-term average of plus 27 percent something he should take seriously?Hon GRANT ROBERTSON: I take very seriously the views of the business community and work very closely with them but I tend to share the view of the New Zealand Herald's Liam Dann who said "to compare confidence in the economy now and confidence in [2008-09] is ridiculous."Hon Paul Goldsmith: Is he aware that during the term of the previous Labour-led Government between 1999 and 2008 the ANZ Own Activity Index averaged 20 percent compared with its current level of 4 percent which is a number that commentator Cameron Bagrie referred to as indicating the economy going into stall—SPEAKER: Order! Order! The member has more than finished the question.Hon Paul Goldsmith: Well I didn't actually get to the question.SPEAKER: No. Well the member put in two unnecessary additions to the question at the beginning and at the end.Hon GRANT ROBERTSON: On behalf of the Minister I think we've traversed a number of times in this House the nature of the surveys—in particular that in the period of the last Labour-led Government that he refers to in 82 of 99 months there was pessimism from the business community but growth averaged 3.2 percent over that period.Hon Paul Goldsmith: When he told the House that the ANZ business survey which he described as "junk" is a "survey of the emotion of CEOs" does he think the New Zealand CEOs are being too emotional when they worry about the costs being added to their businesses?Hon GRANT ROBERTSON: On behalf of the Minister it is indeed a survey of business sentiment. There are a lot of other indicators about the health of the economy—for instance consumer confidence which is doing well; employee confidence which is doing well; people being added to the labour market which is doing well; and overall growth and employment. CEOs will concern themselves with the prospects of their own firm which is absolutely right and this Government will continue to work with all in the business community to ensure that those firms grow sustainably.Hon Paul Goldsmith: How does he think the typical business owner and employer—who is worried about potential effects of the industrial relations changes costs being added to her business uncertainty around immigration and tax policies—would respond if he told her directly that her opinions were junk?Hon GRANT ROBERTSON: On behalf of the Minister I do not believe their opinions are junk.Hon Paul Goldsmith: Regarding the ANZ's commentary "with [the] businesses in a funk it's fair to say that the road ahead is looking less assured and risks of a stall have increased" has he considered the possibility that any of his Government policies may be harming the economy?SPEAKER: Order! Before the member answers the question and just to get it absolutely straight with the member he will ask the question part of that again—I'm not going to make him count it twice—without the addendum that prefaced it.Hon Paul Goldsmith: I raise a point of order Mr Speaker. Well I'm just struggling to understand at all. I'm putting out a quote from somebody and asking him to respond to that quote.SPEAKER: No you weren't. That's not what you did at all.Hon Paul Goldsmith: Well all right. OK—well I'll keep it simple then. Has he considered the possibility that any of his Government's policies may be harming the economy?SPEAKER: Yes. That's a question.Hon GRANT ROBERTSON: We look very close at the all of the impacts of our policies on not only the business community but also employees the social sector and those in unpaid work. The conclusion that we've come to is that after nine years of neglect and under-investment from the other side our policies are going to lead to an economy that is more robust more sustainable more productive and more inclusive. We're not going to be able to do it all in nine months but we will be able to make up for a lot of the damage in this first term."