3. Question No. 3—FinanceHon PAUL GOLDSMITH (National) to the Minister of FinanceQuestion No. 3—Finance3. Hon PAUL GOLDSMITH (National) to the Minister of Finance: What changes to the Government's economic policies if any has he made since the spread of COVID-19?Hon GRANT ROBERTSON (Minister of Finance): First and foremost our response to coronavirus has been led by our responsibility to protect the health and wellbeing of New Zealanders. That is why our first response is a public health response. The Government's economic plan and policies have put us in a strong position to respond to COVID-19. Our plan and policies have delivered the underlying stability and resilience that will be critical in the coming months. We need to continue to implement those policies in this period of uncertainty. We're working closely with affected businesses employers and workers. We're focused on protecting jobs and supporting businesses and affected industries—for instance the tourism sector and through the Regional Business Partner programme. Detailed plans and policies for the potential scenarios I've already laid out are being developed as we speak to respond as the situation develops.Hon Paul Goldsmith: Does he agree that there are many businesses under real pressure at the moment from falling demand and rising costs?Hon GRANT ROBERTSON: The effects on the New Zealand economy and individual businesses within it vary. The conversations we had yesterday and in previous days with the business sector indicate that the tourism sector and the hospitality sector are obviously particularly exposed at the moment some export sectors and obviously some import sectors. That's why we're working on developing a comprehensive plan alongside them while providing immediate assistance where it's needed.Hon Paul Goldsmith: What message has he got for small-business owners in the hospitality forestry and tourism sectors in particular who are wondering right now how they're going to make the next payroll?Hon GRANT ROBERTSON: Well I was able to deliver those messages directly to the hospitality industry yesterday. What they sought from us was an assurance that Government agencies were there on the ground with them which we were able to give them with the Ministry of Social Development (MSD) and IRD working closely with individual businesses down to the level of provisional tax payments working with them on how to manage other tax obligations that they have. The industry also floated with us wanting further information about leave and leave provisions which we are working on providing for them now. Today Minister Twyford is on the East Coast talking to businesses directly about what they need. Employees who have found themselves in a position where they've been without work are able to access MSD support and that is happening. All of the Government agencies are on the ground doing their job. In terms of the medium- and long-term impacts we're working with those sectors on them.Hon Paul Goldsmith: Does he acknowledge that the Government's economic policies prior to the spread of coronavirus resulted in a projected growth rate of 1.6 percent in 2019 and a projected Budget deficit for this year?Hon GRANT ROBERTSON: What I do acknowledge is that the Government's economic policies have put us in a position to be able to respond well. We have net debt at a level where we are therefore able to borrow more if we need to in response to this just as the previous National Government did in response to issues that it had to deal with. The New Zealand economy is in a strong position.Hon Paul Goldsmith: How does he argue that 1.6 percent growth in 2019 represented solid momentum?Hon GRANT ROBERTSON: The member is using an estimate of growth for 2019. When we compare ourselves to the rest of the world and when indeed international organisations like the OECD and the IMF compare us to the rest of the world they say that we're doing well that our current growth rates and our projected growth rates will be greater than most of our trading partners. I take their advice on this matter but I'm also happy to listen to the advice of others. The Prime Minister has already quoted Cameron Bagrie; there was also Tim Hunter from ANZ who said New Zealand is better placed than many countries to weather this shock and I was grateful for the Leader of the Opposition retweeting that comment.Hon Paul Goldsmith: Does he agree it's important now more than ever to have better growth policies and better control over wasteful spending so that we can get through the difficult months ahead?Hon GRANT ROBERTSON: What's important is that we have stability and resilience in our economy that we have the partners in our economy working closely together and that we have public services that are in a position to respond to an outbreak such as this not the run-down health system the run-down education system the poorly funded police force and all of the other public services run down in the nine years of the National Government. We've been rebuilding them which means we're now in a position to respond well.