DAMIEN SMITH (ACT): I rise on behalf of the ACT Party and what we've seen in this statement is another example of the empowerment of the Labour political class. It's the long arm of the State that continues to be what drives this statement, and in no word does it mention that the economy is facing a crossroads. They have an economic model that inherently requires heavy-handed State intervention—need to change. Major macro shifts are occurring and it's going to be a very difficult two years, and the great moderation is over of low interest rates and low inflation. We have on one side the Reserve Bank of New Zealand pumping water surely into the economy to fulfil its role as inflation fighter, and it's gone from promoting inflation to fighting it. And now we've also got high rates coming down the line. At the same time, we've got a Government that is cashing cheques it can't write over the next five years. Clearly, there is no coordination between the monetary and fiscal policy that's required to get us through any major, major event. 