5. Question No. 5—FinanceHon SIMON BRIDGES (National—Tauranga) to the Minister of FinanceQuestion No. 5—Finance5. Hon SIMON BRIDGES (National—Tauranga) to the Minister of Finance: Does he stand by all of his statements and actions on inflation?Hon GRANT ROBERTSON (Minister of Finance): Yes in the context in which they were made.Hon Simon Bridges: How could he tell me yesterday that wages are rising faster than inflation when on top of New Zealand statistics of inflation of 5.9 percent and wage growth of only 2.6 percent in 2021 economist Tony Alexander's Spending Plans Survey just out shows a collapse in people's willingness to spend" across a range of areas such as eating out domestic travel and clothing and footwear which he says is due to a combination of Omicron the high increase in our cost of living and rising interest rates having sent us "deep into our shells."?Hon GRANT ROBERTSON: I haven't seen Mr Alexander's report. However I do note the first of the things he mentions there is Omicron; we are in a global environment in which inflationary pressures are common around the world.Hon Simon Bridges: What then does he say to the ANZ Truckometer just released yesterday which shows heavy traffic down this year so that ANZ just like Tony Alexander expects "a slower pace of growth as consumers battle higher interest rates and a sharply higher cost of living"—why doesn't he just acknowledge these factors?Hon GRANT ROBERTSON: I have been acknowledging those factors. Everyone in this House knows that it is challenging for New Zealanders when there is an increase in cost of living. What the member was wanting to do is make the Government responsible for things that are happening in other parts of the world where there are delays in shipping or where there are issues caused by supply chains. All of those things are things that the Government is well aware of and we work to support New Zealanders through that. The member however cannot make the Government responsible for those things.Hon Simon Bridges: Not all of it but a lot of it. How could he tell me yesterday "that broad-based fiscal stimulus will not now take place" when in his Budget Policy Statement out at the end of last year he makes it clear there will be $6 billion in new spend-up in Budget 2022 the highest new permanent spending in our country's history?Hon GRANT ROBERTSON: This is where the member goes wrong because a big chunk of that is making sure that we reform the health system so it delivers to New Zealanders the kind of health outcomes that they want. Clearly the National Party don't think New Zealanders deserve better health outcomes and again Mr Bridges has a problem which is he seems to believe that if we cut that health spending it will somehow or other lower the cost of petrol. He just doesn't get it.Hon Simon Bridges: How is $6 billion in new spend in Budget 2022 even remotely consistent with the OECD and most commercial bank economists' call to rein in spending now to avoid fuelling higher inflation and interest rates?Hon GRANT ROBERTSON: I repeat for the member: making sure that we invest in the long-term future of New Zealand's healthcare system making sure that we provide the public services that New Zealanders need is exactly what we should be doing in the Budget. And Mr Bridges and his colleagues have to explain what gets cut—because something gets cut doesn't it? And maybe it's health spending or maybe it's spending on housing but Mr Bridges can't have it both ways.Hon Simon Bridges: Why won't he just take responsibility for the fact that his spending has and will cause New Zealanders to face one of the highest rates of inflation in the OECD as well as rapidly rising interest rates?Hon GRANT ROBERTSON: Because the causes of inflation are largely driven by global issues and Mr Bridges needs to explain to New Zealanders what things he would cut from the health budget from the education budget from the housing budget in order to do what he needs to do. On this side of the House we will continue to take the balanced and careful approach to budgeting that is seeing New Zealanders get through COVID-19."