Thank you very much.
—an economic textbook. Companies would borrow money to finance investment over and above their profits. That relationship has flipped around. More recently you can see that after-tax profits are quite a bit larger than investment. It's actually even worse than that, because of course, this business investment includes investment to cover depreciation, whereas the profits are net of depreciation, so there's actually even a bigger imbalance going on here.
The final point I want to make is that this overall corporate sector actually includes crown corporations, which is the next line on that table. While investment by crown corporations is very small as a share of GDP, it's actually increased by quite a large proportion. It's basically doubled since 2000. I think one of the untold stories of the great recession is how crown corporations were actually a stabilizing force to our economy.
When you take crown corporations out of it and you look at private corporations, the ones that are actually subject to the corporate tax rate and which might have benefited from these corporate tax cuts, what you see is an even clearer pattern of business investment actually having declined as a share of the economy as these corporate tax cuts were happening.
Thanks very much.