I do acknowledge that of the many Budget Policy Statement debates I've been involved in, none has been quite like this one when we've had such a short time lag between the publication of the Budget Policy Statement and such significant changes in the economic outlook, to the extent that the document we're discussing today is completely outdated. Of course, it was signed off by the Minister the Hon Grant Robertson with a huge photograph and a smile on his face on 11 December 2019, and here we are less than three months on; the situation has changed dramatically.