Hudson Brett: Oral Questions — Questions to MinistersText is incorporated into the Bound VolumeHudson Brett: Oral Questions — Questions to Ministers[Sitting date: 04 May 2016. Volume:713;Page:10740. Text is incorporated into the Bound Volume.]1.BRETT HUDSON (National) to the Minister of Finance: What reports has he received on the New Zealand economy?Hon STEVEN JOYCE (Acting Minister of Finance): This morning Statistics New Zealand released its latest data on employment and wages in New Zealand. The report showed strong employment growth in the March quarter with 28000 more jobs added to the New Zealand economy. Since Treasury’s latest forecasts in December we have seen 51000 more jobs created over the 6-month period. This is 37000 more than Treasury was expecting. This underlies the strong economic bounce-back we have seen since the slower growth period in the first half of the 2015 calendar year. Although job growth was strong in the quarter higher labour force participation of 0.5 percent led to an increase in the unemployment rate from 5.4 to 5.7 percent.Brett Hudson: What did the Statistics New Zealand report show about wage growth over the last year and how does that compare with inflation of just 0.4 percent?Hon STEVEN JOYCE: Average weekly wages are up 2.3 percent in the last year. Low inflation means that the vast majority of these increased wages goes into the pockets of New Zealand households rather than being taken up with cost of living increases. In total the average annual wage has increased by 24 percent since National came into office. Over the same time period inflation has been only 11 percent.Brett Hudson: Given the high levels of labour force participation how does New Zealand’s employment rate—the proportion of adults in work—compare with other OECD countries?Hon STEVEN JOYCE: As I mentioned earlier the slight increase in unemployment is being driven by more people participating in the labour force and of course that is a good thing and retraces some of the decline we saw in the last year from the previous peak. This means that New Zealand’s employment rate—the proportion of all adults in work—continues to be the third-highest in the OECD at 65.1 percent. That compares by way of example with 61 percent in Australia 60 percent in the UK and in the US and 52 percent across the European Union. I am also pleased to report that the participation rate of New Zealanders in the labour market is also the third-highest in the OECD.Grant Robertson: How many more people are unemployed today compared with when this Government took office in 2008 according to the—Rt Hon Winston Peters: 40000.Grant Robertson: —household labour force survey? Listen to him.Hon STEVEN JOYCE: Well I saw the member’s tweet and he came up with a number—I do not have it exactly to hand but I can inform him that the number of people employed in the New Zealand economy has gone up more than 200000 since this Government came into office. That is 200000 despite the global financial crisis despite the Canterbury earthquakes—Mr SPEAKER: Order! [Interruption] Order! That is not the question that was asked.Grant Robertson: I raise a point of order Mr Speaker. I did ask a very specific question and I do not believe I got an answer.Mr SPEAKER: No. The answer was given immediately but the Minister did not have that figure to hand. But then he went on with something else.Grant Robertson: I seek leave of the House to table the tweet that Mr Joyce referred to that I gave—Mr SPEAKER: Order! No. Order!Brett Hudson: How does New Zealand’s overall economic performance compare with other OECD countries?Hon STEVEN JOYCE: We are well positioned and our overall economic performance reflects the good performance in employment. Between December 2010 and December 2015 New Zealand’s GDP has grown 15.6 percent. During a time of significant upheaval in the global economy 15.6 percent is solid growth and compares very well with other developed economies. In fact across the 5-year period it makes us the seventh-fastest growing economy in the whole OECD.Grant Robertson: Was Radio New Zealand correct when it headlined its story today: “Unemployment rising at fastest pace in 11 years”?Hon STEVEN JOYCE: No I do not believe that it necessarily was. It has an interesting approach to its unemployment stories. Last quarter there were no stories saying that unemployment had dropped at the fastest rate for roughly forever but it managed to pull it out today which suggests that it had gone up—which only lends credence to the unfortunate perception of Radio New Zealand sometimes being known as “Radio Labour”. [Interruption]Hon Members: Oh!Mr SPEAKER: Order! [Interruption] Order! [Interruption] Mr Cunliffe I am on my feet.David Seymour: What has been the average growth in labour productivity over the past 5 years and how—Mr SPEAKER: Order! I could not hear the question because of a very loud interjection to my left. Would the member please start the question again.David Seymour: What has been the average growth in labour productivity over the past 5 years and how does that compare with our OECD peers?Mr SPEAKER: Either of those two supplementary questions.Hon STEVEN JOYCE: I do not have the exact productivity numbers to hand but it would not surprise me if it was still slightly slower than the average. But I can report to the member that as New Zealand wages are growing significantly faster than inflation that would suggest that employers are seeing the productivity of New Zealand employees as a positive change over the last 5 years.