A great deal has happened since I stood in this Chamber, socially distanced, a year ago to deliver Budget 2020. Unemployment was forecast to peak at close to 10 percent; the Treasury had cut $100 billion out of its pre-COVID GDP forecast, with many economists saying it would take at least until 2023 for activity to return to previous levels. Government revenue was forecast to be lower than 2019 levels for nearly three years. The OBEGAL deficit was predicted to be at nearly $30 billion from 2020 to 2022, and our net debt was forecast to rise to near 55 percent of GDP in 2023. 