 official housing. Let's bring in Simon Michelle from Fig securities in Sydney and once again Simon another fall. That's right James absolutely does continue that falling trend that we've seen over time. Interestingly if you drill down into the figures a lot of the pullback was on the investor side of it so the RBA would be happy with that. They raised concerns about the high level of investor housing finance that we saw around the middle of a year. That's positive it comes off the back of that quite strong building approvals number as well we saw last week so I think what we can take from that is a lot of this is about new home building as well rather than just churning existing stock. You mentioned the RBA would welcome aspects of this data. I mean where does it leave your own view on on the outlook for interest rates? Yeah look it's interesting I mean you know interest rates at record lows you know at the moment we've never seen our Commonwealth government tenure rate this low. You can access funding for housing business can access funding very very cheaply as well so you know it's interesting that we are starting to see these changes in behavior. I think confidence is definitely building into this as well and that's probably holding back a little bit of demand for credit that we might see through consumers. Look interest rates you know people are seeking the safety of bonds at the moment and that's pushing yields down. I don't think the yield curve really reflects where the market view of rates are I think that additional pressure we're seeing especially from offshore investors seeking yield as well accessing Aussie interest rates. You know we just don't see the RBA lowering rates definitely in the next month or two. I think should they need to it'll be driven by the further downward movements in global rates that we're starting to see especially coming through the ECB. So would you expect to see that offshore interest in Australian bonds continue particularly with some of the uncertainty around global economies most notably you mentioned Europe. Yeah look it could get even more difficult. I mean you know if the ECB sorry starts a much broader bond buying program they're going to be throwing a lot of cash into the eurozone economies over there. If I'm an investor I want a good return on that cash. So what I would likely do is actually move it out of Europe and move it back over to either US Treasuries which we're seeing or Australian Commonwealth Government bonds where I'm going to get a stronger economy and be a higher return on my money. So you know we could actually see that become a bigger issue for Australia as the year goes on especially with that stimulus program. You mentioned the growth and interest in US bonds are we also seeing some US domestic funds flow in there a bit concerned by some of the data. Look it's interesting I think you know out of the US I think we're seeing consistent data there and if you have a look at what the market expects over there it's been pretty consistent even though we've had quite a bit of volatility in interest rates over that time. So I think the market's pretty comfortable at the moment there doesn't seem to be any surprises look we had that weak wages growth on the back of the improved job numbers come out overnight and I think that just shows that you know while we're seeing areas of the economy that are looking quite strong unemployment over there is certainly falling looking much more attractive now but you still don't have that wages growth coming through so there's still just working through excess capacity. You know in until you start to see some of those areas of the US economy improve I think we can be pretty certain that rates are going to stay where they are. I think keyword from the Fed is patience they're in no hurry and you know I think this expectation around a September quarter increase in the Fed funds rate you know has been pretty much the market's expectation for a good six months. I saw some analysis from Goldman Sachs suggesting I think it was one percent if they hit that in terms of fall to that in terms of core inflation Fed rates don't move till 2016. Look inflation's really driving some of these lower rates as well you know interest rates generally reflect both an inflation expectation and then obviously a yield on top so as that inflation expectation decreases you naturally see those interest rates fall and that's what we're seeing through Europe through Australia here as well through the US and that was is what could actually force central banks to have to lower rates if that you know inflation continues as fall we started seeing deflation come through that could force the hand of the central banks including the RBA. All right Simon appreciate it as always thanks very much. Thank you