Dr. Martin O'Brien:

In the context of prioritisation, it is possible to prioritise the delivery of certain investment projects that would sort of overcome - not necessarily fully overcome but alleviate - some of the issues and challenge around the constraints. If we are particularly constrained in a particular area, whether it be labour or whatever the case may be, the ordering and prioritisation of public investment that could be done does not necessarily need as much of that particular input or resource. That can help alleviate the issues with respect to the higher prices. There is also the fundamental higher level of the price level.

Equally, when we think about the overall balance of capital expenditure versus current expenditure within the overall boundaries we should have around the expenditure rule and things like that to make it sustainable in the longer term, it behoves us to consider if some perspective should be given to the relative balance between capital expenditure and current expenditure in how that evolves over time. I refer to ensuring sufficient and necessary levels of investment in public infrastructure, in housing and things like that, are achieved.