Hon GRANT ROBERTSON: We know that the current June quarter will see the biggest impact on GDP of COVID-19, reflecting the alert level for measures through April as well as alert level 3. This backwards-looking data will be released in September. The Secretary to the Treasury yesterday advised the Finance and Expenditure Committee that its outlook has changed since the Budget forecast. Treasury said the move to alert level 1 sooner than expected has meant increased economic activity and said that early indications are that activity had held up better than expected in the June quarter, but they warned about the global outlook deteriorating. Today, Kiwibank indicated that beyond the September quarter, there is a growing sense, albeit small, that the outlook is looking brighter. New Zealand got on top of COVID-19 much sooner than most had expected, allowing the rapid reopening of the economy. Kiwibank have said they've been buoyed by the strength in the rebound of spending amongst their own customers and that New Zealand would avoid the worst-case scenarios.