Mr. Rob Wright:

One could look at the framework that was inducing it. Spending was not about just low interest rates, but one could have moderated the coverage for mortgage rates. One could have taken some actions, which have now been taken, on tax-deductability for mortgages. One could have intervened with the banks in terms of their eagerness. The regulatory authority would have a menu of things it could do but clearly it would have to be part of a framework the Government was comfortable with and if it were to be of the magnitude that was needed one would have had to have a strategic framework that would say, "Look, here is the growth rate we have seen in construction, here is an objective assessment of how excessive that might be. We will see how these work, but we are going to restrain it".

One would have needed a strategic framework that would have a common effort between the Government, the Department - including instruments on the tax side - and also the regulator. One start would have been the coverage on the percentage covered for mortgages. That would have been a useful start.