 Find out what, if any, impact that's having on the bond market. Simon, Michelle from Fig Securities is joining us. Simon, good to see you there today. Now, I just want to ask you about the construction data because we seem to be in an important crossroad here, although expecting some of that, you know, housing construction to start declining. What did you make of that today? Because it's certainly an important building block for GDP growth next week. It is indeed, and good afternoon, Leigh Ann. And look, it really continues a bit of a downtrend. The building construction came in at negative 0.7% for the first quarter of this year. If you look at the last quarter of 2016, we actually had a positive number, an increase of 0.6%. But over the year to this quarter, it's actually down 7%. So it really continues that negative trend we've seen, really in private residential drilling construction over the last 12 months. If you actually go back to third quarter of 2015, where it was about $52 billion, we're now down to about $46 billion a quarter. So quite a significant downward trend. Mm-hmm. I'll come back to those Aussie yields in just a moment. But just firstly, looking overseas, I mean, we've seen some anemic economic growth and data in the US, political uncertainty, of course, after Trump's budget proposal. Have we seen a rush to those safe haven bonds? Look, I think people are just sitting on the sidelines at the moment. We also have later this week coming out, Leigh Ann, the Fed minutes of their main meeting. Now, since we've had the Fed come out and have that FRMC meeting, we've had a bit of conflicting messaging. We've certainly had some Deputy Governor's pointing out that low, weak growth, that weak inflation. Others sort of saying, look, we've got to look through this, look through uncertainty and, you know, really setting up for June tightening. So it'll be really interesting whether they stick to that message and whether the market that is largely buying into June tightening continues that thought. Today we've seen Moody's cutting China's credit rating. So we were just saying earlier, really speaking, to the financial pressures there in China. What did you make? I mean, have we seen much of a reaction in the bond market? Because obviously China's, you know, continued to support the market through those regulatory changes. But this news today, what sort of impact has it had? Yeah, look, not as much as you might think, Leigh Ann. And that's largely because Moody's already had them on a negative outlook. So, you know, it's really about the rating agencies. Look, they were on a AA3 rating. There was a view that there would be possibly some downward movement on that credit rating. They've taken that move down to A1. You know, I think if anyone were surprised by that, they haven't really been sort of keeping a close watch on China. It's really about growing corporate debt levels. We know that the maturing of their debt markets over there likely to lead to some defaults as well. And also the ability for China to continue to maintain that growth forecast about above six and a half percent. They look a little bit more challenged at the moment. All right, fantastic. Simon, we're going to have to leave it there, but it's always great having you on. Thank you so much. Thank you, Leigh Ann. Simon Michele there from FIG Security.