We know this is a difficult time for families and business who are doing it tough in the face of rising costs. But we face these pressures with record low unemployment, good growth levels, and lower debt than most as we look to secure our economic future.

Under the old debt measure, which looks through the variability created by the inclusion of the NZ Super Fund, net core Crown debt stood at 37.5 percent of GDP, $1.13 billion above forecast

Our economy has come through the Covid shock better than almost anywhere else. The economy is bigger than before the pandemic, unemployment is at a record low and exports are growing.

The recovery is gaining momentum and the easing of restrictions and opening up to skilled workers and tourists will help business and the economy rebuild.

2022 continues to be a challenging year for many New Zealanders facing the impact of global inflation and our resilience will continue to be tested. Nevertheless, our fiscal position is strong and our debt is substantially below most other nations.

Monetary policy is supporting fiscal policy. It was preferable to have temporary and target support.