Genter Julie AnneHon JULIE ANNE GENTER (Green): Inflation and economic doom and gloom have been in the headlines and it's not surprising if people are feeling worried and anxious about their future. The Reserve Bank recently admitted that it is engineering a recession in the misguided belief that it's necessary to reduce the rising cost of living. Some bank economists in New Zealand have said we need 50000 or more people—workers—to lose their jobs in order to combat inflation and yet it's totally unfair to ask those on the front lines or those who are on low incomes to suffer even more to stop inflation when they have been the ones who are suffering from the high cost of living in the first place.If we look overseas we see a lot of economists suggesting there is an alternative approach. Even the World Bank has said countries should be focused on increasing production not reducing demand. It is not clear how making those who are the most vulnerable in our communities struggle to make ends meet even more is going to help boost production. As Elizabeth Warren recently said Do you know what's worse than high prices and a strong economy? It's high prices and millions of people out of work." In the New Zealand context that is tens of thousands more people out of work.Now more than ever we need to change the system that is leaving too many people insecure and unable to afford the basics while a tiny a number of people are amassing personal fortunes. We can have an economy that works for ordinary people not against them. But for the last few decades economic orthodoxy has increased inequality.What does that look like in Aotearoa New Zealand? It's the wealthiest 10 percent owning over 60 percent of the assets while the poorest half 50 percent of New Zealanders own only 2 percent. It is generations of entrenched poverty starting with child poverty resulting in lifelong inequality not just of income and wealth but of health outcomes. Ultimately it's a huge cost to all of us. It looks like front-line workers struggling to make ends meet as rents rise living in cold damp unhealthy homes if they don't live in cars; and essential workers who made sure the rest of us could eat and get healthcare during a pandemic being paid a minimum wage maybe working multiple jobs having to choose between heating their crappy rental to a healthy temperature or putting food on the table and potentially being laid off in the coming year in order to combat inflation. Meanwhile the Fletcher Building chief executive made over $6580000 last year. The leader of the National Party in his final year as chief executive for Air New Zealand made over $4 million in one year. The four largest banks all almost entirely foreign owned are now making record profits and they're returning the lion's share of that to overseas shareholders. What happens when interest rates rise? Ordinary people have to pay more for the mortgage rents keep going up and the banks' profit margin on the interest rate increases.Now the bank CEOs' pay looks modest compared to the Fletcher chief executive or Mr Luxon at Air New Zealand—it's only between $1 million and $2 million a year in the past year. But it would take workers on a median hourly wage just over 25 years—that's quarter of a century—to earn what the big bank chief executives got paid just last year. So that's median hourly earnings: $29.66 an hour just over $61000 a year.It's the same with the big power companies and the gentailers. They're returning huge dividends to shareholders rather than investing in renewable electricity that would bring down prices and they're paying their chief executives enormous salaries.Now things don't have to be like this—things don't have to be like this. We don't have to put up with the same old tired excuses. Right now inflation rules the headlines we're hearing that next year's going to be a tough year—but not for everyone. A small number of wealthy people have made a killing. Supermarkets banks and petrol and power companies have raked in billions in excess profit while millions struggle to cope with the rising cost of living. It doesn't have to be that way. It's time to rip up the failed playbook. It's time for a guaranteed minimum income free public transport rent controls—we can—[Time expired]"