In response to COVID-19, we went hard and we went early, an approach that has paid huge dividends. Key to this success was the establishment of the COVID-19 Response and Recovery Fund. This fund has allowed us to invest in crucial response functions and targeted supports that enable New Zealanders to weather and recover from the economic impacts of COVID-19. As our policy response to the pandemic evolves and we adjust to living with COVID-19, our fiscal response is evolving as well. Our COVID-19 response is increasingly part of standard Public Service delivery, so we no longer expect to need the funding flexibility that was essential early on. As a result, we have closed the COVID-19 Response and Recovery Fund. We are reprioritising the remaining funding and bringing future COVID-19 - related costs within standard Budget processes. We continue to have fiscal headroom to respond, as necessary, in the event of a major resurgence or a new variant. We are taking a prudent approach to that possibility by setting aside $1.2 billion so we can respond rapidly to any immediate public health needs related to COVID-19 that cannot wait until Budget 2023.