Hon MICHAEL WOODHOUSE: —is now being undermined, and could well be gone in the future, Mr Brownlee. That is the opposite of what we need. Actually, Dr Russell talks about—I was gobsmacked at this—the monster. She said, "The monster of inflation has largely been slayed.", as if it is a creature that cannot rise again—that it's gone for all time. Well, in the 1980s, during the fourth Labour Government, I was working for a retail bank in New Zealand, in the mortgage department, giving out mortgages in the Hutt Valley. The A rate for the best mortgages was 19.5 percent and the B rate was 20.5 percent, and people were still picking up mortgages because they knew house price inflation was going to mean that that investment was worthwhile. 