2. Question No. 2—FinanceBARBARA EDMONDS (Labour—Mana) to the Minister of FinanceQuestion No. 2—Finance2. BARBARA EDMONDS (Labour—Mana) to the Minister of Finance: What recent reports has he seen on the New Zealand economy?Hon GRANT ROBERTSON (Minister of Finance): In response to the Government's announcements yesterday to support New Zealanders through the global energy crisis with a temporary reduction in tax on fuel in New Zealand ANZ bank economists reported that it would reduce inflation. By cutting the fuel excise duty and road user charges by 25c per litre for the next three months they estimate that the direct impact of the change could reduce inflation in the June quarter by 0.5 percentage points. ANZ noted that the reduction will cause a one-off drop in prices as well as a second-round impact as most goods and services rely on fuel somewhere in the supply chain. They said the impact is small in the context of the current levels of high inflation we're experiencing but every little bit helps." We know there is no one answer or easy answer to addressing costs of living issues but we are also continuing to act to support those most affected by cost of living increases particularly through the packages that will come through on 1 April to support low- and middle-income households superannuitants and students.Barbara Edmonds: What other impacts will the Government's announcement have for the economy?Hon GRANT ROBERTSON: The advice that we have received is that the decrease we have announced will save New Zealanders $17.25 every time they fill a 60-litre tank and $11.50 every time they fill 40-litre tank. We recognise that fuel prices are expected to continue to rise due to Russia's invasion of Ukraine destabilising global energy markets and we will continue to monitor the situation over the coming months and respond as required. I'd also note that Treasury and the Ministry of Transport have estimated that the cost of the changes announced yesterday will be about $350 million for the three-month period. As this funding from the fuel excise duty goes directly into the National Land Transport Fund that pays for roads public transport and walking and cycling infrastructure around New Zealand we have committed to top up that fund to recognise the critical importance of meeting the country's transport needs following decades of under-investment.Barbara Edmonds: What steps is the Government taking in Budget 2022 to improve the resilience of the economy?Hon GRANT ROBERTSON: The global energy crisis highlights the importance of the move to energy security and independence for New Zealand. Budget 2022 will focus on investing in initiatives to reduce emissions and meet our climate goals. This will include moving away from volatile global oil markets by decarbonising our vehicle fleet and supporting public transport cycling and walking. To respond effectively we need to make significant investments across multiple Budgets. The new Climate Emergency Response Fund will invest the proceeds of our Emissions Trading Scheme to combat climate change and support the transition to a more resilient economy with investments that will create sustainable jobs and boost productivity."