As I said before, and as you just said, if you eliminate the carbon tax, you can only do that once, so it will drop inflation for one year, by our estimate, by about 0.7%.
A year later, inflation will go back up 0.7% because the one-off decline in the price level will fall out of the rate of change calculation.
In terms of monetary policy, we have had tax changes like this in the past. I mentioned the cut in cigarette taxes in 1994. Changes in GST have a similar one-year effect. Those are things we tend to look through.
In fact, one measure of core that we typically follow is something called CPIX-FET—food, energy and taxes—for exactly that reason. What we're focused on is the underlying trend in inflation.
This conversation is a little hypothetical, but—