But this is a one-in-100-year event, affecting every country in the world this way. In an international context, our debt will still be among the lowest in the world among developed countries. Our disciplined and balanced approach to managing the economy means that ratings agencies around the world have, in recent weeks, reaffirmed our credit rating and their view that New Zealand is well placed to get through COVID-19. Running operating deficits and allowing net core Crown debt to increase in the short term is necessary. This level of investment in the short term will support the economy recovering to where we can return to a more sustainable fiscal position.