The point that I'm making—I'm asked about the drivers of the weakening of house prices in our economy. Sarah Hunter, the RBA Assistant Governor, has made it made it clear that there are multiple things running through the market right now. Anthony Miller from Westpac said:

… three interest rate increases and an element of uncertainty would normally see applications for first home buyers come off anyway.

The point that they are making is that there is a number of factors playing out in the housing market. Despite that, negative equity is lower under us right now than it was under those opposite. (Time expired)