3. Question No. 3—FinanceHon AMY ADAMS (National—Selwyn) to the Minister of FinanceQuestion No. 3—Finance3. Hon AMY ADAMS (National—Selwyn) to the Minister of Finance: What was the real GDP per capita growth rate in the final half of the 2018 calendar year and does he still stand by his statement that we are building an economy that is more productive"?Hon GRANT ROBERTSON (Minister of Finance): GDP in 2019 prices per capita was $12691 in the September 2018 quarter and $12708 in the December 2018 quarter giving a total of $25399 for the second half of the 2018 calendar year. That is up from $25240 in the second half of the 2017 calendar year—a growth rate of 0.6 percent. It is also up from $25333 in the first half of 2018—a growth rate of 0.3 percent. In answer to the second part of the question yes.Hon Amy Adams: I raise a point of order Mr Speaker. I listened very carefully and there were certainly a lot of words in that answer. This is a question on notice. It is very specific and has an economically very precise meaning: the real not nominal growth rate—not numbers—in the final half of the year. We heard all sorts of information including the first half of the last year and the annual amount and the nominal numbers. It is a very straight question it is on notice and I'd expect the Minister of Finance to be able to answer it.Hon GRANT ROBERTSON: Speaking to the point of order the question didn't give a comparator. I offered two different comparators for the growth rate—one for the second half of the 2017 calendar year and one for the first half of 2018—both of which I expressed in dollar terms and rates.Hon Amy Adams: Speaking—SPEAKER: No no I'm still contemplating the answer. The question I've got is whether in fact out of that without considerable deduction someone could get a real rate as opposed to a dollar rate.Hon GRANT ROBERTSON: I gave rates. I could do it again if you want me to.SPEAKER: The member did say "0.6" and the member's telling me that was a per capita rate?Hon GRANT ROBERTSON: That's a per capita rate.Hon Amy Adams: Is the Minister unaware that the Stats NZ website states—and I quote—"GDP per capita increased 0.1 percent in the December 2018 quarter following a drop of 0.1 percent in the September … quarter." giving a total real GDP growth rate for the last half of last year of 0 percent? Is the Minister unaware or is he embarrassed to answer?Hon GRANT ROBERTSON: There are many ways of defining that. If the member had asked that in her primary question that would have been the answer. What that exact same table from Statistics New Zealand shows is that when you compare the second half of 2018 to the second half of 2017 you see a growth rate of 0.6 percent. When you compare it to the first half you see a growth rate of 0.3 percent.Hon Amy Adams: With growth per person confirmed by Stats NZ as being zero for the second half of last year does he agree that it is "per person growth that matters the most for achieving higher material living standards" as stated—SPEAKER: Order! Hon Amy Adams: —by Grant Robertson—SPEAKER: Order! Hon Amy Adams: —in 2016. SPEAKER: No when I call a member to order she stops. She had actually done two legs to a question. Hon GRANT ROBERTSON: I do recall that statement. It is a very important part of what makes up a productive economy. I'd also agree with the former Minister of Finance Bill English when he said that it's output per worker that matters and I can say that GDP per hour worked in the second half of 2018 was up 3 percent from the first half of 2018. Hon Amy Adams: So if it's growth per person that matters the most according to him how does he feel that growth per person has gone from 1.6 percent a year in the five years before he became the Minister of Finance to being flat-lining under his watch?Hon GRANT ROBERTSON: As I said it all depends on the base that the member goes to. I look back to the time when her Government was in office and we can see that in the second half of 2018 there was a 0.6 percent GDP per capita growth rate compared to the second half of that year.Hon Amy Adams: So with a wide range of commentators now saying that a capital gains tax will make us less productive and slow our economy even further why won't he do the right thing and just rule it out?Hon GRANT ROBERTSON: Because we as a Government are considering our response to that and because as a Government we're not prepared to sit back and let tough issues drift on like the growth in inequality that we saw under the last Government. On this side of the House we are actually prepared to face up to those issues while making the changes in our economy that mean that all New Zealanders will benefit."