Mr. Fergus Murphy:

Those levels of compound growth on an annual basis are too high and clearly what happened, I think, kind of shows that. That's why I would be a very positive advocate for macro-prudential regulation where the regulator, on a top-down basis, from a top-down basis, looks at the marketplace and puts some principles in place that lock down the shape and direction of where the industry goes. At the point in time of that growth period, Senator, had we had macro-prudential regulation of the nature, of the type that the regulator brought in at the back end of last year around mortgage lending, it would have been helpful in terms of cooling down the economy and cooling down the banking system in general. So those kind of compound growth numbers are too high and would have struck me as such now and at that time.