In March this year, we announced a comprehensive package of measures to address both demand and supply issues in our housing market. In today's Budget documents, the Treasury estimates that annual house price increases will peak this year at 17 percent before dropping in the 2021/22 year to 0.9 percent, as a result of both the Government's interventions and macro-prudential tools such as loan-to-value ratios. This is a sharp adjustment but a very necessary one. The Government's concern is not just that house price growth was unsustainable but also that the balance was too much in favour of speculators and investors and away from first-home buyers. Our interventions to remove interest deductibility and increase the brightline test were focused on this goal. 