New Zealand has been hit with its first community outbreak of COVID-19 in six months. That it comes in the form of the Delta strain raises the risks. Delta is significantly more infectious than earlier variants and has become the dominant strain of COVID-19 around the world. There is good news and bad news for New Zealand investors. The good news is vaccines are still proving to provide a high level of protection against new variants meaning, whilst they might slow the global economic reopening, they hopefully shouldn’t derail it. The bad news. New Zealand is the least vaccinated country in the Organisation for Economic Cooperation and Development (OECD).