Hon MICHAEL WOOD: Raising the minimum wage this year will lift the incomes of approximately 300,000 New Zealanders, particularly helping many households that have been the most impacted by the ongoing impacts of COVID-19. For someone working a 40-hour week on the minimum wage, the increase will see them earning an extra $48 a week gross, approximately $2,500 per year. We also know that increasing the minimum wage stimulates local economic activity as people will spend the extra money on goods and services which, in turn, helps to support businesses. This will further help to accelerate our economic recovery.