We ran out live stream event last night. During the session we

discussed our revised scenarios, taking account of the complex local and

international backdrop.

Using a baseline of July 2018, and looking ahead this is how it plays

out. The risks from an international crisis have risen, the RBA itself

is now projecting higher unemployment so lower wages growth, and the

iron ore price is falling. Business and consumer confidence is being

eroded, and the fall-out from the high-rise construction fiasco are only

just starting to play out.

There is a path to property values rising, but we think this is relatively short lived.