Hon GRANT ROBERTSON (Minister of Finance): I agree that inflation has spiked significantly due to global factors, including the war in Ukraine and COVID-19 supply-chain disruptions, and that it is important for wages to grow to help New Zealanders with the cost of living. What Ms Zollner points out is that because of the strength of the labour market, low unemployment, and a strong economy, wages will continue to grow to help New Zealanders deal with the cost of living. I don't agree with the specific characterisation of the situation that the member has chosen to reference. On this side of the House, we believe wage growth is a good thing. With regards to the second part of the question, the Government's economic forecaster, the Treasury, does not forecast the labour cost index so I am not in a position to express an opinion on that. What I am confident about is that wages will continue to rise in the face of the cost of living. The Treasury's most recent forecast in the Half Year Economic and Fiscal Update is for average ordinary-time wages to rise by 4.5 percent compared to Consumers Price Index inflation of 3.5 percent in the year to December 2022.