Mr. Ivan Gaine:

It is back to viability and the constraints within it. One of the issues we have not yet spoken about today but and we have spoken about a lot is the different types of housing need. There are very good supports available now for first-time buyers and owner occupiers. There are insufficient supports available for rental product. Again, it is about breaking down the problem. We have talked about the requirement for 50,000 to 60,000 homes but the biggest challenge is in rental delivery. We have an exodus of landlords, which is down to bureaucracy and challenges within that. We need to look at the situation as a whole but apartment viability and stimulating international institutional investment are critical. There is also the issue of the interest rate environment and returns. We are competing with other jurisdictions.