Wood MichaelMICHAEL WOOD (Labour—Mt Roskill): Thank you Madam Chair. I'm really pleased to be able to take a call in this debate and in particular in my comments I wish to focus on Vote Finance and Vote Revenue. In contrast to the last speaker who had a pretty gloomy and negative view of the world I really want to focus on some of the very positive and good news that is reflected in the reports of the Finance and Expenditure Committee on both of those votes although I will acknowledge that the member did at least turn up to those Estimates hearings. We heard during the Vote Finance hearings a lot of good news about the state of the economy and a lot of good news about the way in which the Government is making investments which are about the long-term health and sustainability of the economy—looking ahead to 30 years not just sort of trying to score points and get through the next two or three years but planning for the long-term prosperity of New Zealand. So if we refer to the report we see some really positive initiatives such as the establishment of the Infrastructure Commission—actually having a body that coherently plans for all of that underlying economic and social infrastructure that New Zealanders rely upon. I'm pleased there's been pretty broad support across the House for that Government initiative. But it really does speak to the approach that we see threaded through the report from the select committee of significant investments in the long-term wellbeing of New Zealand. It's noted in this report that we've got a huge increase—about a $10 billion increase over the next five years—in the capital expenditure that the Government's putting into infrastructure through the multi-year capital allowance. That is something that is going to give all sorts of sectors including the construction sector much more confidence and ability to plan their spend knowing the Government is making those investments that are necessary. It's the same with KiwiRail. Again we see this in the report: a $1 billion investment in KiwiRail. That is recognising that for the past nine years it was run down—absolutely run down—and has had to be rescued by the previous Government that was made up of the constituent parties on this side of the House. Once again under this coalition Government $1 billion invested in the long-term viability of KiwiRail to get freight moving and get our regional economies moving. Those are the kinds of long-term investments that New Zealanders expect and are receiving from this Government. Also there is good news in terms of the strong economic management. I do want acknowledge the previous speaker the Rt Hon David Carter who did acknowledge some of those significant economic headwinds that our economy is facing and you'd have to be utterly economically illiterate not to understand that a trade war between the world's two biggest economies Brexit and a slowing-down international situation aren't going to have a major effect on a small trading nation like New Zealand. Some colleagues on the other side of the Chamber make that out but I'll acknowledge David Carter for acknowledging that those are challenges to the New Zealand economy. What the report of the Finance and Expenditure Committee on Vote Finance reveals is that in spite of those challenges we are doing well. With growth around 2.5 percent we are ahead of virtually all of our—Kanwaljit Singh Bakshi: From 4 percent. MICHAEL WOOD: —major trading partners. But the reality is Mr Bakshi that we live in the present; we don't live in the past. We live in the present when we face these significant challenges to our exporters and to our growth prospects around the world and we are doing better than virtually any of our trading partners. One thing I note in the report of the Finance and Expenditure Committee—here's some more good news for members around the Chamber to really celebrate—is that Treasury predicted and it's in the report there that by mid-2020 we might get unemployment down to 4 percent. Well the good news is that actually we've already seen unemployment reduce down to 3.9 percent the lowest in 11 years and despite the protestations of members on the other side of the House that you can't have low unemployment and grow wages—because boy do they make a lot of noise every time we raise the minimum wage and support workers to get better wages—at the same time as we have the lowest unemployment in 11 years at 4.4 percent we have the highest wage growth in 11 years. That is the record of this coalition Government in terms of providing work and opportunity and a fair chance to get ahead for ordinary Kiwi workers: the lowest unemployment in 11 years and the best wage growth. That's all very very positive. This is a Government as reflected through the reports that is managing the economy well. I noted in the report of the Finance and Expenditure Committee that one of the areas we're making savings in is that our debt-servicing costs are lower than predicted and that is because ahead of schedule despite the big investments I've talked about this Government has worked our debt down to 19.9 percent which is already below the targets that we've set. So we're saving money there so we can make the investments that we need. These reports reveal a Government that is making the long-term investments that are to the benefit and wellbeing of all New Zealanders. Thank you. CHAIRPERSON (Hon Ruth Dyson): The Hon Judith Collins.