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 strength of the jobs market is continuing to support New Zealand's economy. Statistics New Zealand reported this morning that the unemployment rate remained at a record low 3.2 percent in the March quarter. The number of people classed as unemployed stood at 94000 which is 29 percent lower than a year ago and 19 percent below where it was in the pre-COVID December 2019 quarter. On comparable measures New Zealand's 3.2 percent unemployment rate stands against 4 percent in Australia 3.8 percent in the UK and the United States and 5.8 percent in Canada. The OECD average is 5.2 percent. This is a very positive result in what has been a challenging environment and is a sign of confidence in the economy and the Government's strong health response and sound economic management. Our economy is growing at 5.6 percent annually and is above pre-COVID levels with our fiscal position as strong with triple A credit ratings from leading agencies. The recovery is growing momentum and the easing restrictions and opening up to skilled workers and tourists will help businesses and the economy rebuild. Barbara Edmonds: What did the report say about wage growth?Hon GRANT ROBERTSON: Well wage growth rose at a faster rate with the average hourly wage up 4.8 percent to $36.18 an hour. Statistics New Zealand also reported that 64 percent of workers received annual wage increases in the March quarter compared with 46 percent a year ago. We recognise New Zealanders are doing it tough at the moment with regard to cost of living increases but our strong economic and fiscal position means that we are well positioned to respond and help ease the pressure on New Zealanders. The half-yearly update forecast from the Treasury also indicates that 2022 is the only year in the forecast period in which inflation will outstrip wages. The investments made by the Government to keep businesses open and Kiwis in work has paid dividends. Projections of 10 percent unemployment were avoided because of the actions we've taken and today's numbers highlight how successful our plan has been to keep and support New Zealanders in work.Barbara Edmonds: What did the report say on growth in employment?Hon GRANT ROBERTSON: The data also shows that the economy continued to add jobs with 2000 more people in work than in the December quarter with the strongest growth in construction and manufacturing. The total number of people in work is now 114000 above where it was in the—pre-COVID—December 2019 quarter. Hours worked did decline by 0.2 percent which reflects the challenges from Omicron as more people were away from work due to illness or having to self-isolate. ANZ's economists said the labour market remained tight in the March quarter despite the best efforts of the Omicron wave to disrupt things. With the indicators of labour demands still at or around record levels ANZ are expecting that the labour market will further tighten over 2022 as domestic COVID disruptions ease and this is where the important role of immigration will come into play as we fill much-needed skill gaps.