Hon GRANT ROBERTSON: Standard & Poor's noted that New Zealand's relatively better management of the pandemic meant the country's credit position can withstand the potential damage of the shock to the economy. The agency is forecasting New Zealand's fiscal deficits to narrow materially from the June 2023 fiscal year towards a surplus in 2025. This is expected to ease pressure on the Government's debt levels. Standard & Poor's said that while debt is much higher than in the past due to responding to the pandemic, it remains below most of New Zealand's peers. It noted that if Budget deficits in the future were less than 1 percent of GDP, the foreign currency credit rating could be upgraded to triple A, in line with the country's triple A local currency credit rating.