We have solid employment growth, stable interest rates and rising immigration. They are all supporting building.

We are still seeing solid jobs growth and incomes are improving. That helps demand for housing, along with the Reserve Bank of Australia sitting on its hands for rates.

Those countries with large current account deficits, such as the U.S. and Australia, haven't been penalized by seeing their currencies drop. In other words, financial markets currently are ignoring current account balances, but that's not to say that will continue.

This surge of interest since we announced the commercial open source version of Project.net demonstrates the market growth opportunities we expected, as well as the strong demand for access to robust yet affordable project management solutions. Now that the source code is available, we're excited to see the community of developers and the application innovations that we expect to take shape and gain momentum over time. Project.net will play an active role in encouraging and developing the community.

The downside risks of higher interest rates and slower earnings growth are becoming greater.

Our broad revenue growth and expanding net interest margin indicate that the momentum we carried into this year is continuing to build.