What I can say for the manufacturing sector, which is a very key sector of activity, they are doing it extremely tough at the present time, and if these figures were extrapolated more broadly we certainly would be teetering on the verge of a technical recession. But if we get caught up in a bigger global slowdown, which our export figures tend to suggest is occurring, I think we are certainly in for a U-shaped outcome over the next little while. And that really is the big danger for Australia because the risks are external now rather than internal. Well, the big issue, Kerry, is how we're going to get out of this problem. And I think one of the big things that has to happen is that we need to see reductions in interest rates.
Confidence is very low.
Cash flow is very tight. Margins are being squeezed. This survey is showing the worst outlook for profits for a long time. And for investment, which augurs badly. So we need to be working on how we get out of it.