3. Question No. 3—FinanceDAN BIDOIS (National—Northcote) to the Minister of FinanceQuestion No. 3—Finance3. DAN BIDOIS (National—Northcote) to the Minister of Finance: What recent reports has she seen on the cost of living?Hon NICOLA WILLIS (Minister of Finance): Kiwis are continuing to be hit by high inflation and high interest rates. According to Statistics New Zealand inflation in New Zealand was higher last year than in the US the UK Australia Canada Japan and the European Union which would suggest that claims made by previous Governments that this was all an international problem are not borne out by the data. Inflation is a big challenge. That's why we are taking urgent steps through our 100-day plan to beat inflation and rebuild New Zealand's economy.Dan Bidois: What impact has this inflation had on low-income people?Hon NICOLA WILLIS: Well inflation is a thief in everyone's pocket but has hit our lowest-earning New Zealanders particularly hard. According to Stats NZ living costs for low-income households as measured by the household living-costs price indexes rose by 20 percent in just the three years between the end of 2020 and the end of 2023. That compared to growth of just 18 percent over the whole nine years that National was in Government. So it's no surprise then that last week we learnt that more children were growing up in material deprivation and poverty thanks to the last Government's disastrous economic mismanagement. That's the price of Labour: more tax more spending and more families struggling with the cost of living.SPEAKER: Just remember that there is a rule that says you don't use Government supplementaries to attack the previous Government and I will be very vigilant on that from this point on.Dan Bidois: What recent trends has she seen on inflation?Hon NICOLA WILLIS: In good news for Kiwis at the checkout food price data released earlier this month showed food prices are increasing at their slowest annual rate since 2021 at 4 percent.Rt Hon Chris Hipkins: All our own work.Hon NICOLA WILLIS: Compared to this time last year there have been big drops in the price of tomatoes Mr Hipkins down 52 percent; and cheese down 27 percent. But it's very early days. We know beating inflation won't be an easy fight and that's why we're working hard in our 100-day plan to bring down costs on business clear out the wasteful spending and unblock the regulatory bottlenecks that are suffocating economic growth and putting more pressure on the price of everything. And we're not stopping after 100 days; there'll be plenty more coming after that.Dan Bidois: What actions is the Government taking to support Kiwis with the cost of living?Hon NICOLA WILLIS: Well just this week the Government is legislating to end the Auckland regional fuel tax delivering Aucklanders relief at the pump from the start of July after years of being fleeced to pay for projects they don't want like cycleways and speed bumps. And there will be more to say later this year on our plans to deliver tax relief for New Zealanders. But this is a fantastic early announcement to support Aucklanders with the cost of living and let them keep and spend more of their own money.