1. Question No. 1—FinanceHELEN WHITE (Labour) to the Minister of FinanceORAL QUESTIONSQUESTIONS TO MINISTERSQuestion No. 1—Finance1. HELEN WHITE (Labour) to the Minister of Finance: Talofa Mr Speaker. What recent reports has he seen on the New Zealand economy?Hon GRANT ROBERTSON (Minister of Finance): The jobs market is continuing to show the resilience of the New Zealand economy. This morning Stats NZ reported that the number of filled jobs in August rose by 10312 or 0.4 percent compared to the previous month's going to a record high of 2.32 million. The New Zealand economy is in a strong position despite a challenging global environment. Unemployment is near record lows and wages are rising above inflation to help deal with cost of living pressures. We're striking a balance by investing heavily in skills and training while making it easier for businesses to attract overseas workers to get the skills and expertise they need. There is every reason to be optimistic about the road ahead.Helen White: What does the report say about which industries are creating jobs in the economy?Hon GRANT ROBERTSON: The gains are broad-based. On an annual basis the biggest gains have been in construction professional services manufacturing retail and public administration and safety.Helen White: What does the Stats NZ report say about which age groups are benefiting from the jobs created in the economy?Hon GRANT ROBERTSON: The jobs market is continuing to support young New Zealanders. Fifteen- to 19-year-olds made the largest contribution to the increase in filled jobs making up 17.2 percent of the increase. There have been strong gains in this age group in recent months.Helen White: What reports has he seen on confidence in the New Zealand jobs market?Hon GRANT ROBERTSON: Westpac's employment confidence index rose to 115.2 in the September quarter its highest level since June 2019. Kiwis remain very upbeat and positive about the range of job opportunities particularly among young New Zealanders. By region there were strong gains in Auckland Waikato and Wellington while Otago did ease a little after a sustained rise in confidence over the previous two quarters.Helen White: How is the global situation affecting New Zealand's economy?Hon GRANT ROBERTSON: The global environment does remain volatile and uncertain. Financial markets for example have reacted negatively to the United Kingdom's fiscal package of tax cuts with a sharp decline in the value of the sterling and a spike in British borrowing costs. The reaction on the financial markets to the announcement has affected other countries as well with a rise in bond yields globally and downward pressure on most currencies relative to the US dollar including the New Zealand dollar.Helen White: What are the implications of the current financial markets' movement for the New Zealand economy?Hon GRANT ROBERTSON: It offers a cautionary tale about proposing untargeted tax cuts in an inflationary environment. The International Monetary Fund has expressed its concern in this regard. As we have seen the reaction on financial markets may result in outcomes that are harmful to an economy's future recovery following a one-in-100-year economic shock. That would include the ability of Governments to make commitments on spending on health or education or housing or other important investments in areas such as climate change.