The December quarter, which these results are apropos, were awful and miserable. And if you put manufacturing and construction together you get over 20 per cent of the economy, and that was all negative. Oh, it's a combination of circumstances. Weakening demand through the second half of last year. Static caused by the GST, in terms of bringing forward and changing the patterns of demand in different sectors.
Interest rate hikes in a slowing economy.
And, of course, I think the general effect of that on confidence and consumer confidence as well. The external economy has been nothing but good news for the manufacturing sector, and construction actually, over the last three to four months. Well, more bad news to come. Look, I think recessions happen when unemployment grows markedly. And we've actually yet to see two quarters of negative growth for the economy as a whole.