I'll start off and then pass it on to Sue.
You're exactly right. Of course, with higher costs of borrowing money, it becomes that much more difficult to finance construction. This results in increased costs, but it can also result in less financing coming from financial institutions, coupled with house prices that are slowing.
You can be in mid-construction—I bet Sue can speak to this—and your development can come into jeopardy simply because of the changing financial regime. Even though you still want to move forward, maybe your margins are going to be lower or the financial institutions won't proceed. There are definitely a lot of knock-on effects from higher interest rates.
The same goes for.... We've heard talk of purpose-built rental. It gets harder and harder. On any construction project, you're trying to make sure—using Mark's term—that it “pencils out”. With higher borrowing costs, a lot of projects stop pencilling out. We've certainly seen, across the board, a lot of projects delayed, even for homeowners. We have projects not going forward because they don't pencil out right now. They know they won't be able to sell.
Sue, do you want to add to that?