Hon GRANT ROBERTSON (Minister of Finance): Talofa lava. I have seen the latest ANZ Business Outlook survey which does indeed show that firms are concerned about the economic outlook, but it also notes that employment and investment intentions are holding up relatively well. The business confidence indicator is an assessment of mood but has tended to be an unreliable forward indicator of economic performance; better measures include employment figures and job ads, both of which have remained positive. As to the second part of the question, as I have acknowledged many times in this House, 2022 is a tough year and is a volatile and uncertain environment for businesses and households. Global growth has been revised downwards due to the Ukraine war, supply chain disruptions, and key trading hubs like China in the ongoing pandemic. BNZ's economists note that these global factors are contributing to much of the negativity among business. However, New Zealand finds itself in a strong position as we deal with these challenges, including having record low unemployment, a growing economy, high export returns, substantially lower debt than the countries that we compare ourselves against, and triple A credit ratings from Standard and Poor's and Moody's.