What we are seeing is a firming of wages, and as the governor explained earlier, it's a product of a labour market that is growing, and it's more in line, although still a little bit less than one would expect, given where we are in the business cycle.
You're right that what we've seen over the past few quarters is a continued slight uptick of household indebtedness as a relationship to disposable income, which is a function of both wages and the number of hours that people are working.
We don't just look at wages; we also need to look at hours worked, to get that number that we care about, and what we're seeing is a slowing in household credit. A lot of it is coming from the mortgages side, but there are also other forms of household debt, and that's slowing at a somewhat slower pace than labour income is increasing. But what you would expect with the economy continuing to grow is that those would become more in line, so we expect credit should continue to keep slowing, while labour income is continuing to rise.
Over time, over our projection, and over the next few years, we should observe that ratio of household debt to disposable income stabilizing.