To go back on the term to maturity of our debt, according to the budget, the average term to maturity of domestic market debt is seven to seven and a half years, yet of the $133 billion in new debt issuance being auctioned off this year, $92 billion is five years or less. In fact, the majority of it, roughly half of it, is two years or less.
Why, in this low interest rate environment, is Finance shortening the term of debt rather than locking in low interest rates over a longer period of time?