"We are hearing the calls (about the economy) and the calls are massive all around the country in every respect. In terms of the economic analysis, we have a lot of work going on as to what this all means," Peters told Mike Hosking on Newstalk ZB today.
"The number one priority is to get us out of this level 4 to some level far more manageable, sustainable and durable while we rebuild the economy.
"Health is an imperative but it cannot be at all costs. If it's at all costs, we can't afford to pay for it. We'll be broke. We have to be rational, sane and keep our feet on the ground and keep a commonsense approach.
"There are huge tensions but enabling the economy to pay for the health delivery that is going to be critical here and in the months ahead is also very important."
Peters acknowledged they were hearing about concerns from small businesses who are struggling at the moment.
He said greater assessments needed to be made for those businesses that effectively could remain open because of the nature of them.
"We cannot afford to make mistakes on the way through," he said.
