Hon GRANT ROBERTSON (Minister of Finance): At the time of the January 2020 report the member is basing his question on, the Reserve Bank's position was that there was not a case for using unconventional monetary policy in New Zealand in the near future. So the premise of the member's question is actually based on a hypothetical scenario. Obviously, COVID-19 changed that. The global pandemic created the largest economic shock in a hundred years, and the Reserve Bank of New Zealand followed other central banks around the world by rolling out a series of measures to support the economy, including unconventional monetary policy. They also changed their views on what that would mean for house prices. In any event, the Government has continued to take a number of specific measures to address the housing market. These include the largest public house building programme since the 1970s, increasing investment in infrastructure to allow for greater housing supply, starting work on reforming the Resource Management Act (RMA), releasing the National Policy Statement on Urban Development, and continuing to work with the Reserve Bank on the interactions between monetary policy and financial policy.