Coming into this crisis, New Zealand was fortunate to have a fundamentally strong economy and fiscal position. Prior to the COVID-19 pandemic, real GDP growth in the year to December 2019 was higher than many of our international peers. Unemployment—at 4 percent—was historically low, and wage growth—at 3 percent—was at decade-long highs. New Zealand's fiscal position was also strong. The coalition Government had delivered on its plan to reduce net core Crown debt below 20 percent of GDP and achieve $12.8 billion of operating balance before gains and losses (OBEGAL) surpluses in our first two years in office. These were conscious choices that did not go unchallenged. But this strong fiscal position, built on the work of Bill English and Michael Cullen, now means that we are much better placed than many other countries to use our balance sheet to cushion the blow of COVID-19 on the economy and to protect the wellbeing of New Zealanders. The rainy day has arrived, but we are well prepared.