Hon GRANT ROBERTSON: Inflation pressures are affecting countries around the world, and many central banks are raising interest rates. In Australia, business and consumer confidence are both down, with inflation there expected to rise to around 7 percent later this year. The Reserve Bank of Australia has indicated it will continue to raise rates to bring supply and demand back into line. On the up side, activity in China appears to be recovering after widespread lockdowns, with industrial production and investment showing signs of improvement, and supply chain disruptions there beginning to ease. The global economy does remain volatile and the outlook uncertain, but New Zealand is in a strong economic and fiscal position to continue to support businesses and households through this difficult time.