Mr. Sebastian Barnes:

It is something we have looked at in terms of revenue transactions and so on. There has not been much construction although there has been some. These things contribute to the tax system. Given there is a big shortage of supply in the economy, basically the speed at which supply is able to pick up will be important for growth and the growth of revenue. That is probably the main way we look at it.

We also look at evidence of a housing bubble funded by credit. We all have the not-so-distant memory of the damage that caused the economy in the past. The housing market is functioning very differently from the way it did in the housing boom years, but we continue to monitor it very carefully.