1. Question No. 1—FinanceBARBARA EDMONDS (Labour—Mana) to the Minister of FinanceORAL QUESTIONSQUESTIONS TO MINISTERSQuestion No. 1—Finance1. 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): The IMF released its annual review for New Zealand last week where they commended the country for our strong economic and fiscal position—in particular the Government's successful health-led approach to the COVID-19 pandemic. They noted the economy had rebounded strongly in 2021 with record low unemployment. The IMF also noted that our relatively low debt levels compared with many of the countries we compare ourselves against—Hon Paul Goldsmith: Which you inherited.SPEAKER: Order!Hon GRANT ROBERTSON: —provides substantial headroom to respond to further challenges. While economic growth is forecast to slow in 2022 the resilience of the economy and our strong fiscal position means we're in a good position to support—Hon Paul Goldsmith: Which this Government inherited.Hon GRANT ROBERTSON: —New Zealanders as we deal with the challenges arising from the ongoing pandemic Mr Goldsmith—and it would pay to listen to the IMF this time. Barbara Edmonds: What did the report say about fiscal policy supporting the economy?Hon GRANT ROBERTSON: Well in the characteristic style of the IMF they said that in New Zealand The normalization of macroeconomic policies had started as fiscal COVID-19 support measures have been scaled down". They did point out however that "During the exit from the exceptional crisis-related policy support the pace of … [withdrawal] needs to be calibrated carefully." In response to the Omicron outbreak the IMF welcomed the limited and targeted support to businesses in need "without adding materially to aggregate demand pressures." The IMF also noted the temporary reduction of fuel taxes provides relief at the pump to motorists though it does favour relief to consumers dealing with cost of living increases being targeted at vulnerable households. We are making sure that our spending continues to be carefully prioritised and targeted at the areas and people that require it the most and from this Friday 1 April we are supporting low and middle income New Zealanders dealing with cost of living increases through increases to Working for Families superannuation benefit levels student allowances and the minimum wage while the winter energy payment kicks in from the beginning of May. Barbara Edmonds: What did the IMF say about other fiscal options to support the economy?Hon GRANT ROBERTSON: In comments to the media following a briefing on the report the IMF said that it was not recommending any reduction in the overall level of taxation at the moment. It is not the right time to cut taxes as it would just add to inflation pressures at a time when many households are already under significant stress—Hon Paul Goldsmith: Michael Cullen's return. You'll never get puddin'!Hon GRANT ROBERTSON: Mr Goldsmith the financial genius helps me again. The IMF has also made a number of recommendations in their report—Hon Paul Goldsmith: More genius than you are. SPEAKER: Order!Hon GRANT ROBERTSON: —that while we are always grateful to receive we would not always agree to adopt. I would note that we are not actively considering changes to corporate tax rates while we have already committed to not implement any new taxes in this term such as a capital gains tax."