New Zealand Prime Minister Jacinda Ardern said her country's economic situation compares "very, very well" to Australia, even as it recorded its worst quarterly GDP figures in modern history.
Stats NZ revealed on Thursday New Zealand's gross domestic product (GDP) contracted 12.2 per cent between April and June this year, confirming the country's recession.
The quarterly result covers the majority of New Zealand's lockdown to fight COVID-19, a period when retail, construction and tourism industries were forced to close.
"The 12.2 percent fall in quarterly GDP is by far the largest on record in New Zealand," Stats NZ manager Paul Pascoe said, with record-keeping dating back to 1987.
Stats NZ said the fall was larger than other economies, including Australia, which suffered a seven per cent drop during a similar period.
Despite that, Ms Ardern said she wouldn't swap places with Australia.
"I'm happy with that comparison to be made because on a number of areas, we are faring very, very well," she said.
"That's in spite of the fact international tourism means twice as much to us as it does for Australia."
Finance Minster Grant Robertson said the 12.2 per cent contraction came as government "went hard and went early" with its COVID-19 response.
Jacinda Ardern visits a construction site on the campaign trail in Taupo, New Zealand, Thursday, September 10, 2020. Source: AAP
"I back our approach," he said.
"If you compare unemployment, our peak is going to be significantly lower than Australia.
"We're going to come out of this year with our debt a little lower than Australia.
"Our growth and our rebound out of this will be faster and quicker.
"Our strategy was to go ahead and to go early to get on top of the virus and then in the September quarter you'll see the rebound from that."
Comparisons to Australia are often made in New Zealand, where getting one over the trans-Tasman rivals is a common aspiration.
The PM was in Palmerston North on Thursday ahead of the 17 October election.
While visiting Manawatu, one gushing constituent said she was worried the PM might defect to Australia.
"I'm sticking around here," she laughed, squashing an unlikely political defection to Australian Labor.
A recent Lowy Institute poll confirmed Ms Ardern is Australia's favourite politician.
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