As I said, we really leave fiscal policy to governments and parliamentarians. We take it as given and then we do what we need to do.
Through the depths of the pandemic, the government had very expansionary fiscal policy. Monetary policy was also exceptionally expansionary. That was needed. We went through the deepest recession in history. The good news is that we've had the fastest recovery. We now are on the other side of that and we're dealing with the side effects from that.
Getting back to the previous question, we've built in government plans and those are built into our forecast. If there are new fiscal spending plans, we'll have to take those on board. It will depend what the spending is on.
Some spending mostly adds to demand. In an environment where the economy's already overheated, that wouldn't be terribly helpful. Other types of spending add to supply and demand. For example, increased immigration adds new workers to the economy. New workers also have new incomes, so you have new shoppers as well. That's an example of a policy that would increase the sustainable growth rate of the economy without creating a lot more inflationary pressure.
We would certainly be looking at what the spending was on in assessing what we needed to do.