Hon GRANT ROBERTSON (Minister of Finance): As I said in the House yesterday, I agree that those are Treasury's forecasts for the June 2022 year. As I also said yesterday, this is the only year in the forecast period in which inflation outstrips wages. As to the second part of the question, the rising cost of living is a global issue. I note that this week US inflation hit 8.5 percent, while the UK saw its inflation rate rise to 7 percent. We do recognise that many New Zealand families are finding it tough as Omicron, the resulting supply chain constraints, Russia's invasion of Ukraine, and the general effect of the pandemic drive up prices around the world. That's why we have acted to ease the impact on households, for example through the cutting of the fuel excise duty and also the big range of measures we brought in to support those on low and middle incomes. This will make a far greater difference to New Zealanders than the Opposition's tired response of tax cuts for the most wealthy. In terms of Mr Kiernan's statements, I would note that the Reserve Bank is expecting net migration to increase to 24,000 over the next couple of years.