Hon GRANT ROBERTSON: Today, the Crown financial statements for the nine months to March were published by the Treasury. They showed that the operating balance before gains and losses (OBEGAL), and net debt, were in a better position than had been forecast at the half-year update, reflecting the resilience of the economy and confidence in the Government's recovery plan. This resilience will continue to be tested. The devastating impact of the COVID-19 pandemic in India is a painful reminder that we are still in a volatile and uncertain global economic environment. While the results in the Crown financial statements are strong, we do need to remember that we are facing elevated levels of debt and OBEGAL deficits for some years to come as a result of the borrowing needed to support New Zealanders through COVID-19. Budget 2021 will reflect the economic conditions and revenue situation and take a balanced approach that continues to emphasise spending to areas and people where it is needed most, alongside careful fiscal management.