1. Question No. 1—FinanceKIRITAPU ALLAN (Labour) to the Minister of FinanceWEDNESDAY 29 APRIL 2020The Speaker took the Chair at 2 p.m.Prayers.ORAL QUESTIONSQUESTIONS TO MINISTERSQuestion No. 1—Finance1. KIRITAPU ALLAN (Labour) to the Minister of Finance: What recent reports has he seen on the Government's economic response to the COVID-19 pandemic?Hon GRANT ROBERTSON (Minister of Finance): On Monday international credit ratings agency Moody's released an in-depth analysis of New Zealand following its recent decision to reaffirm its highest Aaa rating on the economy. Moody's said that New Zealand's low Government debt puts us in a position to invest in infrastructure housing education and measures to support families. The report says that the lasting effects of COVID-19 will be more limited given the degree of policy response that the Government has announced. Moody's added that notwithstanding the significant disruptions stemming from the current economic shock we expect the New Zealand economy to remain resilient in the face of shocks. I welcome this acknowledgment of our fiscal position and ability to invest in the country's recovery.Kiritapu Allan: What reactions has he seen from business to the Government's economic response to the COVID-19 pandemic?Hon GRANT ROBERTSON: I've seen many reactions from businesses about the significant difference that the Government's support measures have made for them during these difficult and uncertain times. I will just choose a couple of them. One small manufacturing business contacted the Government saying When faced with lockdown our biggest worry was keeping and paying our staff. They are our biggest asset and we appreciate them all very much for their productivity and for making our workplace a happy place. So when the wage subsidy was announced we were stunned and relieved. I cried when the money showed up in the account because we worked so hard to build this business up and the fear was real that we could lose everything that we had worked for."A small family-run transport firm said "We'd like to thank the Government for in some instances being willing to signal direction before a solution is in place. An example of this that has proved very helpful was the early notification of the wage subsidy for essential workers who are stood down because of being vulnerable ill or looking after a vulnerable family. Because we knew that that undertaking had been made to work we had confidence to support these workers."There are many different experiences for business and I acknowledge that not all of them are satisfied with the Government's response but we believe we are doing everything we can to cushion the blow of COVID-19.Kiritapu Allan: How will the Government continue to support the economy to recover from the effects of COVID-19?Hon GRANT ROBERTSON: We've always said that the measures we have put in place thus far are only the beginning of the Government's commitment to support the economy and the people of New Zealand. We have been and will continue to be adaptable in our approach to suit the situation as it unfolds. Over the coming weeks we will see the Budget and further explanation of the three waves of response that we have. I can assure New Zealanders that we will continue to provide further support for businesses and households as we look ahead. We will kick-start the recovery and we will rebuild the economy on a sustainable path for the long term."