Kelvin Davidson

And maybe the labour market doesn't really turn around sharply for three to six months yet.

That keeps a bit of a lid on things.

And then you've also got things like DTIs.

You've got a rise in the stock of housing versus our population lately.

So yeah, it's hard to disagree with that Reserve Bank outlook that the housing market does remain pretty muted.

You could quibble about the exact numbers, but the overall tone is that we're not going to see a lot of house price growth really for

for this year, maybe even into next year.

So yeah, it's hard to disagree with that.

So yeah, pretty cautious sort of statement all round, I guess.

No, no, that's it, as I say, but for everyone.

So, you know, if you're, depending on which camp you're in, you could probably find something for you in this statement.

So pretty balanced.

So that's a much more encouraging sign.

Still a bit of caution, as I say, but it does start to look a little bit better.

Yeah, I suppose when you look across some of the recent indicators, maybe the last week, it does tend to look a bit more positive.

I think there's still reasons for caution.

We had that rise in the unemployment rate a couple of weeks back, for example.

So there's still a wee bit of caution out there.

Some other parts of the economy may be lagging behind just a little bit.

Yeah, the most recent data was actually pretty encouraging.