Hon GRANT ROBERTSON: The OECD's latest composite leading indicators show signs of a moderating pace of growth at above-trend levels in the OECD area. The latest indicators point to signs of a moderating pace of growth in the US, Japan, and Canada. Similar indications have emerged in the UK and in the euro area as a whole, including in Germany and Italy. In France, there are also signs of a moderating pace of growth with its indicators still below trend. All of this indicates that the New Zealand economy operates in a very uncertain and volatile global context and in one in which it's important that we remain nimble and agile.