Whether it's the consumer spending response to higher incomes, the response of residential construction activity to the HomeBuilder program and state-based measures, or the response of machinery & equipment investment to various tax incentives, policy support has worked. Monetary policy support has played a role in supporting the economy, too.
Others have discussed the detail of the Bank's policy measures recently, so I won't repeat much of that information today. The response has come in 2 main waves. In March of last year, the Board cut the cash rate to 0.5 per cent, and later that month made a further reduction to 0.25 per cent as part of a larger package of policy measures.