The border closures remain the stumbling block for the economy.
The Prime Minister will reveal today more about what life will look like under level one.
BNZ senior economist Doug Steel told Mike Hosking border closures are still a major restriction for the tourism industry - and the economy.
He says if we stay at level two, it will take some time for overall GDP to get back to pre-covid levels.
"If the country moves to level one, and the trans-Tasman bubble opens up, it will boost the industry and economy."