When it comes to this Budget Policy Statement, it is only weeks old but aeons out of date. This report forecasts 2.4 percent economic growth for the year—two weeks ago, that was slowing, but believable. In the last week, markets have dropped 15 percent and we're heading into bear territory. Nearly every bank is telling us we're in for a rough ride. ANZ has firms' own activity expectations at the lowest since 2009, the BNZ was first to forecast recession this year, Westpac is forecasting a 28 percent drop in visitor arrivals—this correction has been coming a long time. We have had the longest expansionary cycle in the post-war era and we may be experiencing the greatest correction in that era too. And the anecdotes are scarier: I was talking to a guy who's a motor vehicle dealer a couple of days ago. He'd just had an order for six utes cancelled after they came off the boat—and why? Because they were supposed to be headed for the forestry industry, and the forestry industry is at a standstill. Businesses up and down this country are moving to plan B because they see what's coming.