Budget 2022 invests $5.9 billion a year in net new operating spending while introducing multi-year funding packages that also draw from Budget 2023 and Budget 2024 operating allowances. We are investing $2.9 billion from the Climate Emergency Response Fund (CERF) to meet our emissions reduction plan and lay the foundations for a long-term transition to a low-emissions, high-wage economy. We are also supporting New Zealanders to meet the rising cost of living caused by global inflation pressures, through a targeted package of support focusing on low and middle income New Zealanders, including a short-term cost of living payment for around 2.1 million people.