The Government has opened its books and they show the recession is over.
That's thanks to the cyclone recovery and record levels of inward migration.
But don't celebrate just yet. The economic pain looks set to continue for the next 18 months.
Inflation will stay higher for longer than expected but will be overcome by rising wages, Treasury said. Interest rates are picked to linger at high levels and the surplus has also been pushed out by another year.
The opening of the Pre-election Economic and Fiscal Update (PREFU) brought an answer to the question of just how big Grant Robertson's hole is.
There was no $20 billion hole in these books, Robertson said.
But the books are a bit cooked. There was $3.5 billion less in tax for the Government to spend and it's going to have to borrow $13.4 billion more than expected.
On the whole though, they were better than predicted.
"We are seeing light at the end of the tunnel," said Robertson.
Back to save the day yet again was migration, with a record of nearly 100,000 arrivals, about 33,000 more than expected, which helped ease labour shortages.
But, on balance, it added to inflation pressure which kept interest rates high.
Robertson denied the Government had overcooked migration.
"At every single meeting I've had with the business community over the course of the past two to three years, they have cried out for the ability to bring in the skilled workers that we need."
Stubborn inflation is going to stick around until next year.
"I know that people are tired and that people are worried and that people are anxious about what's happened in recent times, and I recognise that sometimes what people want is for things to be different and for things to be better, but a change of Government doesn't guarantee that," Robertson said.
National's Christopher Luxon reckons Robertson will "go down in history as one of the worst finance ministers this country has ever had".
It's going to take fiscal prudence from everyone to get us out of this thing.
"Put simply, Labour has left the cupboard bare," said National's finance spokesperson Nicola Willis.
ACT is backing away from its suite of tax cuts.
"We're constantly having to adjust our alternative budget to match the reality of this Government's spending track," said leader David Seymour.
But National isn't backing away from anything.
"We are recommitting to tax relief," said Willis.
Though there's already $500 million missing from the climate fund National wanted to raid to pay for its tax cuts.
"We're aware of the changes in the document today and we will reflect those in our full fiscal plan," said Willis.
The National Party believes a change of Government is the only way out.
"I'm telling you; Kiwis deserve much better than this," said Luxon.
Robertson questions if the change will be "inflation-inducing tax cuts".
Luxon has also spoken a lot about New Zealand being the only country in the Asia-Pacific region in a recession. But not anymore.
"As of today, we are the only country in an economic recession. With the forecast going forward there is slow anemic growth. I would say there's nothing to be proud about here," said Luxon.
But Robertson said: "We have got through this period with lower deficits, lower unemployment and more people in work earning higher wages and that is something I am proud of."
