Nick Goodall

But, yeah, I don't know, leading to a broader economic chat, Calvin, and we can see where we get to.

Yeah, no, I think it's just a reiteration of the point we made last Wednesday, right, which is, yep, they've firmly floated that there's upside and downside risks to the economy and to inflation.

But on the whole, they expect that the more likely scenario is that if inflation does stick around longer, the medium term inflation is too high and they have to do something about that and that they won't be afraid to move sooner rather than later to fight against that.

And even if that's to the detriment of the

the economy because, you know, the main thing for them is to get that inflation under control.

So, yeah, I still feel like that's the feel I got.

I don't think there's anything that we, you know, really gained any more insight off the back of that following their press conference and then the coverage of that conference.

So, yeah, I think that's probably fair, not too much else to add to that one.

Do you want to take us through February's mortgage lending data then, Calvin?

I think, you know, we've seen it for a few months now that we've, you know, we're obviously well off the

the trough of interest rates and no expectation about where they're going to go and how fast they're going to go and all those things that people are shifting from shorter periods to longer periods fixing their mortgage for.

But the data itself is pretty interesting and so worthwhile just going through that and any other commentary you've got off the back of that data, Kelvin?

Well, we are a visual medium these days, mate, so maybe I can have a go at trying to get a chart come up about now, whether you're watching through Spotify or watching on YouTube.

But, you know, if you haven't seen one, then it's because I haven't been able to figure it out.

But, yeah.

Yeah, as you say, the term really came off the back of November and that last discussion and decision from the Reserve Bank and then the clear message that, yeah, that was probably the trough for the OCR and so mortgage rates would adjust accordingly.

Yeah, and I think just on that point around two years, yeah, it does feel like, you know, just in general, it is that...

happy medium between getting some certainty for a while but not locking in too long and you know I suppose all the conversations around what interest rates are going to do all is pretty short-term stuff it's kind of like what can we see happen the next year or two it's pretty hard to know what's going to happen in three years time right like where's inflation going to be where's the economy you

You know, it's always that the Reserve Bank wants to see this OCR drift back to its neutral rate, wherever that is.

And maybe that's a bit of a different figure now with everything else that's going on.