Hon GRANT ROBERTSON (Minister of Finance): As I said yesterday, the advice that we received in the January 2020 report that the member is quoting was based on the scenario that was hypothetical and that also stated that there was not a case for using unconventional monetary policy in New Zealand in the near future. The COVID-19 pandemic upended that expectation, and the Government and the Reserve Bank acted quickly and decisively to counter the devastating health and economic consequences. This included the Reserve Bank adopting unconventional monetary policy. At this point, the forecasts of both the Reserve Bank and the Treasury changed and they foresaw significant drops in asset prices.