2. Economy—Half Year Economic and Fiscal Update and Fiscal StrategyJAMI-LEE ROSS (National—Botany) to the Minister of FinanceEconomy—Half Year Economic and Fiscal Update and Fiscal Strategy2. JAMI-LEE ROSS (National—Botany) to the Minister of Finance: What reports has he received on the strength of the New Zealand economy?Grant Robertson: I raise a point of order Mr Speaker. I am sorry to interrupt the member Mr Speaker—could you advise the House whether you have been advised of any change in warrants from the finance Minister that we have had up until today to today? Mr English is as far as we know still the finance Minister. Hon Gerry Brownlee: You will be aware that post events that saw the change in leadership earlier this week the Hon Bill English resigned as Minister of Finance and therefore Minister Joyce is Acting Minister of Finance. [Interruption] Mr SPEAKER: Order! Anticipating that the point may be raised I did source the ministerial list dated 12 December. Mr English has relinquished the finance portfolio and at this stage the Hon Steven Joyce is the Acting Minister of Finance. [Interruption] Order! For the benefit of the member if I refer him then to Speaker's ruling 192/7 he will see that indeed the Acting Minister must now answer question No. 2. Hon STEVEN JOYCE (Acting Minister of Finance): On Friday Moody's reaffirmed our Aaa stable rating and the strength of the New Zealand economy. Moody's issuer comment references last week's Half Year Economic and Fiscal Update (HYEFU) release which supports its view that New Zealand's public finances are very strong and highlights the importance of ongoing expenditure restraint in ensuring a sound financial position. Moody's also notes New Zealand's track record of policy predictability and effectiveness and the Government's ability to implement policies and reforms that foster economic growth. Finally Moody's forecasts a smooth political transition with a continuation of the policies that have created this strong economic position. Jami-Lee Ross: What is the economic outlook according to last week's forecast from Treasury?Hon STEVEN JOYCE: Last week's half-year update confirms a strengthening outlook for the New Zealand economy. Real GDP growth is expected to average around 3 percent over the next 5 years unemployment is forecast to fall to 4.3 percent and another 150000 jobs are forecast to be created over the 4-year period on top of the 200000 new jobs in the economy since 2014. Average wages are expected to continue rising faster than inflation up another $7500 to $66000 by 2020-21. This is a Government that is committed to building on 8 years of hard work delivering real results for New Zealanders and their families. Jami-Lee Ross: How is New Zealand placed to deal with any risks in the global economic environment?Hon STEVEN JOYCE: New Zealand is well placed. The HYEFU shows net debt peaked as a proportion of our economy in 2015-16 a year earlier than previously expected and is projected to fall to around 18.8 percent of GDP by 2020-21. That puts us in a strong position to deal with any shocks in what is still an uncertain global environment or further natural disasters like those we have seen in Canterbury and Kaikōura. It puts us in a particularly strong position when compared with what is happening internationally where debt levels in Europe and the US are many times what they are here. This positive position is a testament to the strong economic management of our former Prime Minister John Key and our current Prime Minister Bill English. Jami-Lee Ross: What are the fiscal priorities of the Government?Hon STEVEN JOYCE: The Government's economic and fiscal priorities remain unchanged. Although last week's HYEFU is forecasting the positive performance of the New Zealand economy to carry on it is important that we continue to keep on top of spending and pay down debt in strong economic times. We will build on our strength as a diversifying economy with a safe stable and secure business environment focused on attracting investment and growing innovation in the economy. We will continue to strongly advocate for free trade recognising that New Zealand's interests are best served by being an open trading economy. And we will continue to provide strong and stable Government for New Zealand.David Seymour: In his pre-scripted answer to that question did he forget to mention cutting tax and letting hard-working New Zealanders keep more of their own money?Hon STEVEN JOYCE: As the member I am sure knows because he is a good student of politics the Government has a range of fiscal priorities which include paying down debt investing in infrastructure investing in public services and considering the tax burden on hard-working New Zealanders. The exact shape of those will be considered over time but politicians should always remember that the money they have to spend comes from hard-working Kiwi families.