Dr. Conor O'Toole:

In the statement we balanced and walked through the factors and outlined the fact that supply interventions are very important. The Senator can note that we concluded that interventions which help the supply side of the market are what would be important in the medium to long term. That is very clearly outlined.

We walk through the various impacts and channels through which measures operate and we contextualise the scheme in terms of the other schemes that are available in the market. All of this is important for understanding the context. Above all else, we start the opening statement by saying that all of these supply and demand factors are significantly affected by the very fast-changing nature of the pandemic's economic effects. The opening statement reflects our research and our thinking around that research's development over the past number of years and speaks to where we feel we can make a comment on the housing market. It walks through the benefits and risks of these types of intervention. In dealing with the bottleneck in market supply, interventions that do not go to borrower purchasing power but to the supply side channels are what will be most important for the overall market. The statement reflects the fact that it is difficult to determine ex antewhat the impact will be on inflation down the line.