3. Economy—Household Labour Force Survey and EmploymentALASTAIR SCOTT (National—Wairarapa) to the Minister of FinanceEconomy—Household Labour Force Survey and Employment3. ALASTAIR SCOTT (National—Wairarapa) to the Minister of Finance: What reports has he received on the New Zealand economy and the job market?Hon STEVEN JOYCE (Minister of Finance): The latest household labour force survey released this morning showed the unemployment rate dropping to 4.8 percent compared with 4.9 percent in the March quarter. This is the lowest unemployment rate since before the global financial crisis. It reflects the overall health of the New Zealand economy which added 76200 new jobs over the past year and 181000 over the past 2 years. We currently have the second-highest rate of employment amongst everybody over the age of 15 in the OECD.Alastair Scott: How is the strong job market helping New Zealand workers?Hon STEVEN JOYCE: Well over the past year businesses' demand for workers particularly in the professional services education and transport sectors has seen average full-time weekly earnings rise 2.3 percent compared with the same quarter last year. That is the biggest increase since December 2015. To put that in perspective annual inflation for the June year was 1.7 percent so wage growth continues to exceed growth in the cost of living.David Seymour: How is that possible at a time of record mass immigration when Winston Peters told me that immigrants were taking all our jobs?Hon STEVEN JOYCE: I think the problem for the member might be his source of material. The good news is that New Zealand has had very strong job growth and actually there are still hundreds and thousands of businesses around the country in all regions of the country looking to add more workers if they can obtain them in the job market.Alastair Scott: What opportunities are there for young people in the economy?Hon STEVEN JOYCE: The household labour force survey showed the proportion of young people who are neets"—young people not in education employment or training—fell to 11.1 percent in the June quarter down from 12.7 percent in the previous 3 months. If you look at young people unemployed and not in education—15- to 24-year-olds—the number there is 29000 in the June quarter down from 32000 in the previous 3 months. As a proportion of the total age group that unemployment rate is about 4.35 percent which is lower than the general population's unemployment rate of 4.8 percent.Grant Robertson: In light of that answer what is his explanation for there being 3000 more 15- to 24-year-olds not in education employment or training compared with this quarter last year?Hon STEVEN JOYCE: Well I appreciate that the member has done his swot. I can tell him that it is actually lower than a quarter ago—Grant Robertson: No no no—last year I asked—last year.Hon STEVEN JOYCE: Well the margin of error is 3000 over the year but I can tell him that it has dropped significantly. The Labour Party used to say the number of "neets" was 90000 and it is now seventy-something thousand.Grant Robertson: I raise a point of order Mr Speaker. I very clearly asked the member to compare this quarter this year with the same quarter last year. He did not answer that question.Mr SPEAKER: No no—he certainly did address it. The member may have been interjecting at the time so he did not hear. He suggested something along the region that the numbers were within the margin of error. That addresses the question.Alastair Scott: How does the Government intend to further improve labour market outcomes for workers?Hon STEVEN JOYCE: The key to improving labour market outcomes and growing jobs is a growing economy. It is only when the economy is growing that businesses have the confidence to invest hire new workers and pay higher wages and we are seeing that now in the New Zealand economy because of the Government's strong economic plan. We are one of the strongest-performing developed countries since the global financial crisis. We are getting there by keeping spending under control keeping debt low and getting it lower and by investing in the infrastructure the economy needs to thrive—a plan we continue to pursue."