So what is the Government's response to this permanent set of challenges? Are they doing what we believe would be sensible and bringing some discipline and rigour to their own spending? No, no. Instead, what they are doing is the biggest Budget blow-out in New Zealand's history. Fresh from having the highest levels of spending that we've ever had to get us through a pandemic, are they winding it back—are they winding it back? No, they are not winding it back. 