Hon GRANT ROBERTSON (Minister of Finance): This morning, I set out new fiscal rules to ensure New Zealand continues to maintain our world-leading financial position. Our economy is growing at 5.6 percent a year, unemployment is at a record low of 3.2 percent, debt is substantially below that of the countries we compare ourselves with, and we are amongst a small number of countries which have maintained a triple A credit rating during the COVID period. As we move to a new normal post the peak of COVID, it is the right time to resume a set of fiscal rules to carefully manage costs while planning for the future. The first new fiscal rule is that once we reach our operating balance before gains and losses surplus as expected in 2024-25, the Government is committing to maintaining a small surplus in the range of zero to 2 percent of GDP over time. The range is based on advice from Treasury. That means that as we enter the new normal, the spending required to operate Government services won't be adding to Government debt. There will be allowances for significant shocks, and it is an average percentage so as to allow additional investment in a particular year if required.