Significant challenge for recovering economy: diesel prices doubled, petrol up 35%, creating inflationary impulse and downside for growth potential. Preparing for worst-case supply disruption scenarios.

Consumers feeling price pressure at pump; building national fuel reserves and considering demand restraint plans.

Stockpiles in very good shape with 50-60 days of each fuel type, diversified across multinational importers, no disruptions so far but monitoring closely.

Minimum stockholding obligations for importers; proactive planning for potential refinery disruptions in Singapore/South Korea affecting crude stocks.

Electricity system largely renewable but transportation depends on fuel; building resilience through EV adoption doubling this year and charging network rollout.

New Zealand not immune to global supply chain disruptions despite distance from conflict; cannot influence major actors.

Reserve Bank forecasts inflation could hit 4.2% (outside 1-3% target), growth lower than 3% annual target; severity depends on conflict duration.

Broad range of scenarios; calling for enduring ceasefire and de-escalation to improve economic prospects.

Will meet with President's economic team; current uncertainty and lack of clarity from global finance ministers about next steps in Middle East.

Shared concern about Strait reopening and inflationary impacts making world poorer.

Seeking diplomatic solutions but challenging until enduring ceasefire; needs Iran, US, Israel to agree first.

Order of events: ceasefire first, then other nations can support maritime passage.

Strongly supports central bank independence; New Zealand benefits from predictable inflation targeting and interest rate trajectories.

Hesitates to comment on US domestic affairs but acknowledges importance of US central bank stability.

Tourism important but not yet seeing strong evidence of higher jet fuel prices impacting travel; resilient North American market choosing NZ as safe, predictable destination.

Marketing NZ as premium destination offering safety and stability in unstable world.