Slide 15 of 15

New Zealand's economy grew at an average rate of 1.35% a year in the period from 1979 to 1992. Actual figures and current forecasts show that we are now averaging 3.1% a year, across the whole of the decade from 1993 to 2002, a huge and sustained improvement.

The Reserve Bank's November 18 forecasts show annual growth at 4.1% and 3.8% a year during the next two years, the most robust period of sustained growth in this country since 1994-95, and already significantly ahead of the Treasury forecast Pre-election Economic and Fiscal Update, which was finalised on 1 October.

In a competitive world, business is always going to be hard work. There is no hiding place. Continuous improvement is the name of the game. Ignore that imperative, and you will be history. But without a competitive economy, whatever the colour of our Government, New Zealand has no prospect of future international success.