KEY POINTS:
Michael Cullen has seen off previous challengers for his crown as Minister of Finance.
This time round National's finance spokesman, Bill English - himself a former Finance Minister and Treasurer - is the politician gearing up to take Cullen's job.
But whichever politician occupies the Treasury benches after the November 8 election, he will face a tough challenge to juggle competing priorities - some due to open vote-buying during the campaign, others due to the international financial crisis which has exacerbated the New Zealand recession.
Chief executives canvassed for the Mood of the Boardroom survey overwhelmingly said Cullen's main challenger would make the best Finance Minister - seven times as many plumping for English over Cullen.
Ten per cent opted for neither politician, instead nominating Key (despite him earmarking the prime ministership this time) who the CEOs had preferred on an overwhelming nine to one ratio in 2005 when he was National's finance spokesman.
"While Cullen has been a good finance minister, he had a period of abnormal growth with no adjustment of the taxation base," said ASB Bank's Hugh Burrett. "This has allowed Government expenditure to grow almost out of control while wages and salaries have become uncompetitive with other countries and fuelled migration."
This view was reinforced by a creative firm boss: "Cullen has run out of ideas and the economy is not doing well. We were saved by geography [isolation] and dairy prices and an exodus of skilled people creating a job shortage and allowing full employment."
Others just wanted a style change: "Cullen: experienced, boring, no surprises. English: grown in stature, performs well in the house," said one advertising chief.
Business bosses rated a number of Cullen's major policy planks highly (see adjacent story). But the personal tax cuts they had long been championing came too late in Labour's nine-year reign to offset their own mood for change.
If English did gain control of the finance portfolio - assuming a National win - chief executives expected his balance and experience would play to New Zealand's advantage.
English does not automatically connect with business in Key's intuitive fashion. But those interviewed for this report acknowledged English, like Cullen, had spent considerable time in boardrooms briefing business on policy initiatives.
What the chief executives certainly do not want is a repetition of the 1996 election when former National leader Jim Bolger made NZ First leader Winston Peters Treasurer as part of a coalition Government deal.
Eighty-nine per cent gave a firm "No" when asked if the finance portfolio should be awarded to a minor party to cinch a coalition.
An overwhelming 93 per cent of respondents believed MMP is hindering governments from implementing the type of policies necessary for New Zealand's success; with just four per cent disagreeing and three per cent unsure.
They were particularly scathing over the compromises that Labour had made this time round to keep Winston Peters happy. "Giving foreign affairs an extra $600 million against Treasury advice is one hell of a bauble," said an investment banker.
But others credited MMP as giving pro-business leaders of minority parties - like Dunne - influence over the current government's direction and the ability to get the corporate tax rate lowered and international business tax reviewed as the quid pro quo for supporting Labour.
But the predominant sentiment was negative.
"MMP is a recipe for paralysis, compromised decision-making and excess Government spending," said New Zealand Business Roundtable chief executive Roger Kerr.
Said others:
"We now have a have a system of government where the tail wags the dog too often," - investment banker.
"It's rubbish and List MPs are a waste of space. Accountability and the ability to govern are vital in small nations," - manufacturing distributor.
"Too much power has been transferred to the minority parties. While I respect the desire for them to have a voice, MMP has pushed this to the other extreme. Makes it much more difficult for the reigning government to make non-political, long-term decisions," - exporter.
But another exporter cautioned: "Probably things weren't that flash under first-past-the-post either. We are still learning MMP."
If a referendum was held tomorrow, 91 per cent of the CEOs would not vote for MMP. This did not mean they all wanted the FPP back, but many would prefer a different proportional representation system such as Single Transferable Vote.
