3. Question No. 3—FinanceDAVID SEYMOUR (Leader—ACT) to the Minister of FinanceQuestion No. 3—Finance3. DAVID SEYMOUR (Leader—ACT) to the Minister of Finance: Is he comfortable with New Zealand's economic performance in comparison with Australia's since this Government took office?Hon GRANT ROBERTSON (Minister of Finance): Fa'afetai tele lava. In general yes. For example since the September 2017 quarter New Zealand's unemployment rate has fallen from 4.7 percent to 3.2 percent compared to Australia's unemployment rate of 3.9 percent. New Zealand's economy in the December 2021 quarter was 11.8 percent larger in real terms than in the September 2017 quarter compared to 8.7 percent in Australia. There is always more to do but I'm satisfied with New Zealand's economic performance in the wake of a one-in-100-year economic shock. David Seymour: Can he really find comfort in those short-term measures when the median wage in Australia has grown $6600 a year more in Australia than for workers here since he became Minister of Finance in 2017; and if he can't take comfort from those figures was it a mistake—in hindsight—that this incoming Government in 2017 made a Speech from the Throne 4465 words long but mentioned productivity only once?Hon GRANT ROBERTSON: What I would say to the member is that there are many different ways of measuring and comparing us. If we compare for example two indices that are similar—the Labour Cost Index in New Zealand and the Wage Price Index in Australia—over the period of time we've been in Government that's increased 2.2 percent in New Zealand versus 2.1 percent in Australia. The Government is extremely focused on improving New Zealand's productivity; it's why we've invested in skills and training it's why we've supported research and development and it's why we've got alongside our partners across the world in terms of free-trade agreements and we continue to build on all of those things. David Seymour: Is he comfortable that inflation for the last quarter was 6.9 percent here compared with 5.1 percent in Australia and that floating mortgage rates there are 2.59 percentage points lower than here meaning an Australian with a half million dollar mortgage pays $249 less every week than a New Zealander with a half-million-dollar mortgage?Hon GRANT ROBERTSON: Well I would note actually in the March 2022 quarter for that quarter inflation in New Zealand was 1.8 percent and in Australia it was 2.1 percent. I also note that the member's advocacy of policies with respect to housing in Australia I presume must also include a capital gains tax since they've got one.David Seymour: Is he comfortable with New Zealanders paying 33 percent of their income in tax while Australians pay 29 percent in the year to June 2021 according to Statistics New Zealand and the Australian Bureau of Statistics using IMF methodology meaning New Zealanders not only earn less but pay a significantly higher portion of their income in taxes?Hon GRANT ROBERTSON: In fact when we look at the OECD tax wedge which looks obviously at the impact of tax on labour income overall New Zealand's tax wedge in 2021 was 19.4 percent; Australia's tax wedge was 27.1 percent. Again I obviously note the member's enthusiasm for policies from Australia so presumably ACT will now advocate for a 45 percent top tax rate.David Seymour: Is he comfortable that foreigners choose to invest 80 percent more per person in Australia than in New Zealand; and if he's not comfortable with that will his Government get around to reforming the Overseas Investment Office so we're not the fourth most hostile country in the OECD to foreigners who want to send capital and ideas for our economy?Hon GRANT ROBERTSON: The Government has indeed reformed the Overseas Investment Act and we continue to have strong levels of foreign direct investment into New Zealand.David Seymour: Is this Minister ever going to take responsibility for the fact that wages are lower inflation's higher mortgage rates are higher and yet the best he can do is blame the past other parties and cherry-pick figures to evade the real issue facing New Zealanders?Hon GRANT ROBERTSON: What I will take responsibility for is a Government that has helped New Zealanders through a one-in-100-year economic shock and seen us come out the other end with 3.2 percent unemployment growth averaging over 5 percent debt at one of the lowest rates in the rest of the world. There are all sorts of comparisons we can make between Australia and New Zealand but for me for one I'm very proud of New Zealand.