Thank you.
“No other G7 country has seen such a stark deterioration in housing affordability.” That's a quote from your website, actually.
A lot of this is inflation, and a lot of inflation is driven by government policy, of course. However, as far as housing goes, inflation shows up in a few ways. The price of a house includes things like mortgage costs, which historically are actually still pretty low compared to where we've been in the past, although higher than in the last couple of years.
There are also building costs, and those building costs include goods and labour. There's demand-pull inflation and there's cost-push inflation, but then there's a third one, which is the land.
Which of these factors—the goods, the labour and the land—do you think is the one that increases housing costs the most?