Mr. Jim Brown:

We are going to make a submission on that to the Central Bank. The key point here is that there is a broader issue around first-time buyers being able to buy a home. In addition, they will have to save longer to buy a house in what is a tight property market, including tight rentals with rising rent. Those factors need to be considered, but we will make our submission to the Central Bank on that.

As regards the Senator's point concerning a property bubble, no, we do not think that is the case. We have also said that it is not unusual to see a correction of the magnitude we have seen in response to the crisis we have just experienced. We have done some work on that and similar corrections have been seen in the UK, Denmark, Finland, Norway and other markets following a similar property downturn. Therefore a sharp correction is not unusual.