Hon GRANT ROBERTSON (Minister of Finance): As the 2020 Pre-election Economic and Fiscal Update (PREFU) outlines in its very first paragraph, it was set against the backdrop of continued uncertainty about New Zealand's economic outlook due to the COVID-19 pandemic, where Treasury in the PREFU warned the effects of COVID-19 on the economy were expected to be more persistent than before, and as such had lowered its nominal GDP forecast compared to Budget 2020. PREFU included a forecast for core Crown tax revenue in the year to June 2021 of $84.660 billion, or 28 percent of nominal GDP, which forecast at the PREFU to be $32.9 billion at 30 June 2021. PREFU also forecast net debt to be 43 percent of GDP at 30 June 2021, or $130.2 billion in nominal terms. I have good news for the member: New Zealand's economy was stronger in the June 2021 year than forecast in the PREFU. Nominal GDP was reported at $339.7 billion for the year to June 2021. As a result of the stronger economy which led to higher business profits, more people in work, and higher wages, tax revenue in the year to June 2021 was $98 billion, or 28.8 percent of GDP. This also meant lower net debt, at 30.1 percent of GDP—that's $102 billion versus the $130 billion forecast at PREFU.