First, the economy is very complex, and models that attempt to approximate that complexity can sometimes let us down. A particular difficulty is that expectations of the future play a critical role in determining how the economy reacts to a policy change.
We have not had any of these in Australia in this expansion, which goes a long way to explaining why it has endured. The closest we have come to such an imbalance is the rise in residential property prices, which has produced distortions in some parts of that market. I will conclude by saying a few words about that subject.