I will talk more about our long-term initiatives shortly, but first, I want to focus on our immediate challenges. I am acutely aware of the cost of living pressures that exist for many people, particularly those on low and middle incomes. While the current levels of inflation are expected to be temporary, this doesn't take away from the impact it is having on households and businesses. New Zealanders are not alone in feeling these pressures: recently, the US has recorded inflation of 8.5 percent; Canada, 6.7 percent; Germany, 7.3 percent; and, as of last night, the UK, 9 percent. The very latest OECD average was inflation of 8.8 percent in March, putting New Zealand about middle of the pack. Such international comparisons, however, do not diminish the impact on New Zealanders who are currently struggling to deal with rising costs.