3. Question No. 3—FinanceNICOLA WILLIS (Deputy Leader—National) to the Minister of FinanceQuestion No. 3—Finance3. NICOLA WILLIS (Deputy Leader—National) to the Minister of Finance: Has he seen a report by ASB that soaring living costs are expected to add roughly $110 per week to household budgets over the next 12 months"; if so does he expect wages will keep up with that increase in the cost of living?Hon GRANT ROBERTSON (Minister of Finance): In answer to the first part of the question yes I have seen that report. In answer to the second part of the question I note that it is the view of the authors of that report that "households in general should have sufficient funds to pay the bills and potentially increase consumer spending." While that may turn out to be the case I'm keenly aware of the situation of many households for whom that has not been the case. That's why the Government has targeted support to those on lower and middle income earnings while making sure that spending remains balanced and carefully targeted. Nicola Willis: How are New Zealanders supposed to get ahead under Labour when for 18 months now inflation has crushed wage growth?Hon GRANT ROBERTSON: The member will be well aware that we have seen the Quarterly Employment Survey—annual median wages show that it's close to growth at 8 percent. It is a difficult time for many New Zealanders; that's why this Government has stood beside them by making sure that we lower fuel excise duty by halving the cost of public transport by lifting the family tax credit by making sure we increased childcare assistance by lifting benefits and by lifting the minimum wage. Many of those things the Opposition has opposed. Nicola Willis: Who is right the Minister of Finance who continues to claim Kiwis' wages are keeping up with prices or the Parliamentary Library that confirms real wages fell 3.7 percent in the past year as calculated in the real wage index?Hon GRANT ROBERTSON: It was not me that I was using as an example there; it was in fact the Quarterly Employment Survey.Nicola Willis: Can he confirm domestic non-tradable inflation is now the highest since records began?Hon GRANT ROBERTSON: I can confirm that for non-tradable inflation. What the member consistently does though is insert the word "domestic" at the front of that and I do note that in today's release by Statistics New Zealand they included the comment at the end of their description of non-tradables saying "However the input materials of these goods and services can be influenced by foreign competition". As the Prime Minister's already indicated if we take construction costs as one example of that we can see up to 90 percent of that being caused by offshore things. Nicola Willis: What is his explanation for New Zealand vegetable prices rocketing up 24 percent in the past three months alone the largest quarterly rise since the series began?Hon GRANT ROBERTSON: A number of reasons for that but if I can quote Sharon Zollner the ANZ chief economist "Weather has been a big part of [that] particularly in fruit and vegetables. We had an extremely wet July and August". This was similarly reinforced by Steve Mills the Countdown commercial director. That is an exceptionally large quarterly increase; New Zealanders will be feeling that. The member might like to think about her party's policies with respect to climate change. Actually on this side of the House we want to do something about the causes of those price rises.Nicola Willis: What does he say to Deb who writes "I couldn't afford to buy washing powder today; clothes will be just washed in water." and how can the New Zealand public continue to have confidence in his economic management when he has failed to rein in the highest period of inflation in a decade?Hon GRANT ROBERTSON: What I would say to that person is what I say to all New Zealanders that this Government has supported New Zealanders through the toughest times of COVID and we continue to support low and middle income New Zealanders through lifting main benefits though lifting the family tax credit through lifting the minimum wage through supporting New Zealanders in everyday life and that member's policy is to cut taxes for the highest income earners. Liz Truss has dropped it; it's time for that member to drop it."