Hon GRANT ROBERTSON (Minister of Finance): As I've said a number of times in recent months, I agree that inflation pressures are persisting in New Zealand, as they are in a number of countries around the world. I note that the quote the member references is in a commentary piece where the ANZ expects New Zealand's Consumers Price Index (CPI) inflation rate to peak at 7 percent. For context, the average CPI inflation rate for the OECD hit an annual rate of 8.8 percent in March and 9.2 percent in April. These high global inflation rates are contributing to New Zealand's CPI inflation rate, which was 6.9 percent at the latest reading for the year to March. To answer the second part of the member's question, inflation is measured in New Zealand on the basis of CPI. That is forecast by the Reserve Bank to return to 3 percent in the September 2023 quarter.