2. Question No. 2—FinanceDr DUNCAN WEBB (Labour—Christchurch Central) to the Minister of FinanceQuestion No. 2—Finance2. Dr DUNCAN WEBB (Labour—Christchurch Central) to the Minister of Finance: How is the Government supporting the economy to respond to the impacts of the global COVID-19 outbreak?Hon GRANT ROBERTSON (Minister of Finance): I want to emphasise that the best and first way to protect the economy is by containing the spread of the virus. The health of our people must remain our top priority. In response to the economic impact of the global COVID-19 outbreak we have already provided support for the tourism and seafood industry boosted funding for business advisory services instructed Government departments to pay their bills within 10 days and removed the stand-down period for workers who lose their jobs. Inland Revenue and the Ministry of Social Development (MSD) are supporting businesses and workers on issues like provisional tax readjustments remission of late payment and filing fees wage instalment plans and income support and MSD's rapid response teams are in place in regions like Tai Rāwhiti. Having already taken these initial actions it is clear we will continue to see a longer lasting shock to the domestic economy and that is why we are moving into the next phases of our economic response.Dr Duncan Webb: What actions will the Government take in the next phase of its economic response? Hon GRANT ROBERTSON: It's important to remember that this situation is not the result of a structural economic problem or a natural disaster. This is an evolving global health crisis which for some is a supply problem and for others a demand issue. That's why we need tailor-made responses not wholesale changes or knee-jerk reactions. The next phase of the Government's economic response is our business continuity package which includes a targeted wage subsidy scheme training and redeployment options for affected employees and potential future working capital support for companies that face temporary credit constraints. We're also as part of that package working on adjustments to the tax system to support businesses to manage cash flow and support them to maintain employment. We're also developing options to ensure that MSD can support individuals and businesses to provide temporary financial support and assistance particularly to vulnerable individuals and families. Of course the global situation is rapidly evolving and we remain prepared to move into further phases of response when and if necessary.Dr Duncan Webb: What further phases of economic response is the Government preparing for?Hon GRANT ROBERTSON: We're working on two further phases of response: macroeconomic measures to be deployed in the event of a sustained global downturn and a recovery phase once the impacts have worn off. I've instructed officials to develop longer-term measures that may be required to support the income the economy businesses and workers under this scenario. I've also directed officials to begin working on a package designed to support the entire economy when we come out the other side. The business community has asked for this. The final shape of this package will obviously depend on the ultimate economic shock we feel from COVID-19 but our response must be a New Zealand Inc." one where we work together to diversify our export and import markets. As the global public health and economic situations continue to evolve these phases of response will ensure that we are ready for any eventualities that may occur. For both the public health and economic response this is not just a Government response or a business response; it must be a New Zealand response. We are all in this together and we will get through it."