Macroeconomic forecasts found to be unreliable during the pandemic.
Treasury advised it would be easier, quicker for government to restate its legal position re financing.
Politics: Victoria lockdown a warning that Covid-19 is still a threat.
Advice to ministers raised concerns about the SOE's financial governance.
Both Reserve Bank and Treasury expect house-price rises to slow considerably later this year.
Melbourne returnees after May 20 are required to isolate at home pending a negative Covid test.
The Reserve Bank still has the option of cutting OCR if Covid economic shock re-emerges.
Politics: Even the Treasury’s pessimistic scenario still expects annual growth of near 3%.
BusinessNZ says decisions still need to be made on the scheme’s scope.
The Monetary Policy Committee needs to be confident about its inflation and employment targets.