Hon GRANT ROBERTSON: Well, the global activity in the manufacturing and services sector continues to be volatile. The US composite index contracted to its lowest level in two years in August, and the eurozone composite index declined to a 16-month low. Australia's composite index also shrank in August for the first time in seven months. While New Zealand is not immune to global economic uncertainty, our performance in these areas shows that the country is in a strong position to respond to the current pressures we are facing.