Hauiti Claudette: Questions for Oral Answer — Questions to MinistersText is incorporated into the Bound VolumeHauiti Claudette: Questions for Oral Answer — Questions to Ministers[Sitting date: 19 June 2014. Volume:699;Page:18713. Text is incorporated into the Bound Volume.]1.CLAUDETTE HAUITI (National)to the Minister of Finance: What reports has he received on progress in building a growing economy that can support more jobs and higher incomes for New Zealanders?Hon BILL ENGLISH (Minister of Finance):Statistics New Zealand this morning issued GDP figures for March. It confirms that the economy is continuing to perform well growing by 1 percent in the 3 months to 31 March and by 3.8 percent in the 12 months up to the end of March which is good news for New Zealanders looking for higher incomes and more jobs. Economic growth was reasonably broad-based with positive contributions from construction mining agriculture retail trade and accommodation. It is the latest in a run of encouraging economic indicators including higher levels of business and consumer confidence. I want to pay tribute to the strong and stable leadership of the Prime Minister who has the unanimous support of a united caucus. This has been instrumental in the Government’s successful economic policy.Claudette Hauiti: How is the growing economy translating into real benefits for New Zealanders and their families?Hon BILL ENGLISH: Most people do not measure their economic prospects in terms of GDP; they measure it in terms of more jobs and higher incomes. In the past year alone 84000 more jobs were created and the Budget last month forecast an additional 170000 new jobs by mid-2018. If we stick with the Government’s programme the average full-time wage is expected to rise by $7600 to $62300 over the next 4 years. This follows a $3000 increase in the average wage over the past 3 years.Rt Hon Winston Peters: If that answer was so compellingly valid how come the Māngere section of the National Party rejected it when it was put to it by the questioner when she sought the nomination there?Mr SPEAKER: In so far as there may be some ministerial responsibility the Hon Bill English.Hon BILL ENGLISH: Well I am going to be going and talking not just to the Māngere branch of the National Party but to all those former Labour and New Zealand First voters in Māngere who are starting to think about voting National.Claudette Hauiti: Kia ora. How does New Zealand’s latest economy growth compare with growth in other developed economies around the world?Hon BILL ENGLISH: New Zealand continues to be one of the better-performing developed economies. Our 3.8 percent growth rate was the third-highest in the OECD club of developed economies. By comparison Australia grew about the same at 3.5 percent the UK grew 3.1 percent the United States grew 2 percent Canada grew 2 percent Japan grew 2.8 percent and the euro area grew 0.9 percent. So New Zealand is doing reasonably well but we need to continue to work on sustaining these growth rates beyond the normal cycle so that more households can benefit from consistently rising incomes.Claudette Hauiti: How does New Zealand’s current economic performance compare with the indicators this Government inherited in late 2008?Hon BILL ENGLISH: The indicators have improved in part because of the improved economic cycle and in part because of good Government policy. The balance of payments deficit for instance in 2008 was minus 7 percent of GDP and it is currently 2.8 percent. The Government is on track to Budget surplus next year. In 2008 we faced never-ending deficits and soaring Government debt. The cost of living has risen by just 1.5 percent a year. In 2008 it was rising by more than 5 percent per year when the cost of living was out of control. Floating mortgage interest rates are a bit over 6 percent today. In 2008 they reached almost 11 percent.