5. Question No. 5—FinanceHon PAUL GOLDSMITH (National) to the Minister of FinanceQuestion No. 5—Finance5. Hon PAUL GOLDSMITH (National) to the Minister of Finance: What is the total estimated cost to both the economy and to the Government of the re-emergence of COVID-19 in the community?Hon GRANT ROBERTSON (Minister of Finance): There is a wide range of estimates of the total cost to the economy from economists ranging from an impact on GDP of $300 million per week to about $500 million to $600 million per week. Part of the reason for this range of estimates is the difficulty of assessing the impact beyond the Auckland City boundaries. It is important to note that these estimates don't include the benefits to the economy from the Government's plan to stamp out the latest outbreak quickly. We know in New Zealand from experience that the best economic response is a strong health response. The estimates also don't factor in the counterfactual of how much higher the cost would be if ideas floated by the members of the Opposition that we should just let COVID take hold in New Zealand would happen which while the Government does not agree with it Mr Seymour did. With regard to the cost to the Government we have taken a responsible approach to managing the costs of COVID-19 as we keep debt under control and much lower than other countries. It's why we set aside the remaining $14 billion of the COVID-19 Response and Recovery Fund in case of a second wave. The total cost of the new wage subsidy and its existing extension is estimated to be about $1.6 billion. There will be some cost to the Government in terms of tax revenue as well. At this time other costs as a result of the level 3 restrictions will be dealt with through existing baselines.Hon Paul Goldsmith: Does he agree with the Prime Minister who said in April The worst thing we can do for our country is to yo-yo between levels with all the uncertainty that this would bring."?Hon GRANT ROBERTSON: No one in this House would want to see us do that; that's why we're acting hard and early now to get back on top of the virus.Hon Paul Goldsmith: Is he sure that the Government did everything it could to avoid another lockdown?Hon GRANT ROBERTSON: Absolutely. The Government is doing everything in our power to do this but I can only quote from the Opposition health spokesperson when he was asked whether it was possible to ever have 100 percent watertightness at the borders. Mr Reti said "I think that would be almost impossible and I don't think anyone in anyone's hands anywhere around the world has done that." If only the member would listen to his health spokesperson.Hon Paul Goldsmith: Will the 4½ hour delays for trucks to get into Auckland reported yesterday further add to the economic pain felt in that city and if so why was his Government not better prepared for the possibility of a regional lockdown?Hon GRANT ROBERTSON: Obviously as we move into a regional level 3 situation there will be issues with making sure that we get all of the facilities in place. The member either supports a level 3 restriction in Auckland or he doesn't. The record of the Opposition has been to flip-flop around on what they think should happen here. If there is a level 3 restriction in Auckland Mr Goldsmith it has to be policed.Hon Paul Goldsmith: Why is his Government prepared to spend more on the leave support scheme "to remove any barriers to taking a test" but his Government wasn't prepared to insist that people working in quarantine facilities took a test?Hon GRANT ROBERTSON: We absolutely want all New Zealanders to be confident that if they do need to take a test and they do need to self-isolate they will have some support for their income. In regards to the second part of the question that is the very power the Opposition opposed this Parliament granting.Hon Paul Goldsmith: When he said today that "the best economic response to this pandemic is a strong public health response." would he expect that that would include regularly testing everyone who works at the border or in quarantine facilities?Hon GRANT ROBERTSON: Indeed I would. That has been the expectation of the Government. It has been traversed in this House by the Prime Minister and the Minister of Housing as to the fact that those expectations weren't met. But I'd reiterate: this House passed a law that enabled compulsion in testing. That's now been enacted. That law was opposed by the National Opposition. It is yet another example of their flip-flopping around on borders and border security.Hon Chris Hipkins: What could have been the potential impact to the New Zealand economy if we had reopened our border with Australia when we were being urged to do so?Hon GRANT ROBERTSON: Well a number of commentators urged us to reopen the border with Australia and China. They urged us to allow universities to make sure that they could manage international students on their own. All of those things could have had a catastrophic impact on the New Zealand economy. Amazingly all of those things have been suggested by the Opposition."