The Labour Party has used Question Time in Parliament on Thursday to defend how it managed the economy when in power.
The National Government has frequently said during debates on the economy that it was already in decline when it took over the Treasury benches.
Labour's deputy leader Annette King asked Finance Minister Bill English if he stood by comments he made about the economy soon after the 2008 election.
The comments included Mr English's remarks that New Zealand was in a reasonable starting position to deal with the uncertainty of the global economic outlook.
Mr English agreed that public debt was low, but said there was also rising unemployment, inflation over 5% and a failing export sector.
Mr English said National has tightened up government spending and will consider the ACT Party's idea for a Taxpayers Bill of Rights to cap government spending.
