5. Question No. 5—FinanceHon SIMON BRIDGES (National—Tauranga) to the Minister of FinanceQuestion No. 5—Finance5. Hon SIMON BRIDGES (National—Tauranga) to the Minister of Finance: Does he stand by all his statements and actions on the cost of living?Hon GRANT ROBERTSON (Minister of Finance): Yes in their context.Hon Simon Bridges: Does he accept what the Reserve Bank's Monetary Policy Committee said last week in its Monetary Policy Statement that Wage growth continues to lag CPI inflation." making many Kiwis poorer and if so what does he intend to do about it?Hon GRANT ROBERTSON: Well on this side of the House we have a very clear position that increasing the minimum wage is one way to begin to do that in contrast to the Opposition who have three different positions: one where the member says it's not on one where Nicola Willis says it is and one where Chris Luxon can't make up his mind.Hon Simon Bridges: Does he also accept that in order to rein in the inflation the Monetary Policy Statement foresees the official cash rate increases to 140 basis points over the next couple of years to over 3 percent meaning higher interest rates and again less money for many Kiwis and if so what does he intend to do about that?Hon GRANT ROBERTSON: I know the member is new to his portfolio but I'm pretty sure he will be aware that the setting of the official cash rate is the responsibility of the Reserve Bank just as in 2014 and 2015 when that member was a Minister and the official cash rate was 3.5 percent it was the responsibility of the Reserve Bank.Hon Simon Bridges: Does he accept what the ANZ has said recently that "a higher than otherwise official cash rate may be needed to lean against even more fiscal stimulus come Budget 2022" or in other words his spending may be forcing interest rates higher than they need to be hurting even more Kiwis?Hon GRANT ROBERTSON: No and on this side of the House as we've continually done over the four years that we've been here we will make sure that there is a careful balance between spending that we need to do in the economy and to support New Zealanders and a fiscal balance. The member opposite failed when he was on television the other day to actually be able to say what he'd cut. What's he not going to do?SPEAKER: Order! I think the member is beginning to go a bit far in these matters but I will say to the member asking the question that I was probably a little lax in letting him have his first supplementary which didn't relate to the primary question.Hon Simon Bridges: What part of the ANZ's recent statement that "It is simply not sustainable for the Government to keep spending at the pace it has been." doesn't he understand?Hon GRANT ROBERTSON: The member will note from the forecasts that were included in the Budget Policy Statement that spending does begin to track down after the one-off increase that there will be in this year's Budget and I would note to the member that spending in response to a crisis is not new. The previous National Government did it and saw spending as a percentage of GDP rise to just over 34 percent very similar to where we are now.Hon Simon Bridges: Wasn't he correct in 2019 when he told RNZ "What I do know is that fiscal and monetary policy do need to work together" and if so why can't he now in the lead-up to Budget 2022 take his own advice and rein in the big Government spending?Hon GRANT ROBERTSON: I most certainly was right in 2019 if I can say so modestly. What I would say is that we have seen fiscal and monetary policy work together to get New Zealanders through this particular global crisis that we're seeing. I can only refer to the words of novice economic commentator Simon Bridges who said on television the other day "I've also made clear inflation is international.""