They're saying the slowdown has continued into the first two months of this year. And they're suggesting that might continue even longer. The Reserve Bank said that there are one-off and transitional factors particularly in construction, which I talked about and obviously agree with. The Reserve Bank also said exports are strong and are growing. Company balance sheets are in a good position.
Credit is available.
And that the interest rate reductions would be supportive as is Government Budget policy. The answer to your question Kerry, is yes, I do agree with the Reserve Bank's assessment. The Reserve Bank said that there's a one-off factor in relation to construction. One of the effects that that has is that it has a softening effect in relation to employment, which had been growing very strongly throughout the course of last year, and the Reserve Bank said that in order to actually stimulate confidence, it was important to have interest rate cuts. I'm sorry Treasurer, like, for instance, that the impact is broader.