Hon GRANT ROBERTSON (Minister of Finance): Today is the first anniversary of the move to alert level 4. At that time, there was significant concern about the long-term impact on the New Zealand economy. A year on, New Zealand's economic activity is in fact in line with pre-COVID levels and well ahead of forecasts in the Budget and the pre-election fiscal update. The economy is also continuing to hold up well compared to our international counterparts. In the December quarter, economic activity was only 0.9 percent below where it was a year ago, compared to 1.1 percent down in Australia, 3.2 percent down in Canada, 4.9 percent down across the euro area, and 7.8 percent down in the United Kingdom.