On Tuesday the 31st of January, Dr Don Brash, the leader of the New Zealand National Party gave his third state of the nation speech to the Orewa Rotary Club where he focussed on the economy. 
Brash predicted that the New Zealand economy is "...almost certainly headed for a recession." He later said "A recent survey in the Christchurch Press suggested [the] South Island was already teetering on the brink of recession."
Brash said business confidence in New Zealand is at its lowest level in 30 years and almost every day there is another company closing its doors or sharply reducing its staff. He predicted that "many businesses will face very tough times, and that unemployment will rise steeply."
Brash said the blame for any recession will lie squarely with the Prime Minister Helen Clark and Labour. "[The] Government is asleep at the wheel." He warned that people will lose their jobs and savings because of its incompetence.
Brash also addressed immigration, health, and infrastructure issues.
Brash said he had hoped to return as Prime Minister to give this speech. He also said that he intends to lead National in the next New Zealand general election (2008) and would be surprised if he is replaced before then. 
Finance Minister Michael Cullen called Brash's speech "vastly underwhelming". He also claimed the speech was riddled with inaccuracies, particularly over Government spending.
Brash's first speech at Orewa, delivered by Brash on 27 January 2004, was highly controversial. It addressed the theme of race relations in New Zealand, particularly the special status of Māori, New Zealand's indigenous ethnic group. Some regard the speech as a watershed moment in New Zealand politics.
"Don Brash at Orewa: 'Whatever happened to personal responsibility?'" — Wikinews, January 25, 2005
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Don Brash gives third Orewa speech