This is research that is actually quite global in nature. In fact, our counterparts at the Federal Reserve in the United States also believe that their neutral range is the same—2.5% to 3.5%. This is a number that is ground out of the global saving-investment balance, and the use of funds and the provision of funds in financial markets.
There are several approaches that we take to estimate this number, and they give us a range of outcomes, so there's not a knife-edge point for them. It is the rate at which we believe monetary policy would no longer be stimulating and would not play a contractionary role, so it's a balancing number. It's the sort of thing that also can change through time depending on conditions such as headwinds and the economic outlook. If household debt is weighing on the economy, possibly it would be at the lower end of that range. If it isn't, it could be further up. It depends on other factors as well.
Perhaps that's enough background for you. We think it's somewhere in that range, but we won't really know until we get closer to it.