1. Question No. 1—FinanceINGRID LEARY (Labour—Taieri) to the Minister of FinanceORAL QUESTIONSQUESTIONS TO MINISTERSQuestion No. 1—Finance1. INGRID LEARY (Labour—Taieri) to the Minister of Finance: What recent reports has he seen on the New Zealand economy?Hon GRANT ROBERTSON (Minister of Finance): The strength of the jobs market is continuing to support the New Zealand economy. Today Statistics New Zealand reported that the unemployment rate has remained at a near-record low of 3.4 percent in the March quarter. The average hourly wage rose 7.6 percent to $38.93 outpacing the current rate of inflation. We know that many Kiwi families are doing it tough in the face of cost of living pressures but they do so while in paid work and with wages growing faster than inflation easing some of the pressure that they are under.Ingrid Leary: What did the report say about employment growth?Hon GRANT ROBERTSON: An extra 22000 people were employed in the quarter and 69000 in the year. There are more women than ever in jobs. There is now a record high of 2.886 million people in work. Since 2017 281000 jobs have been added to the New Zealand economy. Our participation rate has risen to 72 percent and the employment rate to 69.5 percent—record highs for both since the series began. Mr Luxon loves talking the economy down; we're proud of New Zealanders.Ingrid Leary: What reactions has he seen to the labour market report?Hon GRANT ROBERTSON: ASB's economists said firms were hiring with sizable gains in employment record labour force participation and [with] the unemployment rate and other … measures of the labour market hovering around record lows." Kiwibank's economists said the report showed strong job gains and chunky pay rises. They noted that the solid gains in employment are a result of increased labour supply including from migration which is helping to fill vacancies. Westpac's economists said that what workers are receiving in hand is keeping up with the rising costs of living. The constant chipping of the Leader of the Opposition means that he doesn't like good news; I understand that but it's good for New Zealand. Nicola Willis: Does the Minister of Finance think it's appropriate to be crowing about the state of the economy on a day when the Reserve Bank has warned that more New Zealanders will be entering mortgage distress and may see their house prices spiralling downward further and on a day when research has been released showing that hundreds of thousands more New Zealanders are waking up each day worried about their financial circumstances with credit data showing more and more are going into debt arrears; is this a good economy under Labour?Hon GRANT ROBERTSON: What today is is a day to celebrate the hard work of businesses and workers right across New Zealand that means that we have an unemployment rate that sits below Australia's we have people in work and our economy is 6 percent larger than it was before COVID. Every day in the House and outside of the House we acknowledge that New Zealanders are doing it tough through a cost of living crisis. That's why we've supported them to make sure that they get through that; measures that every time we put up to support New Zealanders the National Party oppose.Ingrid Leary: How does New Zealand's labour market compare internationally?Hon GRANT ROBERTSON: On comparable measures New Zealand's 3.4 percent unemployment rate stands favourably against 3.6 percent in Australia 3.5 percent in the United States 3.8 percent in the United Kingdom and 5 percent in Canada. The OECD average is 4.8 percent. In terms of employment rates we are third in the OECD. The Opposition might not like it but the New Zealand economy and the hard work of businesses and workers—[Interruption] I'm still talking—means that New Zealanders can be proud of the economy. I know the member's anxious to talk down the economy and stand up and ask a question about that. I'm proud of New Zealanders; I don't think the Opposition is.Nicola Willis: In terms of international comparisons has the Minister of Finance seen the Bloomberg recession index which shows recession probabilities worldwide with New Zealand in second place for the most probable likelihood of a recession at 70 percent which compares with other countries such as Australia with only 40 percent such likelihood?Hon GRANT ROBERTSON: I've seen many different indicators almost all of which show that relatively speaking New Zealand has got through COVID in a better shape than most other countries. I know the members on the other side of the House think it's great to talk down the New Zealand economy. I'm not going to do that because I'm proud of the efforts New Zealanders have made."