5. Question No. 5—FinanceHon PAUL GOLDSMITH (National) to the Minister of FinanceQuestion No. 5—Finance5. Hon PAUL GOLDSMITH (National) to the Minister of Finance: What is the Government doing to support New Zealand businesses that are struggling with the economic impact of COVID-19?Hon GRANT ROBERTSON (Minister of Finance): At the risk of some repetition: the Government today announced our $12.1 billion package. It includes an initial $500 million boost for health; $5.1 billion set aside for wage subsidies for affected businesses in all sectors and regions available from today; $126 million for the COVID-19 leave and self-isolation support; $2.8 billion for an income support package for our most vulnerable and to promote spending including a permanent $25 per week benefit increase and a doubling of the winter energy payment for 2020; a $100 million redeployment package; $2.8 billion in business tax changes to free up cash flow including a provisional tax threshold lift the reinstatement of building depreciation and the writing off of interest on the late payment of tax. All of this and more is on top of the $12 billion New Zealand Upgrade Programme that was announced in January.Hon Paul Goldsmith: How much of today's package will reach businesses in the next four weeks?Hon GRANT ROBERTSON: At a conservative estimate the $5.1 billion is available and will be paid out in that time.Hon Paul Goldsmith: Will businesses have to keep employing people to get the wage subsidy?Hon GRANT ROBERTSON: It's a wage subsidy so yes.Hon Paul Goldsmith: Well what's in place to ensure that recipients of the subsidy keep employing?Hon GRANT ROBERTSON: I think it's incredibly sad that the member thinks so ill of the small-business people of New Zealand that they would rort the system like this. As it happens they have to sign a declaration.Hon Paul Goldsmith: Why hasn't working capital support for small to medium sized enterprises been a priority today?Hon GRANT ROBERTSON: In the first instance for all businesses their relationship is with their bank. Earlier this week the Reserve Bank Governor made an important series of decisions including lowering the official cash rate but also relieving banks of the burden of the bank capital changes that he had put in place. That opens up $47 billion worth of capital for those banks. They're also—the Reserve Bank—putting more liquidity into the market. Banks are the first port of call in terms of working capital. At the same time Government officials met yesterday with the banks and had met last week with the banks to discuss what future potential partnerships there might be for working capital.Hon Paul Goldsmith: Does the decline in revenue of 30 percent have to relate to coronavirus?Hon GRANT ROBERTSON: Businesses need to be able to show that they have lost 30 percent of turnover. It will be clear to everybody that coronavirus will be the cause of that in most cases.Hon Paul Goldsmith: How is it clear? How does it work? If a revenue drop is due to a conscious decision of a business owner totally unrelated to coronavirus are they eligible?Hon GRANT ROBERTSON: Businesses will need to sign a declaration that indicates that 30 percent drop. Again I repeat: most businesses in New Zealand today are not focused on rorting the system; they're focused on keeping their employees in work and we're trying to help them.