Tena koutou katoa, welcome all. Economic activity in New Zealand picked up over recent months, in line with the easing of health-related social restrictions. Households and The Monetary Policy Committee agreed to maintain the current stimulatory businesses also benefitted from significant fiscal and monetary policy level of monetary settings in order to meet its consumer price inflation and support, bolstering their cash-flow and spending. International prices for employment remit. The Committee will keep the Official Cash Rate (OCR) New Zealand's exports also supported export incomes, although the New at 0.25 percent, and the Large Scale Asset Purchase (LSAP) Programme Zealand dollar exchange rate has offset some of this support. of up to $100 billion and the Funding for Lending Programme (FLP) operation unchanged. Some temporary factors were currently supporting consumer price inflation and employment. These one-off factors include higher oil prices, Global economic activity has increased since the November Monetary supply disruptions due to trade constraints, the recent suite of supportive Policy Statement. However, this lift in activity has been uneven both fiscal stimulus, and a spending catch-up following the easing of social between and within countries. restrictions. The initiation of global COVID-19 vaccination programmes is positive for The economic outlook ahead remains highly uncertain, determined in future health and economic activity. The Committee agreed, however, large part by any future health-related social restrictions. This ongoing that there remains a significant period before widespread immunity is uncertainty is expected to constrain business investment and household achieved. In the meantime, economic uncertainty will remain heightened spending growth. The Committee agreed that inflation and employment as international border restrictions continue. would likely remain below its Remit targets over the medium term in the absence of prolonged monetary stimulus.The Committee agreed to maintain its current stimulatory monetary settings until it is confident that consumer price inflation will be sustained at the 2 percent per annum target midpoint, and that employment is at or above its maximum sustainable level. Meeting these requirements will necessitate considerable time and patience. The Committee agreed that it remains prepared to provide additional monetary stimulus if necessary and noted that the operational work to enable the OCR to be taken negative if required is now completed. Meitaki, thanks. Adrian Orr Governor