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: What recent reports has he seen on the New Zealand economy?Hon GRANT ROBERTSON (Minister of Finance): The dairy sector continues to support the economy. Last week the dairy cooperative Fonterra increased its milk price forecast range for the 2021-22 year from $8.90 to $9.50 per kilo of milk solids to $9.30 to $9.90 per kilo. The midpoint of $9.60 would be the highest milk price ever paid out and see Fonterra contribute over $14 billion to the economy. We thank those who work in the dairy sector for their contribution to the economy despite a volatile and uncertain environment due to the ongoing impact of the pandemic and geopolitical events such as Russia's unprovoked and unjustified invasion of Ukraine.Barbara Edmonds: How is the rest of the primary sector supporting the economy?Hon GRANT ROBERTSON: The ANZ bank's monthly World Commodity Price Index in January rose by 1 percent to a record high—apart from dairy which rose 2.5 percent compared with the previous month. Horticulture gained 2.6 percent with summer fruits selling well with a much better season for cherries. Meat and fibre declined 2.6 percent through lamb and beef prices which are still at very high prices. When converted back into local currency returns to primary producers rose 1.9 percent. The global environment however remains volatile with shipping costs on the rise due to an increase in delays at ports—particularly in China where some have been affected by the pandemic—and ongoing global supply constraints.Barbara Edmonds: What reports has he seen on the prospects of the primary sector in 2022 on the economy?Hon GRANT ROBERTSON: Rabobank's agribusiness outlook 2022 found the country's farmers are well positioned for another profitable year underpinned by strong prices limited global production and a lower New Zealand dollar boosting returns. Rabobank said that this would represent the sixth consecutive year of general profitability for the sector. The report noted that the flow of goods globally has held up well despite the pandemic disrupting the supply chains while trade relations with China have remained strong. None the less we do acknowledge that the sector faces a number of challenges in response to the pandemic and our international commitments around climate change which we are working together to achieve. We continue to work closely with primary producers to ensure the long-term sustainability of what is an important part of our economy.SPEAKER: I'm just going to remind members or tell members that as we were looking at the virtual or the hybrid system yesterday we were having some problems with sound balance and people especially on Zoom not being able to hear—when an interjection level which might normally have been acceptable wasn't. So if people can keep it a bit quieter that would be good. I will make the point to both Ms Willis and Mr McAnulty that while I might eat a lot of meat I'm not responsible for the success of the rural sector all right? So don't use the second person when you're interjecting.