Hon GRANT ROBERTSON (Minister of Finance): I acknowledge that there is considerable pressure on household budgets at the moment from inflation caused largely by global factors. I don't agree with the member's characterisation. What the world is experiencing, what forecasters are telling us, is a spike in headline inflation primarily driven by global issues like supply chain disruptions as ports are closed due to COVID-19 and from global oil prices, which has now been exacerbated by the Russian invasion of Ukraine. It's worth noting that quarterly inflation was lower in the December quarter compared to September at 1.4 percent compared to 2.2 percent and is projected by the Reserve Bank to continue trending downwards. This sees annual Consumers Price Index (CPI) inflation peaking in the March quarter and then falling across 2022 and 2023.