Looking at the international papers this morning, what jumps out is a Federal Reserve that is saying it will increase the cash rate in the United States by 50 basis points. The ANZ and others here are saying that's what our Reserve Bank are going to do. And the reason for that, and for that discussion, is because inflation is a big, entrenched problem—that is, it's around much longer than people had thought, and it's going to be higher. And the papers are talking about a real risk, and we broached this in the Budget Policy Statement (BPS) discussion of stagflation or even recession, and I'm not necessarily predicting that but that's certainly the flavour that is coming through internationally. So is it actually too late in terms of these interest rate hikes, or will they spur on these phenomena of stagflation and recession? 