Hon GRANT ROBERTSON (Minister of Finance): Fa'afetai tele lava. The ANZ bank's latest Quarterly Economic Outlook, which was released yesterday, noted that the New Zealand economy is "well on the way to recovery". The bank's economic team said it was surprising to be able to say this so early and that going into the crisis, every economic forecaster was expecting a large, drawn-out recession with a possibility of deflation, a 10 percent unemployment rate, and an economy that would struggle to get back to pre-COVID levels of output. The bank acknowledges that the policy response to COVID to eliminate the virus has meant that New Zealanders have spent the last 12 months living relatively normally. Compared with other countries that did not control the virus, ANZ notes that New Zealand's health outcomes have been better, which has allowed the country to come out of lockdown much sooner and has, in turn, led to a more advanced recovery in New Zealand than in most of our trading partners.