Business wants to pin the Government down and get it to honour a commitment to push this economy back into the top half of OECD rankings. The December 2001 Economic and Fiscal Update suggests that total growth for the Clark Government's first term will only match that of other OECD countries. Future DEFU projections averaging 2 to 3 per cent growth each year show no sign of improvement.
This country needs to consistently score rates of 4 per cent or more if it is to move back up the scales.
Clark, who openly said before becoming Prime Minister that she thought New Zealand was in a long-term decline - a bit like Argentina - must take a few risks.
The reality is that New Zealand's long-term performance is deteriorating.
UMR Insight finds New Zealanders' major source of concern is the perceived decline in education and health services. Despite a strong public relations push, people are getting fed up with Knowledge Economy jargon. They are sceptical that Government, business, community groups, media, the education sector and "average" New Zealanders can work effectively together.
Clark, the meticulous planner, has a prime ministerial style which leaves little to chance. But even she must be careful not to be lulled into self-delusory mode.
The Golden Weather - that combination of high commodity prices fanned by a low New Zealand dollar - is drawing to a close.
Getting serious about this country's chances of getting into the top half of the OECD requires a more strategic approach than the commissioning of consultancy reports which end up as doorstops.
Reconfirming a target date is a good start. There is still some lingering tension between Clark and some business people who grouped about her to create strategies to drive foreign direct investment up and entice talented people to New Zealand. They have been astounded that Clark has not picked up more recommendations from the LEK Talent Initiative or Boston Consulting Group's FDI report.
Clark says businesspeople have to realise that the Government's perspective is quite different from theirs. "We have to consider things from a public policy viewpoint. They want to run things like a business."
Clark is sceptical over proposals to make multi-million dollar investments in Investment Promotion Agencies or allow foreign investors access to tax breaks which are denied to New Zealanders. Neither Clark nor her Minister of Finance Michael Cullen want to operate too much outside the Cabinet system.
"Both Michael and I are fiscal conservatives," Clark says.
As former Treasury Secretary Murray Horn notes, New Zealand needs strong growth rates to deliver sufficient GDP per capita. Without the increased income, disparities will widen and the skilled and mobile will not be satisfied with wage rates half that of international levels.
Clark has political capital in spades which she could spend on charting a compelling path while the "sweet spot" in the economic cycle lasts.
The Government's Budget priorities for this year are strongly focused on development: developing the asset base, improving New Zealander's living standards and developing human capital.
All this takes expenditure and against this the Government must balance further increases in operational spending for health and education.
Business Roundtable director Roger Kerr says bluntly: "This does not constitute a growth strategy. At current levels of spending, the deadweight costs of each additional dollar spent out of taxes effectively reduces national income by something in the region of 50 cents on average, even if it produces a dollar of value.
"The institutional arrangements in health, education and social welfare are so bad that each dollar spent will return much less than a dollar in value," he warns.
Clark has impressed business with her strong commitment to pushing free and fair trade and pursuing bilateral deals.
Despite the whinges, business players will stay in close. They have less faith in the National Party as an alternative.
The Government's only real danger is if the public takes relative prosperity for granted. The voters could decide to focus on issues other than the economy and turn out the incumbents who oversaw the good times.
