4. Question No. 4—FinanceINGRID LEARY (Labour—Taieri) to the Minister of FinanceQuestion No. 4—Finance4. INGRID LEARY (Labour—Taieri) to the Minister of Finance: Kia orana. What recent reports has he seen on the New Zealand economy?Hon GRANT ROBERTSON (Minister of Finance): Kia orana. The resilience of the labour market is continuing to support the economy. Statistics New Zealand reported today that an extra 28000 people were employed in the June quarter and 113000 more for the year. There is now a record high 2.927 million people in work. The average hourly wage rose 6.9 percent to $39.53 compared with inflation at 6 percent. Unemployment did rise slightly to 3.6 percent due to a rise in the working-age population and people making themselves available for work. We know that many Kiwi families are doing it tough in the face of cost of living pressures but they do so while in paid work and with wages keeping pace with inflation. This does help ease some of the pressure that they are under.Ingrid Leary: What else did the report say about the labour market?Hon GRANT ROBERTSON: Looking at some of the details Statistics New Zealand reports that the participation rate rose to 72.4 percent and the employment rate to 69.8 percent—record highs for both since the series began in 1986. The employment rate for women increased to 65.7 percent the highest rate since the series began. The employment rate for men increased to 74.4 percent the highest rate since 1987. Employment in tourism-related industries returned to pre-COVID levels rising 11 percent annually to 275300. Since 2017 the economy has added 322000 jobs. Unemployment at 3.6 percent is low compared to where it's been in the recent past and below the 4.6 percent it stood at when we took office.Ingrid Leary: What reactions has he seen to the labour market report?Hon GRANT ROBERTSON: Westpac's economists said that the June quarter labour market figures pointed to very strong employment growth. ANZ's economists said that the strength in the jobs market suggested that demand for labour had remained resilient while BNZ's economists said the strength in employment was further evidence that soaring labour supply driven by migration was taking pressure off businesses and helping them fill vacancies.Ingrid Leary: How does New Zealand's labour market compare internationally?Hon GRANT ROBERTSON: According to Statistics New Zealand on comparable measures New Zealand's 3.4 percent unemployment rate matches Australia and the US and is below the 4 percent in the UK and the 5.2 percent in Canada. The OECD average is 4.8 percent. In terms of employment rates we rank third in the OECD. The labour market and the economy have been resilient but there is a slowing global economy which will affect our prospects. Last week the IMF issued warnings about the downside risks around China's economy and the global outlook. The Government is doing its bit in response to this and taking pressure off by restraining spending. However further hard choices may be required as we navigate a pathway through this deteriorating global environment. This is a tough time for many households but the Government has stepped up to support them and we will continue to invest in conditions to support people into work and drive higher wages for New Zealanders.