Rt Hon JACINDA ARDERN: Two responses: the first is that, of course, Treasury has already—and this is in the public domain—made clear their position that it is possible that certain forms of untargeted stimulus that particularly is putting money into people's wallets, if it is untargeted and long term—like for instance a tax cut for those on $180,000 or more, or perhaps the kinds of tax cuts proposed by the ACT Party—yes, would be inflationary. Of course the cost of living payment is targeted and short term. I also—generally, when it comes to Government spending—would refer to the statements made by the Treasury at the time of the Budget, which talked about the fiscal impulse for each year being slightly more contractory than forecast at the half-year update, as the Government's year-on-year contribution to aggregate demand decreases more relative to each preceding year, indicating that, overall, fiscal policy is dampening inflation pressures. 