Hon GRANT ROBERTSON (Minister of Finance): In answer to the first part of the member's question, it may surprise her to know that I do not receive advice about such hypothetical examples with no parameters set out on the characteristics of the mortgage in question, such as the level of the mortgage at the start of last year, the parameters the mortgage had at the start of the last year—for example, whether it might have been a three-year term or on a floating rate, whether the principal payments were being made over 18 months, or what the split might be between the principal and interest payments at any specific point in time—and what interest rates were at each point in time. In response to the second part of the question, as I have said many times, there is no doubt that the global inflation spike currently being experienced is putting pressure on households in a number of ways, and one of those will be the impact of rising interest rates. Independent central banks around the world are increasing rates. Higher interest rates do mean that the cost of borrowing is higher, and this will feed through to the economy in a number of different ways. I expect that the effects may be similar to when the official cash rate rose under the previous National Government in 2010 and 2014.