Hon GRANT ROBERTSON (Minister of Finance): I stand by my full statement with its context, which was—I quote myself—"Just as the previous National Government ran deficits and increased net debt following the Global Financial Crisis and Canterbury Earthquakes, we have done the same to protect New Zealanders from the effects of COVID-19. Add in the impact of the War in Ukraine, and the ongoing supply chain disruption as a result of continued COVID responses around the world, [and] we are faced with running five years of deficits compared to National's six. The first surplus since the 2018/19 year is expected in 2024/25. The keen-eyed among you will realise that this is a year later than we set out in December. We are not alone in toning down some of our expectations as a result of the war and ongoing supply chain issues. The IMF has said that global growth will average 3.5% over 2022, down from the 4.4% it had previously forecast in January. All that said, achieving a surplus within the next three fiscal years—at a quicker rate than National did after the Global Financial Crisis—is something I am proud to be able to do as Minister of Finance."