Hon GRANT ROBERTSON (Minister of Finance): I note that the member has chosen not to provide the full quote in his question. It should be: "Increases in fiscal stimulus outside of higher Alert Levels, however, have exerted inflationary pressures as usual by increasing aggregate demand". I agree with a good deal of the advice I get from the Treasury, including the advice that they gave to help set up the COVID response and recovery fund to help protect New Zealanders' lives and livelihoods. I also agree with the Treasury, who, in the previous paragraph to the quote that the member has used, note that "Upward inflationary pressures are coming from the continued supply side disruptions related to this pandemic." This is a global issue many countries are facing, not just New Zealand. 