It will have a particular impact on contingent facilities such as lines of credit. To return to the issue of HQLA for a minute. As most of you are aware, there is a shortage of HQLA in Australia. The stock of government debt on issue, both Commonwealth and state, is well short of the liquidity needs of the banking system.
The hope is that in so doing they will eventually induce a shift from the world of strong demand for existing assets to one in which there is strong demand for the new assets that will create the growth and jobs that are so badly needed.