Governor, over the course of your testimony today, you also mentioned that not all spending is equal. Some spending could be inflationary, but you pointed out that some spending is not, particularly with respect to housing.
Ms. Rogers, you mentioned this as well. You stated, “We're really pleased to see the degree of focus that governments are putting on this issue right now. That'll help”, and you continued, Ms. Rogers.
I wonder, Governor, whether you can help Canadians unpack that.
Why is it that not all spending is equal? Can you explain how spending, particularly on housing supply, would be helpful in bringing down inflation?