3. Question No. 3—FinanceHon PAUL GOLDSMITH (National) to the Minister of FinanceQuestion No. 3—Finance3. Hon PAUL GOLDSMITH (National) to the Minister of Finance: Does he agree with the Rt Hon Winston Peters' statement yesterday All the rules on fiscal prudence are now obsolete"?Hon GRANT ROBERTSON (Minister of Finance): I agree that in the face of a one-in-100-year shock every country around the world has to reassess its fiscal rules. Our Budget Responsibility Rules foreshadowed this by saying that the rules would be met other than in the circumstance of a major global economic shock which is clearly now occurring. The spending we have undertaken so far has been to support households and businesses through the shock and we will continue to do that in a compassionate and responsible manner. Hon Paul Goldsmith: I raise a point of order Mr Speaker. I don't think he—did he actually answer the question?SPEAKER: He certainly did. Hon Paul Goldsmith: OK all right.SPEAKER: He probably answered it and then said far too much afterwards.Hon Paul Goldsmith: Does he think this basic rule still applies—that money borrowed must eventually be paid back?Hon GRANT ROBERTSON: Obviously when the Government borrows money it's fully aware of the fact of what might need to happen at the other end and traditionally over the last few Governments New Zealanders have done reasonably well in paying down the debt that has been built up in previous times. I would caution the member on going down this particular path of questioning given the everyday occurrence of his party requesting that more money be spent. We are spending money in a compassionate and responsible way.Hon Paul Goldsmith: Does he think New Zealanders would be happy at the thought of Shane Jones operating without the rules of fiscal prudence operating?SPEAKER: Order! Order! That's not an area the member has responsibility for.Rt Hon Winston Peters: Has the Minister of Finance received any submissions or representation from any finance spokesman around the world let alone New Zealand who doesn't understand that statement—that the rules of fiscal prudence under COVID-19 and for the first time in a century are now obsolete?Hon GRANT ROBERTSON: It would be clear from the comments of Treasurers Ministers of Finance central banks commentators like the Financial Times—not exactly harbingers of the socialist order—who are all saying that now is a one-in-100-year shock. It requires all Governments around the world to reassess their rules. In New Zealand we are making sure that we spend compassionately and responsibly.Hon Paul Goldsmith: Does he agree with the principle that money spent on poor-quality projects or programmes is money that can't be spent on useful programmes or projects or money that doesn't need to be added to the national debt?Hon GRANT ROBERTSON: In general yes I do and I recall the flag referendum in that regard.Hon Paul Goldsmith: How much money has been spent on the COVID response so far—that is money out the door as opposed to money announced?Hon GRANT ROBERTSON: Twenty-two billion dollars' worth has been announced. Of that we know that around $10.6 billion has gone out in the wage subsidy scheme. We also know that the money that was devoted to the increase in our benefits has gone out the door. I'm very pleased to announce that on 1 May on Friday the doubling of the winter energy payment will commence.Hon Paul Goldsmith: Does he agree with Winston Peters that it makes sense to manufacture products in New Zealand if they could be made within 50 percent of the international price?Hon GRANT ROBERTSON: I do believe—Rt Hon Winston Peters: I raise a point of order Mr Speaker. If a member in a question seeks to use a quote then he should be required to use it accurately. I never said 50 percent; I used Business and Economic Research Ltd's figure of 15—one-five—percent.SPEAKER: Right OK. I think the question as adjusted by the right honourable gentlemen is now clear. The Minister of Finance can now answer it.Hon GRANT ROBERTSON: I think it's incredibly important for New Zealand in the face of this significant shock to take stock of what we do and what we make in our country. We need to make sure as a country that we continue to trade and get the lift in living standards that comes from that. Any Government that does not take into account the significant disruption when it comes to what we manufacture in New Zealand would not be doing its job properly.Hon Paul Goldsmith: Why would we shift New Zealanders away from industries where we are international leaders to industries where we can't compete?Hon GRANT ROBERTSON: I don't believe that's the intention of the Government in any way shape or form."