Hon GRANT ROBERTSON (Minister of Finance): The resilience of the New Zealand economy and the Government's responsible financial management are reflected in the latest Crown accounts. For the 11 months to the end of May, the operating balance before gains and losses, OBEGAL, deficit was $7.7 billion, $5.5 billion below that forecast in Budget 2022 in May. Net debt was 16.6 percent of GDP, $4.3 billion higher than forecast, mainly due to weaker market conditions affecting the financial portfolio held by the New Zealand super fund and ACC derivatives. The Treasury did note that when the new debt measure was put in place, it would move around more than our previous measure, and New Zealand's level of debt remains one of the lowest in the OECD. New Zealand is in a strong financial position to support New Zealanders as we face a number of global challenges.