Christoph Schumacher

Just follow up and get absolutely right.

Go back 15 years or so and we lived in a time with literally no inflation.

We were hovering along so low.

People and important businesses completely forgot to put inflation into any cost structures because it was non-existent.

Then COVID hit and we went from literally no inflation to suddenly 7%.

And that was a big shock and required rethinking.

but it prepared us for what is to come now.

And I think because that was a big wake-up call, and as Katie pointed out, we had a good rehearsal, right?

What we're having happening now is nowhere near the proportions.

So we got through okay the other time.

I think people are far better prepared and skilled with dealing with the current situation.

Just a quick point to make that New Zealand is actually quite unique.

You go around the world, Europe, Germany, US, and people fix mortgages for like 30 years.

Like mortgage rate fixes are long.

So you're independent of monetary policy because we shouldn't be so up and down simply given what the Reserve Bank does.

So...

rates fixing for 30 years is standard.

It's common around the world.

It's absolutely crazy that in New Zealand, it's one to three years.

No wonder it keeps people up at night because it's such a short time frame that every little event that happens somewhere has an impact on your mortgage.