Whether it will suffice to ease the nerves of the motorists who besieged Gull stations last week and bled them dry of petrol is debateable, but Ms Willis - commendably - said that she was not going to sugarcoat the situation not of its making that the country finds itself in.
A worst-case scenario has been modelled with, to use Ms Willis’ words, ‘‘heavy caveats’’. That has the current conflict in the Middle East continuing for all of this year and the vital oil supply waterway, the Straits of Hormuz, remaining blocked or highly restricted to shipping.
That would have inflation reaching 3.7% and fuel prices reaching stratospheric territory.
No household, let alone a Finance Minister contemplating a November election with poor poll numbers, wants to see that happen, but at least someone is preparing for a day no-one hopes will come.
However, she also foreshadowed that if things do get worse the Asian refineries which supply New Zealand might look further afield than the Middle East for crude oil. One possible source could be Russia - a country subject to extensive embargos, including of its oil exports, due to its illegal invasion of Ukraine.
Balancing New Zealand’s determined support of Ukraine and desperate need to keep the economy afloat would be a delicate diplomatic dance, should it come to that.
Ms Willis was fronting the government’s response yesterday to the ongoing gulf crisis for two reasons: her pivotal position as Minister of Finance in framing policy in this area, and because Prime Minister Christopher Luxon was overseas.
This is an important trip for New Zealand, taking in Samoa and Tonga, two of our closest neighbours and most influential voices in the Pacific Islands Forum.
However it got off to a bad start as Mr Luxon, who seemingly cannot catch a break at the moment, was confronted with headlines on Sunday morning which claimed he had requested Samoa to endow him with a matai title.
The source was credible - the story was based on an interview with Samoan Prime Minister La'aulialemalietoa Leuatea Polataivao Fosi Schmidt - but it was so unlikely that Mr Luxon would have solicited such an honour that it merited further checking by media before being given wider broadcast.
Although Mr Luxon soon denied that any such entreaty had been made (something confirmed yesterday by Samoa) the internet was off and running with dozens of memes poking fun at the Prime Minister for something not of his making.
Storm in a teacup though this might be, the fact that so many were prepared to give it credence is worrying for Mr Luxon. It also has the potential to distract from the real, serious issues that he has to discuss with the Island leaders - not the least of which is how New Zealand can help them deal with the global political and economic crisis that Ms Willis is handling.
Sound of silver
Paralympian Adam Hall, one of the South’s favourite sons, had absolutely nothing left to prove at the Milano Cortina Winter Paralympics.
Just making one pinnacle event would be laudable. This was the Dunedin-born, Wanaka-based athlete’s sixth Paralympics, and having already won two gold, one silver and one bronze, he was already a local legend.
However, prove himself he did, once again. In tricky conditions and in steadily falling snow, Hall overcame a slow first run down the Olimpia delle Tofane slopes to ski into medal contention with a blistering second effort. After two rivals fell by the wayside he received a welcome upgrade to silver in the Men’s Slalom Standing.
An emotional Hall was, rightly, ecstatic at his achievement, which drew him level with Patrick Cooper as New Zealand’s most decorated paralympian. Whether or not Hall returns to try to claim that record as his own, he holds a richly deserved place among the South’s sports elite.
