Hon GRANT ROBERTSON: With the onset of the economic consequences of COVID-19, the Government took the necessary steps to support the economy and protect New Zealanders' jobs. Doing so required us to take on substantial levels of debt to deal with this one-in-100-year shock. Projections at the time of the pre-election fiscal update in September showed net debt falling from a peak of about 56 percent of GDP in 2024 to 48 percent of GDP in 2034. New projections using the Treasury fiscal strategy model today show net debt now at 36.5 percent of GDP in 2034-35, representing about $60 billion less debt at the end of the projection period than was projected at the pre-election update.