Incidentally, this is only the second time out of the eight occasions that I have been putting these reviews of forecasts before you that we have over-estimated the outlook for growth; all the others have been small under-estimates.
On inflation, I said last time that it could be approaching 3 per cent by the second half of 2001, that is after the impact of the GST has dropped out of the four-quarter-ended growth rate. Our current guess, now that we have two quarters more of CPI data, is about 2½ per cent for the same period.