3. Question No. 3—FinanceDr DUNCAN WEBB (Labour—Christchurch Central) to the Minister of FinanceQuestion No. 3—Finance3. Dr DUNCAN WEBB (Labour—Christchurch Central) to the Minister of Finance: What recent reports has he seen on the New Zealand economy? Hon GRANT ROBERTSON (Minister of Finance): Mr Speaker—yep I'll go for it. The strength of the jobs market is continuing to support the New Zealand economy. Last week Statistics New Zealand reported that the unemployment rate fell from 3.3 percent in the September quarter to a record low of 3.2 percent in the December quarter the number of unemployed fell by 5000 to 93000 and the unemployment rate is 34 percent lower than a year ago and 14 percent below where it was in the pre-COVID December 2019 quarter. On comparable measures New Zealand's unemployment rate at 3.2 percent stands against 4.6 percent in Australia 4.1 percent in the UK 4.2 percent in the US 6.2 percent in Canada and the OECD average of 5.5 percent. The robust jobs market shows that the Government's actions in response to COVID-19 to protect lives and livelihoods has proven to be the best economic approach as well as the best health approach. Dr Duncan Webb: What did the report say on growth in employment? Hon GRANT ROBERTSON: The data also shows that the economy continued to add jobs with 27700 more people in work than in the September quarter with more young people in work in particular. Hours worked rebounded 7.6 percent as restrictions in response to the Delta outbreak were eased over the quarter. The total number of people in work is now 117300 above where it was in the pre-COVID December 2019 quarter. Kiwibank's economist noted that there was no denying the strength of the labour market in this report pointing out Jobs are plentiful unemployment is at a new record low and wages are rising." Dr Duncan Webb: What other reports has he seen on the New Zealand economy? Hon GRANT ROBERTSON: The Government's health-led approach to the COVID-19 pandemic and support for the economy has been reflected in the Crown financial accounts released in late January. For the six months to the end of September core Crown tax revenue was $0.3 billion above that forecast in the December half-year update at $41.1 billion. This was largely driven by better than expected corporate profits. The operating balance before gains and losses was a deficit of $8.4 billion $1.2 billion better than forecast. This shows the resilience of the economy as restrictions triggered by the pandemic meant that we did have to put more support in to protect lives and livelihoods. I note that net core Crown debt stood at 34.5 percent of GDP $0.6 billion less than had been predicted and significantly below the countries with which we compare ourselves. Christopher Luxon: Why then with such low unemployment and labour shortages are there 90000 more people on a benefit today than when Labour took power? Hon GRANT ROBERTSON: As has been stated many times in this House the two figures are not directly comparable. What we do know is that on a consistent measure of unemployment that has been in place since 1987 we have the lowest rate that we have ever had. What I did hear in this House yesterday was the Leader of the Opposition whose only solution I could make out from his speech was that he wanted unemployment to rise. That's the old National Party and it's still here."