1. Question No. 1—Cyclone RecoveryRACHEL BOYACK (Labour—Nelson) to the Minister for Cyclone RecoveryORAL QUESTIONSQUESTIONS TO MINISTERSQuestion No. 1—Cyclone Recovery1. RACHEL BOYACK (Labour—Nelson) to the Minister for Cyclone Recovery: What announcements has the Government made about supporting the recovery in affected regions from recent extreme weather events?Hon GRANT ROBERTSON (Minister for Cyclone Recovery): The Government is continuing to support growers farmers and businesses with their recovery and rebuild from the recent North Island weather events. Today we announced the North Island Weather Events Loan Guarantee Scheme which will provide relief to affected firms seeking commercial lending. The scheme leverages the Crown's financial strength by carrying 80 percent of the credit risk on covered loans allowing banks to reduce interest rates and offer more flexible terms. The Government's underwrite will support loans of up to five years agreed by businesses and their banks of up to $10 million from the scheme including refinancing of existing loans. For example a reduction in interest rates of 0.3 percent to 1.5 percent will be the equivalent of $9000 to $45000 in interest cost savings per year for the average firm supported based on a theoretical borrowing of $3 million. Over the five years the scheme is in place these savings could total between $45000 and $225000 for a firm with an average amount of debt providing meaningful relief. Further details of the implementation of the scheme will be announced in the coming weeks. We're targeting around the end of July for the scheme to be up and running providing time for banks to get systems in place. In the meantime customers will be able to register their interest in looking at utilising the scheme with their bank.Rachel Boyack: What else did the announcement say about support for affected business and primary producers?Hon GRANT ROBERTSON: The package also includes the North Island Weather Events Primary Producer Finance Scheme. This has been created to provide access to capital for affected growers and farmers who are unable to access lending without further support. The funding will be targeted towards severely affected businesses that have a reasonable likelihood of being commercially viable but cannot currently access commercial finance. This scheme enables the Government to provide concessionary loans and equity finance for land-based primary sector producers up to $4 million per business from a pool of up to $240 million that has been set aside. This will provide a way for businesses to fully re-engage with lenders at a later date once we have helped them get back on their feet. In turn it contributes towards their recovery and to recovery within the region in which they work.Rachel Boyack: What reaction has he seen to the announcement?Hon GRANT ROBERTSON: The reaction is the result of working together with affected sectors to identify the most suitable schemes for viable businesses particularly when dealing with their banks. Horticulture New Zealand said today's announcement would enable their growers to make decisions now and get on with the recovery and provide jobs for people in regional New Zealand." LeaderBrand have also welcomed the package saying that "being supported in this way to get on with the recovery is a win-win for everyone involved."Rachel Boyack: What other work is the Government doing to support those affected by the recent weather events?Hon GRANT ROBERTSON: Around $2 billion of support has already been committed so far and this includes for example $74 million in grants to farmers and growers in the emergency phase of the response—a $1 billion flood and cyclone recovery package as part of Budget 2023. In addition another $6 billion in initial funding has been committed for the National Resilience Plan to focus on building back better in particular—in the first phase—from the recent weather events. The Government is committed to working together with councils iwi banks businesses and insurers to find solutions for those in affected communities. As I have said previously we cannot meet all the costs particularly as we know that we will be seeing more extreme weather events like this but what we can do is work alongside the community to find solutions and we are striking a balance between supporting communities without taxpayers bearing all of the cost."