Why have they been rising generally throughout the world, Jo? Beyond the US president, what are the, the key drivers?

Fundamentally, what we've seen in the last five or so years is a number of shocks that have made the economy globally just less efficient.

So we had two or three decades where we moved towards things like just-in-time supply chain management.

China rose as a cheap manufacturing hub.

We became very globally connected.

A lot of regulatory barriers to trading between countries had come down.

Now we've had the pandemic that showed you can't just manufacture your good in one place in case that country gets locked down or in case that shipping channel gets blocked.

Were you at all surprised when you heard about the birth of AI? It, it may have almost been predictable from that time.

How do you feel about that? And do you think we do have to adjust?

So I think both things are true.

I mean, Paul, you talked about this.

Each one of these events that we've had in the last five years has been surprising in the market's response or the lack of response.

And I think you're right when you say investors, in a sense, are being trained to believe that all of these are sort of buying opportunities.

I think the world, it's unquestionably changed.

I think we also have to recognise that this long period of peace and low interest rates and low inflation, that actually was the aberration.

So maybe part of this is changing.

Given there is this potential formalisation to end the war on Friday, isn't that a good thing for the outlook for inflation?

It's a relief, but it mostly flows through what we call headline inflation, right? And the RBA tried to look through these sort of sharp moves, particularly in things like oil prices.

Now, the issue is that even if we get some resolution, it's going to take quite some time for global oil prices to normalise.

We've got a lot of ships that are stuck inside the strait.

They will take some time to get enough confidence and insurance to be able to pass through.

Then they need to go and deliver their oil.

Then they need to get back to the Middle East and fill their tankers again and get more supply into the global economy.

But what do you think? And is there anything in today's statement and commentary that suggests further rate rises to come?

Given there is this potential formalisation to end the war on Friday, isn't that a good thing for the outlook for inflation?

It's a relief, but it mostly flows through what we call headline inflation, right? And the RBA tried to look through these sort of sharp moves, particularly in things like oil prices.

Now, the issue is that even if we get some resolution, it's going to take quite some time for global oil prices to normalize.

We've got a lot of ships that are stuck inside the strait.

They will take some time to get enough confidence and insurance to be able to pass through.

Then they need to go and deliver their oil.

Then they need to get back to the Middle East and fill their tankers again and get more supply into the global economy.

But what do you think? And is there anything in today's statement and commentary that suggests further rate rises to come?

What will the Reserve Bank be looking at when it comes to that international development?

So it's certainly encouraging, the developments that we've seen.

There's also a recognition, though, that if we open the Strait of Hormuz, we don't immediately normalize oil supplies around the world.

There's a lot of ships that are stuck inside the strait.

They need to work their way out.

They need to get to where they're going, and then they need to go back and refuel.

We're also going to see all countries start to replenish their strategic reserves, and so it's gonna take a bit of time for domestic petrol prices and diesel prices to normalize.

What do you think? Should the government continue that cut beyond the end of the month?