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The economy has been on the minds of ministers who met at cabinet for the first time this year.
Finance Minister Michael Cullen says the government will not make any immediate policy response - such as cutting government spending or increasing it - to the crisis in the United States .
Fears of a recession in the US prompted the US Federal Reserve to slash a key interest rate and saw the New Zealand Stock Exchange lose ground for a record 14 consecutive trading days into the New Year.
While Cullen acknowledges New Zealand is not immune to global crises, he says it is in a better place to cope than many.
"What we can say is we're in a strong position, we've got strong government financiers, we've prepared well for the future...things like the superannuation fund and investment in infrastructure and education and skills, so there's no need for us to be in any state of panic at all about current events," says Cullen.
But National Party leader John Key says that New Zealand is more vulnerable with its high inflation which he blames on the poor quality of government spending.
"The big problem is they haven't future-proofed us, they've really lost the opportunities that were out there over the last eight or nine years to sort of try and future-proof New Zealand a bit,' he says.
Both Key and Clark are expected to target the economy in major speeches over the next week.
Key delivers his speech on January 29. Clark normally waits to give her year-opening address until mid February when parliament resumes but will give hers the day after Key.
Clark says that the parliamentary setting is too formal and
wishes to reach a more general audience.
