4. Question No. 4—FinanceNANCY LU (National) to the Minister of FinanceQuestion No. 4—Finance4. NANCY LU (National) to the Minister of Finance: What are the Government's fiscal intentions and objectives?Hon NICOLA WILLIS (Minister of Finance): Well the member asks a very good question and I do actually have an answer prepared. The answer is that the Government's key short-term fiscal intentions for the next four financial years are set out in the Budget Policy Statement. They are to put net debt as a percentage of GDP on a downward trajectory towards 40 percent to work towards a surplus via a steadily improving trajectory for the operating balance and to reduce core Crown expenses as a percentage of GDP. The Government's key long-term objectives looking ahead over the next 15 years are to maintain net debt within a range of 20 percent to 40 percent of GDP subject to economic shocks and to control growth in Government spending so that over time core Crown spending reduces towards 30 percent of GDP.Nancy Lu: In what direction have these key variables been travelling over the last few years?Hon NICOLA WILLIS: The Operating Balance Excluding Gains and Losses operating balance has been in deficit for the past five years. Net debt has increased as a percentage of GDP for the past five years and is now more than double what it was in 2018-19. And core Crown spending has been well above 30 percent of GDP for the past five years. The Government will turn this situation around and restore the books to order. However members this will not be an instant fix. It will take time to turn around and there may well be some bumps in the road. It will involve difficult choices and trade-offs and the important thing is to make steady progress over the medium term.Nancy Lu: Will the Budget provide any more information on fiscal policy?Hon NICOLA WILLIS: Yes. The Fiscal Strategy Report will be released alongside the Budget and will lay out a plan to achieve the objectives I have mentioned. This will include setting out the operating allowances for future Budgets that the member opposite is so excited by. The Fiscal Strategy Report will also include fiscal forecasts and projections so people can see how net debt the operating balance and core Crown spending are expected to track in the near term and over the next 15 years.Nancy Lu: Does the Government's fiscal policy accord with recent advice from the OECD and the IMF?Hon NICOLA WILLIS: Yes. The OECD's advice is for the Government to steadily reduce the fiscal deficit. It also said that the Government should limit the rise in public debt and thereby increase the fiscal buffer available for the next negative shock. The IMF also has a medium-term view. It says that the Government should signal a strong commitment to fiscal consolidation and it recommends—Chlöe Swarbrick: And fixing the tax system!Hon NICOLA WILLIS: —and this is an important point that the member should listen to—that consolidation be gradual credible and durable. The legacy we have inherited of elevated and lazy spending will take several Budgets to fix but the first steps will be taken in Budget 2024.Hon Chris Bishop: Do the Government's fiscal intentions and objectives include funding Treasure Island?Hon NICOLA WILLIS: Well Mr Speaker life's a question of priorities and that's not one for us.SPEAKER: No. Let it go. Sit down. Sit down!Hon Kieran McAnulty: Point of order. So that's—SPEAKER: Just a minute. We're having a point of order so we'll have a bit of quiet.Hon Kieran McAnulty: That's three question times in a row now we've seen the Government Ministers abuse questions or points of order that are clearly not in order and are intended to make a political point. And so I'm interested Mr Speaker what moves you intend to make to act as a disincentive to continue doing it.Hon Chris Bishop: Speaking to the point of order. That question was completely within order. In fact most of the question contained words from the primary.SPEAKER: Well that's an interesting sort of suggestion. I'll have to look at both of those things at a later point. So we'll move now to question No. 5.Hon Nicola Willis: Mr Speaker point of order. I seek leave to correct my answer. SPEAKER: Leave is sought is there any objection? There is none.Hon NICOLA WILLIS: I'm just conscious that there are a number of funds for which programmes apply for funding. And I'm not sure how Treasure Island gets its funding and whether or not it is eligible for NZ On Air funding. What I know is that it's a programme—SPEAKER: Sit down. That's enough. Look I'll be blunt with the Government side: I'm not going to tolerate a lot more of this OK? Attacks on the Opposition—Rt Hon Winston Peters: It's all humour.SPEAKER: It's not. Well if you think it's humour that's great. I'll tell you what Mr Peters you seem to know more about my job and I certainly know a lot more about you; do you want a swap?Hon David Seymour: Mr Speaker point of order.SPEAKER: No I'm still ruling. What I have ruled is we're moving now to question No. 5.Hon David Seymour: Point of order Mr Speaker. Mr Speaker the funding of arts and media is actually a topic of intense public interest at the moment. And I think that on the one hand I understand your rulings about attacking the Opposition but at what point should members be constrained from asking questions about a highly topical issue because of the sensitivity and the humourlessness of the Opposition?SPEAKER: Yeah it's another point for me to consider.