Watts Simon; Dean JacquiSIMON WATTS (National—North Shore): Well an absolute pleasure to rise to talk about what can be without doubt a failed opportunity by this Labour Government to actually course correct an economy which is heading completely in the wrong direction. And we've heard the members on the other side just continually talk about the National Party—continually talk about the National Party. Not about their own policies not about the fact that their policies have led us to this position. Oh no no they want to talk about the National Party and the opportunities that lie ahead for Kiwis in the next 134 days from today.I want to refer to a key few aspects in regards to this Budget. Sadly for my constituents on the North Shore there was very little in this Budget that they can take away and say that will actually deal with some of the core issues that they are facing particularly around the impacts around the cost of living the high degrees of inflation the high impacts in regards to their interest rates on their mortgages. These are significant costs on families in the North Shore and the Government had an opportunity of which they have wasted not to deal with the underlying issues. A topic that we have not heard much about is the increasing levels of debt the amount of money that this Government has borrowed. So let's take a little walk down memory lane in regards to where we have started and where we are now. In 2017 gross debt $87 billion. That is about $45000 per Kiwi household; $16000 per person in this country. That was in 2017. So let's do a little bit of a quiz. What do we think in 2022 the gross debt level is? Well I'll tell you: $119 billion. Up to $62000 per household up to $23000 per person in this country in that short amount of time. OK maybe we think that was just a blip. Let's go to 2023 forecast: $135 billion $71000 for every single Kiwi household in this country of gross debt that is feeding the addiction of spending by this Labour Government. That is $25000 of debt per every single Kiwi individual. That is a Toyota Corolla sitting in every driveway for every Kiwi—it reflects on finance it represents the gross debt that this Government is incurring. That is a 55 percent increase in gross debt since 2017. And let's look forward to 2027. God blimey I hope we've got a National-led Government by that point because the debt level is going to be $215 billion per the forecast: $114000 per Kiwi household $41000 for every single man woman and child in this country of gross debt. Wow that is a lot.But let's talk about paying for that debt because that is the aspect that no one is talking about. In 2022 $2.8 billion is spent on the interest costs of that debt; $1400 per Kiwi household is being spent on interest costs of that debt in 2022. In 2023 we go from $2.8 billion to $6.3 billion; $3300 per Kiwi household. That is the fourth-largest amount of spending above social service and welfare health education. The fourth most expensive thing that this Government spends its money on is paying for its debts and its addiction to spending. And let's go forward to 2027 because this is where it gets pretty scary: $8.6 billion of interest costs per annum $4500 for every single Kiwi household in this country of interest costs alone per annum. Law and order budget dwarfed by the interest costs being funded on that debt. And what do we have to show for it? Very little. A missed opportunity set up for failure in the future. We need to turn around and National will do that in 135 days.ASSISTANT SPEAKER (Hon Jacqui Dean): Members the time has come for me to leave the Chair for the dinner break and the House will resume at 7 p.m.Sitting suspended from 6 p.m. to 7 p.m.