4. Fiscal Strategy—Half Year Economic and Fiscal UpdateHon STEVEN JOYCE (National) to the Minister of FinanceFiscal Strategy—Half Year Economic and Fiscal Update4. Hon STEVEN JOYCE (National) to the Minister of Finance: How many new specific fiscal risks are in the Half Year Economic and Fiscal Update released last Thursday?Hon GRANT ROBERTSON (Minister of Finance): As in all economic and fiscal updates there are specific risks which can be positive or negative. In the half-yearly update Treasury has noted 29 new specific fiscal risks. They comprise 21 as a consequence of policy changes 17 of which relate to the change in Government; four are departmental cost pressures; and four are cross-portfolio specific fiscal risks.Hon Steven Joyce: Can he confirm that actually in fact 24 out of the 29 new fiscal risks relate to new Government policies—for example the cross-portfolio risks he refers to relate to things such as paying a living wage and so on which are all as a result of new Government policies?Hon GRANT ROBERTSON: No I can't confirm that but I can confirm that there are a further 39 specific fiscal risks that the Government inherited from the previous Government.Hon Steven Joyce: Does he recall his statement on 9 November and I quote When the Half Year Economic and Fiscal Update and Budget Policy Statement are released before the end of the year there will be significant certainty about our spending plans." and does only publishing costings for the 100-day plan policies while including 29 new unquantified specific fiscal risks meet his definition of significant savings?Hon GRANT ROBERTSON: Yes it does. The 100-day plan represents some major programmes for this Government that will transform the lives of many New Zealanders.Hon Steven Joyce: Can he confirm he gave a speech on 11 December in Auckland where he committed to investing $15 billion in light rail over the next 10 years and can he explain why that isn't included as a specific fiscal risk in the half-yearly update?Hon GRANT ROBERTSON: I can confirm I gave that speech; I don't believe I put a number beside it.Hon Steven Joyce: Couldn't hear the answer sorry.Kiritapu Allan: Supplementary.Mr SPEAKER: No no—order! I will ask Mr Robertson to answer a bit more slowly and into the mike.Hon GRANT ROBERTSON: I can confirm that I gave that speech; I cannot confirm I put a specific number beside it.Hon Steven Joyce: Can he also confirm that the Government and the Minister of Health have committed to a $1.4 billion rebuild of Dunedin Hospital which is no longer being a public-private partnership and can he explain why that large sum of money doesn't appear as a specific fiscal risk in the Half Year Economic and Fiscal Update?Hon GRANT ROBERTSON: The specific fiscal risks are Treasury's work; they're not political work. Treasury make their assessment of what they believe should go in there.Hon Steven Joyce: So is the Minister saying that he takes no responsibility for the non-disclosure of a $15 billion specific risk in relation to Auckland light rail and no responsibility for a $1.4 billion specific fiscal risk not appearing in relation to Dunedin Hospital and is he not the Minister of Finance in charge of Treasury?Mr SPEAKER: Any one of the three.Hon GRANT ROBERTSON: No I'm not confirming that.Kiritapu Allan: How do the specific fiscal risks in the Half Year Economic and Fiscal Update compare to previous economic and fiscal updates?Hon GRANT ROBERTSON: As I said earlier specific fiscal risks are a regular part of these updates. To give a relevant comparison the first economic and fiscal update after the 2008 election noted 62 new specific fiscal risks 32 of which had an unquantified fiscal impact on the then Government's books."