Thank you for the question.
Yes, as you outlined, shortly after we'd published our forecast the government published a new levels plan for their immigration. As you indicated, we have a pretty sizable reduction in population growth in our current forecast.
As to what's going on in our forecast, there are two things. Population growth is coming down. As you highlighted, less population growth means fewer new consumers in your economy, so that is going to be less growth in demand. At the same time, with lower interest rates, we have consumption per capita coming up. Over the next few quarters, they roughly balance off, so growth is about 2%.
The upshot of the government's new levels plan is that they've lowered the target for permanent residents. There are also more concrete targets on the net flows of non-permanent residents. Those are below the assumptions we have in our forecast—