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: Mālō ni Mr Speaker. What recent reports has he seen on the New Zealand economy?Hon GRANT ROBERTSON (Minister of Finance): Statistics New Zealand has reported that the New Zealand Activity Index which is a broad and more timely measure of activity in the economy is up 5.2 percent on September last year. Activity indicators are up in electronic card transaction activity grid demand heavy and light traffic movements and job advertisements together with a reduction in job seeker numbers. We know that this is a tough period for many New Zealand households facing cost of living pressures but as I've previously said in this House they do so while in paid work which will also help ease the pressure they are under. The Government is continuing to support Kiwis through this difficult time through the fuel tax cuts half-price public transport fares and income increases for seniors beneficiaries and those on Working for Families.Barbara Edmonds: What other reports has he seen on the economy?Hon GRANT ROBERTSON: Well activity in the manufacturing sector is continuing to expand. The BNZ-Business New Zealand Performance of Manufacturing Index was at 52 in September. Production and employment rose while new orders declined slightly after a strong showing in the previous month.Barbara Edmonds: What indications has he seen of activity in other sectors?Hon GRANT ROBERTSON: Activity in the services sector is also strong. The BNZ-Business New Zealand Performance of Services Index stood at 55.8 in September and above the long-term average of 53.6 with robust gains in sales and new orders.Barbara Edmonds: What indications do these reports on manufacturing and services provide about the economy overall?Hon GRANT ROBERTSON: Combining the results of the activity in the services and manufacturing sectors the composite index was at 54.4 and BNZ's economists say that this result suggests that the economy grew about 1 percent in the September quarter.Barbara Edmonds: How do New Zealand's activity levels for manufacturing compare globally?Hon GRANT ROBERTSON: Well while activity in the services and manufacturing sector in New Zealand remains positive activity in these two sectors fell in the United Kingdom United States and Europe. Globally manufacturing contracted to 49.9 and services to 46.6. The composite index globally was 47.3 for the fourth consecutive month below the break-even mark of 50. New Zealand is as well placed as any country in what is a challenging global environment. Unemployment is at a near record low wages are outpacing inflation to help deal with the cost of living pressure our exports are growing overseas tourists are returning and the Government books are among the best in the world with debt levels sustainably below those of the countries that we compare ourselves to. On this side of the House we continue to face the future with optimism and don't talk the economy down.Nicola Willis: Can the Minister understand that reciting statistics that allow him to pat himself on the back about the state of the economy makes absolutely no difference to the typical New Zealander who in the past year saw their real wages decline by 3.7 percent?Hon GRANT ROBERTSON: What New Zealand households know is they've got a Government that's supported them all the way through COVID from the wage subsidy scheme to making sure we lift the minimum wage lift income support and lift the family tax credit. In contrast they have an Opposition who wants to cut tax for the highest income earners. Liz Truss might have gone in the UK but she's alive and well over here.