Significant challenge: diesel price doubled, petrol up 35%. Consumers feel pressure; expects inflationary impulse, downside for growth. Preparing for worst-case supply disruption: building national reserves, possible voluntary demand restraint plan.

Economy was recovering strongly after a challenged period.

Stockpiles in very good shape, 50-60 days of supply on hand or in transit. Monitoring twice weekly. No disruption so far, but anticipating future scenarios where refineries in Singapore/S. Korea may not fulfill orders, leading to spot market purchases and potential delays.

NZ electricity largely renewable, but transport depends on fuel. Building resilience: EV registrations doubled this year, government rolling out charging network. Conflict disrupts global supply chains; NZ cannot influence major actors but suffers economic ramifications.

Broad range of scenarios. Reserve Bank forecasts inflation could hit 4.2% (outside 1-3% target) in Q3, growth lower than otherwise. Annual growth was looking at 3%, unlikely now. How bad it gets depends on conflict duration.

Calling for enduring ceasefire, negotiations, de-escalation for better economic prospects.

Uncertainty and lack of clarity from finance ministers. Shared concern: global oil market disruption makes whole world poorer. Wish to see Strait of Hormuz reopened fully.

Seeking diplomatic solutions, but challenging until enduring ceasefire and hostilities cease. Order of events: main actors need ceasefire first, then other nations can support maritime passage.