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: What are the latest projections he has received on the number of job losses this calendar year and the increase in Government debt over the same period?Hon GRANT ROBERTSON (Minister of Finance): Treasury have forecast the net change in employment. In its latest Budget forecasts they have forecast employment of 2.642 million people in the first quarter of the year and employment of 2.523 million in the fourth quarter a difference of 119000 in net employment due to the impact of the one-in-100-year economic shock created by the global COVID-19 pandemic. It is worth comparing this to Treasury's earlier scenarios released in April which did not incorporate the extra investment announced by the Government at Budget 2020. Scenario of these showed employment dropping by 177000 over the year and by as much as 260000 during the year indicating the difference made by the investments announced in the Budget. In answer to the second part of the member's question net core Crown debt was 21 percent of GDP at the start of the year and I'm advised by Treasury that they expect this to be around 39 percent of GDP at the end of the year. Obviously the pre-election fiscal update will finalise these forecasts.Hon Paul Goldsmith: Does he agree that it's the tens of thousands of business owners large and small deciding to invest that will create most of the sustainable new jobs that we'll need to re-employ those New Zealanders that have lost their jobs?Hon GRANT ROBERTSON: We in New Zealand are blessed with a range of entrepreneurial businesses who do indeed create many jobs. What they're appreciating from this Government is that they have a partner in the Government who will back them.Hon Paul Goldsmith: Does he agree that allowing New Zealanders who have lost their job to use up to $20000 from their own KiwiSaver fund to start a new business will help some of them get back on their feet?Hon GRANT ROBERTSON: As we've discussed with the Prime Minister just recently no. I would also point to a number of comments that have come in response to this proposal including describing it as scary and dangerous.Hon Paul Goldsmith: Does he accept that we have a jobs emergency now and we need to try different things?Hon GRANT ROBERTSON: We have a crisis that is a one-in-100-year shock to the New Zealand economy. That is why on this side of the House we have committed such significant resources to supporting growth in jobs right across the economy.Hon Paul Goldsmith: Does he agree with the Prime Minister just now that starting a business is gambling?Hon GRANT ROBERTSON: That's not what the Prime Minister said. That's not what the Prime Minister said at all. What the Prime Minister said was that we do not endorse the view that somehow or other KiwiSaver is some kind of rainy-day fund. It's not. It's a fund for people to have security in retirement. What I've seen from the member opposite is a constant undermining of that security. Not only do we have today's policy but we also have his view that there will be no contributions to the New Zealand Superannuation Fund. The New Zealand super fund suffered enough from that in the last nine years before this Government came in.Hon Paul Goldsmith: Does he trust New Zealanders to assess for themselves their appetite for risk acknowledging that starting a business is riskier than leaving funds in a conservative KiwiSaver fund?Hon GRANT ROBERTSON: It is quite clear that the member on the other side of the House doesn't want New Zealanders to have security in their retirement. He's undermining the New Zealand super fund. Now he wants to undermine KiwiSaver. It's a fund for security in retirement. Rt Hon Winston Peters: Can I ask the Minister of Finance as to whether or not the questioner has shared with him his extensive business experience?SPEAKER: Order! That doesn't quite relate to the question.