For industry, although it sounds strange to say, the cycle isn't our biggest challenge. It's actually the predictability of that cycle. Generally speaking, industry makes investments in forward-looking research and development activities where it believes it's going to get a return on investment. That's business practice. If you're going to put money in leading-edge technologies, you want to understand when that acquisition is going to happen. That's when you're going to obtain your return on investment. Our biggest challenge is the stability of that funding.
Our second biggest challenge is that, as a nation, we don't do very well at signalling early enough in the cycle what capabilities we want. We do have a defence acquisition guide, which talks a bit about the capabilities that we want to generate for the forces, but having a plan and a strategy around where we would like to focus our priorities as a country will signal to business where to put its money. Once business makes the investment, it will start to understand that the acquisition will happen. Sliding to the right is no doubt a challenge, but understanding where we're going is the bigger challenge from an investment perspective.