Dr. Robert Kelly:

The easiest way to drive that down is derisking. I feel like I am saying the same thing repeatedly. I apologise if it comes across that way. If a developer thinks its capital will be out for 12 or 18 months, 12 months is cheaper. There is less risk attached to leaving it out there for less time. There is a risk the developer will spend a lot of capital to get to a point and the project will not continue, for example, or that it will have to increase the cost profile because labour becomes more restricted. The fundamentals matter to the finance because they create the risk.