Was that one of the surprises for you, Andrew, or what are your thoughts on credit margins?

Look, I was surprised to read that, and certainly had that as one of our call-outs as far as metrics which have moved since the previous survey.

Certainly from what I'm seeing in the market, margins have remained fairly consistent, and I think the margins are being driven by the competition by the lenders into the space, and the competition for groups wanting to bank the good projects with the good sponsors that are well structured and put together.

And if everything's a like for like, the only way they can differentiate themselves is, A, margin, and B, the history of how the lender's behaved in the marketplace in construction during that period of time, because construction's the most volatile program you can be involved in, and it very rarely works out as we think it's going to when we write it down on a piece of paper.

Andrew, what are your views? Do you think we're gonna get one, two?

Look, to reiterate, so when we went to the market for this survey, we'd, we'd just had two rate rises, and obviously the rate rises have come into play because of the impact on inflation, not only from what we had domestically in Australia, but the impact that we saw from the Middle East crisis and what had happened with fuel.

So we had a couple of moving parts, which I think made the decision for the RBA that they had to move rates.

Our last interest rate cycle from cut to rise was seven months, which is the shortest interest rate cycle we've had for a very long time.And I think what we're seeing is that that interest rate market is becoming a lot more dynamic.