4. Government Financial Position—Crown Debt and Natural Disaster PreparednessHon STEVEN JOYCE (National) to the Minister of FinanceGovernment Financial Position—Crown Debt and Natural Disaster Preparedness4. Hon STEVEN JOYCE (National) to the Minister of Finance: What is the cost to date and the expected total cost including EQC costs to the Government and taxpayers of the relief and reconstruction efforts following the Kaikōura earthquake one year ago today?Hon GRANT ROBERTSON (Minister of Finance): I am advised that the cost to date of Government expenditure on the relief and reconstruction efforts is $705 million. The expected cost to the Government is still to be determined. However I am advised that the total estimated cost of relief and reconstruction efforts including insurance payments and other non-core Crown expenses is likely to be in the order of $2 billion.Hon Steven Joyce: What has been the cost of the Canterbury earthquakes to the Government including Earthquake Commission costs?Hon GRANT ROBERTSON: I don't have that information with me today.Hon Steven Joyce: I raise a point of order Mr Speaker. To assist the Minister could I please table the Budget Economic and Fiscal Update 2015 which shows about $17 billion—Mr SPEAKER: No the member can't. It's already been tabled. It's a publicly available document.Hon Steven Joyce: As a result of the Canterbury earthquakes and the global financial crisis what was the Government's net debt in dollar terms as at 30 June 2017?Hon GRANT ROBERTSON: I don't have the exact information with me but I recall that it was around about the $60 billion mark.Hon Steven Joyce: Given that number and the unfortunate regularity of natural disasters in New Zealand and also the potential for other shocks would the Minister not think it would be prudent at this stage of the economic cycle for the Government to be reducing net debt so that we are ready for the next rainy day as we've been able to be ready for Christchurch and for Kaikōura?Hon GRANT ROBERTSON: It is the policy of this Government to reduce net debt to 20 percent of GDP within five years of taking office.Hon Steven Joyce: Under what circumstances would he consider reducing the Government's debt in dollar terms given that he has inherited a growing economy record levels of employment—Mr SPEAKER: Order! Order! Those are unnecessary additions to the question. If the member wants to look at Speakers' rulings very carefully and ask only what is necessary—you don't need a pile of givens.Hon Steven Joyce: I raise a point of order Mr Speaker. These are descriptions of the stage of the economic cycle that we're in and—Mr SPEAKER: And are unnecessary for answering the question.Hon Steven Joyce: Well OK. Under what circumstances would he ever consider reducing the Government debt in dollar terms given that he still wants to increase borrowing by at least $11 billion compared to the pre-election fiscal update over the next five years?Hon GRANT ROBERTSON: I'd be very wary of that member's use of the phrase $11 billion" but what I can say to the House is that this Government wants to continue to reduce debt as a percentage of GDP but what we're not prepared to put up with is a situation where we do not have enough affordable homes where we have not made contributions to the super fund and where an enormous social deficit is growing. In those circumstances a slower debt repayment track is totally appropriate."