Anthony Miller

So, look, another rate rise would then return us to where we started when there was a rate reduction program that commenced in 2025.

Yeah.

And so therefore, it wouldn't be any worse than what it was last year, albeit I think the world has moved and continues to move in strange and unusual ways, which is... And also other prices have gone up.

That's exactly right.

And so other stresses are coming through for consumer.

And so, you know, for us, we would anticipate that certainly after the next interest rate rise, and if there is another needed, that would go some way to slowing the economy in the way that the Reserve Bank wants to obviously deliver the reduction in demand to deliver the

pull back on inflationary challenges for the economy.

And in the meantime, what's critical for us is if customers have challenges or facing hardship, come to us early.

If they come to us early, there's so much we can do to help them, you know, for example, suspend payments, give people deferral programs and work through with them what they might be able to do.

Oh, well, that's a...

Yeah, I think there's a chance of a recession.

I think we need to acknowledge that.

And in some respects, you know, the classic technique by which people would focus on slowing down demand was to push economies into recession.

I think the Reserve Bank has done a remarkable job over the last few years in terms of navigating the environment we're in

It's much more complicated today because of events in the Middle East over the last few months than it would otherwise have been.

And so I think that puts more pressure on how they can get us through this environment without falling into recession.

So I think we need to acknowledge circumstances have changed so much that a recession is a chance.

Well, certainly the key is how long is this war going to go on?

But more importantly, how long does it take for supply chain disruption, supply chain consequences to be resolved?

And so what we're focusing on is how do we help every small business, every medium size, every large enterprise