What we indicated in the “Monetary Policy Report” is that given that the issue is largely supply and the problem has been building up for at least a decade, it's not going to....
We're very pleased to see all levels of government working with industry to tackle this problem, but even in the best-case scenario, it's not going to get solved quickly. The government definitely needs to work on solving it, but it's a pressure we're going to have to live with for some time. We said it's one of the things standing in the way of getting inflation down. It's slowing the decline of inflation. However, when we look at everything else, we can see clear evidence that our interest rates are cooling inflation.
As has come out in previous questions, there are lags in the effects of monetary policy. As people renew their mortgages, these higher interest rates feed through the economy. We think there's more in the pipeline. It will ultimately bring inflation down, even if it's taking a little longer than we'd hoped.