1. low business confidence, 2. affordability. what does it help the banks when they make an extra 1% on 20% of the population who can afford it as opposed to say 70 or 80% who couldve afforded it when the interest rates were lower (figures are theoretical). anycase they gonna have to write off billions on mortgages that have gone belly up where bonds exceed the true current value of homes. this along with the current oil prices, xenophobic attacks, devaluating homes, etc, causes mass histeria in the market. now it has collapsed the entire bulding industry which has for the last couple of years fed millions of south africans and who knows what it's gonna take to get the wheel turning again. somebody correct me if i've missed the plot.