6. Question No. 6—FinanceDAVID SEYMOUR (Leader—ACT) to the Minister of FinanceQuestion No. 6—Finance6. DAVID SEYMOUR (Leader—ACT) to the Minister of Finance: What responsibility if any does he take for inflation having been above the Reserve Bank's 3 percent target every quarter since June 2021? Hon GRANT ROBERTSON (Minister of Finance): Just as in the period from the December 2017 quarter to the March 2021 quarter when inflation sat within the Reserve Bank's 1 to 3 percent target range I accept that responsibility for managing that target range sits with the Reserve Bank of New Zealand. I also accept responsibility for the Government's fiscal decisions throughout the largest shock to the New Zealand economy since World War II. This has seen our economy at least 6 percent larger than it was before COVID unemployment at record lows and debt lower than many other countries we compare ourselves to. I would note that today's inflation data reflects a continuation of the downward trend which has seen the annual inflation rate fall over successive quarters from its peak of 7.3 percent in June 2022. David Seymour: How does the Minister explain to New Zealanders that tradeable inflation—things bought and sold overseas—is 5.2 percent but non-tradeable inflation—buying and selling things within New Zealand—remains at 6.6 percent the same as it was a year ago? Hon GRANT ROBERTSON: Two things that I would explain that with. The first of those is that while I know the member wants to conflate non-tradeables with domestic it doesn't always exactly work. For example the biggest increase we've seen in this particular quarter of data is in the construction sector. In the construction sector 90 percent of the goods used in house-building are either imported or made from imported goods. Secondly the weather events in the country have undoubtedly led to increases particularly in food prices. David Seymour: Is the Minister aware that non-tradeable inflation excluding the purchase of new housing and therefore construction goods is 6.3 percent higher than overall inflation and therefore his excuse he's trotted out so many times that non-tradeables are high because of construction goods simply ain't true? Hon GRANT ROBERTSON: I am aware of the definition as the member is. I stand by my answer and I'd also continue to point out to the member that the period of time that we are dealing with here is one in which the weather events in New Zealand have had a significant impact across the economy and I note that I'm not the only one saying that—as the member and I have previously discussed—but it's also the planet on which Sharon Zollner lives. David Seymour: Does the finance Minister believe that him borrowing and spending a net $121 billion of extra debt in the six years he's been finance Minister might have just contributed a bit to local inflation and if not why not? Hon GRANT ROBERTSON: As I said in my primary answer I stand by the financial and fiscal decisions the Government has made in the face of the biggest shock to the New Zealand economy since World War II. In this House consistently over the last few years members from all sides have called for there to be more spending to support New Zealanders through what has been a very very challenging time. I'm sure the member will enjoy his role as a professor of hindsight economics; we don't get to live in that role. David Seymour: What would the finance Minister say to a family of four who are paying $110 a week more for groceries than they were when he became the Minister of Finance and who are getting a little bit tired of his smart-arse remarks and excuses blaming everyone else? Hon GRANT ROBERTSON: What I would say to that family is that I recognise that for them and many New Zealanders these are incredibly difficult times. That is the reason why this Government has stepped up consistently to support families through lifting the family tax credit through lifting childcare assistance rates through lifting benefits and through supporting New Zealanders through this period of time. What I'd also say to that family is that the alternative in an ACT Party - led economic policy would see them much much worse off. David Seymour: Does he really believe that if that family had two people on the average wage with them being $4400 a year better off thanks to paying less tax while not a single front-line service is reduced is worse off—really? Hon GRANT ROBERTSON: Absolutely I do believe that because they would be entering into an era where unfortunately as the member's former idol would say there would be a political party in charge that represents only the wealthy" and has been captured by a "small libertarian element who did not want public super or public healthcare at all". I can hardly believe I'm quoting Roger Douglas in the House but that's what he said."