Hon GRANT ROBERTSON: We've continued to take a careful approach to our spending net core Crown debts to 36.3 percent of GDP—$155 million less than forecast. This is substantially below the countries with which we compare ourselves. Our debt is set to peak at about half of Australia's, around a third of the UK, and around a fifth of the US measured consistently as a percentage of GDP. Our economy has come through the COVID shock better than almost anywhere else. The recovery has momentum and the easing of restrictions and opening up to skilled workers and tourists will help businesses and the economy rebuild. However, 2022 will continue to be a challenging year for many New Zealanders facing the impact of global inflation and the ongoing impact of the pandemic. Our new fiscal rules will ensure we're taking a balanced approach: controlling spending but targeting it to those who need it most, keeping a lid on debt and able to make those important investments in infrastructure.