Dean Jacqui: Oral Questions — Questions to MinistersText is incorporated into the Bound VolumeDean Jacqui: Oral Questions — Questions to Ministers[Sitting date: 27 May 2015. Volume:705;Page:4024. Text is incorporated into the Bound Volume.]3.JACQUI DEAN (National—Waitaki) to the Minister of Finance: How does Budget 2015 continue the Government’s plan to manage spending and start paying down debt?Hon STEVEN JOYCE (Associate Minister of Finance): on behalf of theMinister of Finance: Spending is firmly under control. Core Crown expenses have fallen from 34.1 percent of GDP in 2008-09 and are expected to drop to 30 percent next year. We have stuck to a $1 billion allowance in Budget 2015 but we have been able to spend $1.5 billion per year on new initiatives because we have identified around half a billion dollars of savings in reprioritisation each year. This spending restraint means that we have come from an $18.4 billion deficit 4 years ago to seeing steadily rising surpluses into the future. In line with our long-term fiscal target net debt is now expected to fall to 19.7 percent of GDP in 2020-21.Jacqui Dean: What initiatives are included in Budget 2015 to support more economic growth and jobs?Hon STEVEN JOYCE: Constrained Government spending is helping to keep interest rates lower for longer and that makes it easier for businesses to invest and to hire more staff. As part of the Business Growth Agenda Budget 2015 also invests in a range of initiatives that contribute to better infrastructure more innovation and lower costs for business. These include around half a billion dollars of further ACC levy reductions on top of the $1.5 billion already in place $86 million for targeted increases in university tuition rates $100 million from the Future Investment Fund for Lincoln University to rebuild its science facilities; $80 million for research and development growth grants; and $210 million from the Future Investment Fund to invest in the national rail network.Jacqui Dean: What are Treasury’s latest expectations for job and wage growth for New Zealand families?Hon STEVEN JOYCE: This Government is working very hard to support higher wages for Kiwi families. Treasury’s Budget forecasts show that there are 194000 extra jobs in the economy since late 2010 and another 150000 jobs are expected by 2019. Unemployment is expected to fall below 5 percent in 2016. Average annual wages have increased by $5700 in the last 4 years and are forecast to rise to around $63000 a year in 4 years’ time and that is an increase of a further $7000. If we take the 8-year period as a whole the average wage is expected to go up almost $13000 or over 25 percent over that period compared with inflation of less than 14 percent over the same time. So the Business Growth Agenda is supporting a growing economy that is working for New Zealanders.Jacqui Dean: What other measures are being progressed to support further growth in the regions?Hon STEVEN JOYCE: Almost all of the initiatives announced in the Budget will support the regions from increased health and education spending to higher welfare payments for families and reductions in ACC levies. In addition Budget 2015 also provides up to $25 million to support the establishment of new privately led regional research institutes to undertake scientific research in the regions $210 million to extend the roll-out of ultra-fast broadband into smaller regional towns and an additional $150 million from the telecommunications development levy which will go into rural broadband and filling mobile black spots. The first tranche of the $212 million regional highway package will be $97 million and up to $52 million will be provided to replace the Waitangi wharf on the Chatham Islands.Rt Hon Winston Peters: If there is a plan to start paying down debt what is the total debt attributable to the Crown as opposed to core Crown debt?Hon STEVEN JOYCE: I do not have that figure in front of me for the member but if he is happy to put it down in writing then I am more than happy to give an answer to it.