9. Question No. 9—FinanceDr DEBORAH RUSSELL (Labour—New Lynn) to the Minister of FinanceQuestion No. 9—Finance9. Dr DEBORAH RUSSELL (Labour—New Lynn) to the Minister of Finance: What reports has he received on the Crown accounts? Hon GRANT ROBERTSON (Minister of Finance): I have received the financial statements of the Government for the 11 months to the end of May. The statements show that PAYE income came in above forecasts suggesting wage and employment growth has been stronger than expected in the May Budget. Corporate tax was also above forecast suggesting higher corporate profits and higher GST returns indicted stronger than expected investment. The surplus at 31 May was $2.49 billion higher than forecast in the Budget meaning a lower net debt reading of 19.3 percent of GDP. Dr Deborah Russell: What reports has he seen from ratings agencies in light of these accounts? Hon GRANT ROBERTSON: I have seen a number of positive reports from rating agencies. In its latest report Standard & Poor's revised its ratings outlook for New Zealand to positive from stable as a result of the Government's fiscal management and resilience to macroeconomic and financial sector risks. Fitch ratings agency said that the Government's commitment to its medium-term fiscal objectives provides a sound policy anchor and likewise Moody's highlighted the Government's commitment to fiscal discipline as demonstrated by projections for continued Budget surpluses and debt reductions. They said The stable outlook is anchored by [an] expectation that even in face of shocks New Zealand's credible institutions with highly effective policymaking and ample policy space will maintain economic and financial stability". Dr Deborah Russell: What does the Government's strong financial position mean for New Zealand's economic resilience? Hon GRANT ROBERTSON: The Government's careful balance between making much-needed investments while managing the books responsibly allows us to have options which is particularly important in the current uncertain global economic context. Just last night the IMF further downgraded its global growth forecasts for 2019 and 2020 after two significant downgrades in the past year. The IMF said the global economy is being weighed down by trade uncertainty and a higher chance of a no-deal Brexit. They suggest that fiscal policy should balance growth equity and sustainability concerns and that is exactly what this Government is doing. Rt Hon Winston Peters: If that's the case Minister of Finance can my department have some more money? Hon GRANT ROBERTSON: The Minister of Finance listens carefully to colleagues and notes that in Budget 2018 New Zealand invested significantly in the important area of foreign affairs and Official Development Assistance and continues to do so and I will always listen to reasoned arguments from reasoned people. Hon Paul Goldsmith: If he is conscious of international uncertainty does he also acknowledge the domestic uncertainty that's been caused by his Government with the more than 200 working groups and uncertainty created by decisions such as the oil and gas with no proper process? Hon GRANT ROBERTSON: What I acknowledge on this side of the House is that we've inherited many significant challenges that we are taking time to address but we will get those challenges right. But what the member will discover when he goes out and talks to the business community is that they are looking at this Government and saying that we are managing the books responsibly and we are investing in the areas that need to be invested in. I invite him to get out and listen to those people."