Hon CHRIS HIPKINS (Leader of the House) on behalf of the Minister of Finance: Buckle in! Given the increases in global inflation, which is tracking over 9 percent on average across the OECD, the ongoing disruptions to supply chains, and the impacts of the war in Ukraine, it's not surprising that consumer confidence has been affected. The report referenced by the member also notes the factors contributing to the resilience of the New Zealand economy, such as the strength of the labour market, with unemployment at just 3.2 percent. In answer to the second part of the question, the global energy crisis that we are seeing has contributed to inflation outstripping wages in 2022. In terms of Treasury's most recent forecasts, 2022 is the only year in which that is the case, and wage growth is expected to exceed inflation from 2023 onwards.