Anthony Miller

of a home loan was adjusted such that we held less capital versus a home loan than what we had previously.

Yeah, and the banks went for it.

Well, and you would expect that.

Economic rational behaviour, which is there's an opportunity to make a reasonable return.

with lower forms of capital here than we would otherwise have to hold.

And we went after it.

More importantly, that then facilitated a massive increase in home ownership across the country, increased a massive increase in house, home building, construction activity and economic benefit for all.

And so I don't think it's all doom and gloom that we liberated that.

But we certainly made a contribution to that opportunity for everyone to own their own home.

What we've got to do now, though, is make sure that people don't feel they don't have that chance themselves because of the supply challenge that we need to solve.

Well, I think enough, you need that to be even a chance of solving this challenge.

We need more houses, and most importantly, houses at the right price point.

And so what has happened is we are building houses.

Median house price in major capital cities is approximately $1.1 million.

Median income of Australians is approximately $90,000 to $95,000.

And if you therefore put a mortgage over that median income,

the maximum you can really purchase is about $600,000, $650,000.

So we've got to build more houses in the $600,000 to $700,000 price range.

And so what are we doing and how are we adjusting the way houses are approved, the way construction is allowed and the productivity in that industry to drive more house or unit production at the right price point?

One of the unlocks, in my view, Alan, is regional Australia.