1. Question No. 1—FinanceDr DUNCAN WEBB (Labour—Christchurch Central) to the Minister of FinanceORAL QUESTIONSQUESTIONS TO MINISTERSQuestion No. 1—Finance1. 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): Westpac bank's latest quarterly economic review has reported that the economy has remained resilient in the face of the current Delta outbreak and is well placed for our recovery in 2022. The report stated that employment levels rose 2 percent and unemployment fell to a record low—3.4 percent in the September quarter when the country was at the highest alert levels. Household demand remained firm while businesses had adapted to the outbreak and were pushing on with their investment and hiring plans. Looking ahead Westpac expects unemployment to remain low and economic activity will rise back to firm levels. It's forecasting solid average annual GDP growth of 4.6 percent in 2022. None the less while the economy is performing strongly the ongoing COVID-19 pandemic means no one can be complacent. We're working closely with business as we transition to the next stage of responding to COVID.SPEAKER: Before I call the member I want to remind members in the gallery that the rules as far as slogans and boxes apply the same way there as they do here. Thank you.Dr Duncan Webb: What other reports has he seen on the economy?Hon GRANT ROBERTSON: Well the first set of Crown accounts for the new financial year showed the continued strength of the New Zealand economy despite the challenges of COVID-19. The result of the stronger starting position for the economy before the outbreak meant that core Crown tax revenue for the three months to the end of September 2021 was $2.3 billion above Budget 2021 forecasts coming in at $24 billion. GST revenue was $184 million above forecast owing to stronger than expected consumer demand. Overall the operating balance before gains and losses was a deficit of $5.4 billion $0.8 billion higher than forecast. This was a result of the Delta outbreak which triggered a shift in alert level restrictions and therefore the payment of Government support to businesses and workers in order to protect jobs and livelihoods. It's worth noting that net core Crown debt was 33 percent of GDP which was lower than the 36.2 percent forecast by the Treasury and significantly below most countries we compare ourselves with.Dr Duncan Webb: What constraints is the pandemic placing on the economy?Hon GRANT ROBERTSON: The economy's performance has exceeded the expectation of most economists and commentators. This has been reflected as I say in the Crown accounts which do give us more options to respond to the ongoing effects of the pandemic. But this remains a happening in a challenging environment. The recovery is uneven for some sectors and regions while the pandemic continues to disrupt global supply chains which is affecting the New Zealand economy. Key Government actions to reduce the impact of the supply chain disruption is being led by the Ministry of Transport with an inter-agency forum where we are working with both importers and exporters. But there is no quick fix to these global issues. The Government will continue to take a balanced approach and invest in supporting the recovery and meeting other challenges while carefully managing our resources.