So what causes this inflation and what does it suggest about our policy response? Well, the Treasury told our committee that it's a complicated story, including COVID-related disruptions to supply chains, rising oil prices, elevated wages, and cost pressures. As with all stories, however, there is a long and important part that is left out, cultural norms that are assumed, because hidden within that story of inflation is one of economic power and growing inequality. Just yesterday, the Commerce Commission report into supermarkets plainly describes the sector's excess profits. KPMG's annual review of the financial sector showed pouring fuel on the fire of the housing crisis helped commercial banks in this country rake in the highest profits that they have ever seen. Economists have suggested that, as a result of the choice to heavily rely on unconventional monetary policy over the last two years and high trust supports only for the big end of town, we've seen an acceleration of a nearly trillion-dollar wealth transfer to the wealthiest in this country.