Hon GRANT ROBERTSON: Using the new debt indicator, which brings New Zealand closer in line with other countries, net debt is at 18 percent of GDP, compared with a forecast of 16.7 percent of GDP. This reflects the inclusion of the New Zealand Superannuation Fund assets, which are impacted by the volatility of global markets. The level of debt 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 that in the UK, and around a fifth of that in the US, measured consistently as a percentage of GDP. The year 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; however, our economic and fiscal position is strong. We are one of a handful of countries with a triple A credit rating from the leading ratings agencies, and our strong economic management has also been recognised by the OECD and the International Monetary Fund.