Stress-onomics – Is Stress or Burnout Impacting Your Profits?

Welcome back to the Financial Bloke's Wealth and Wisdom Podcast. Today, we delve into the impact of stress and mental health on family agribusinesses and explore tools to build resilience. Stress, like an unnoticed oil leak, can lead to catastrophic consequences if ignored. I've encountered numerous successful farming families facing roadblocks rooted in stress-related issues, impacting not only their personal lives but also the profitability of their businesses. Today, we address these challenges with a focus on solutions.

Joining us is Letitia Cross, The Rural Mental Health Coordinator for the Rural Adversity Mental Health Program. Letitia, with a background in corporate agribusiness and a Master's in Psychotherapy, brings valuable insights into how to improve your mental health. 

Identifying Stress and Mental Health:

• How do you recognize someone suffering from stress or mental health issues?
• Share statistics on the prevalence of mental health issues and the increasing trend of burnout.
• "Toughen Up" Mentality: Should we just adopt the "toughen up" approach?

Business Impacts of Stress:

• We discuss the GRDC research paper on the actual costs of stress and mental health on rural production.
• We highlight the tangible effects on family life, succession plans, and overall business profitability

Tools for Recovery:

• What are some of the practical tools for individuals to overcome stress and mental health challenges?

Where can listeners find more about Letitia online?

Rural Health & Adversity Program - https://www.ramhp.com.au/

If this podcast has ever added value to your farming business, we'd love for you to leave us a rating and review on Apple Podcasts or Spotify.

https://pod.link/1598835360

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Ben Law is a coach to some of Australia's most successful farming families. He was raised on the land — three generations of farming in his blood — and has spent almost 30 years and more than 40,000 hours alongside farming families, first as their financial adviser and now as their coach. Along the way he learned the truth nobody talks about: what makes or breaks a family legacy isn't the money — it's whether the family can communicate, get aligned, and prepare the next generation before succession arrives.

That's what this podcast is about. Each fortnight Ben sits down with farming families, trusted advisers and industry experts to unpack how to build a family that thrives across generations — strong in business, strong in relationships, and set up to hand over the farm without losing each other.

Disclaimer: The information contained in this podcast is general in nature and for education purposes only. It is not financial advice. It is not legal advice. No one should act on the information without appropriate specific advice for your particular circumstances. Ben Law is a former financial advisor but is no longer licensed and cannot and will not give you specific or personal advice in this podcast. The Financial Bloke Group Pty Ltd accepts no responsibility for any loss or damage occasioned by any person acting or refraining from action as a result of reliance on the information in this podcast.

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In this episode, Ben is being interviewed by Sam Fryer, the host of A Place To Call Home Podcast, about some of the basics young entrepreneurs need to be aware of when starting out in business.

Key Considerations for Young Entrepreneurs

1. Knowing Your 'Why'

Highlighting the importance of understanding the motivation behind starting a business. Emphasizing the challenges of entrepreneurship and the commitment required.

2. The Importance of Vision Setting

Discussing the significance of having a clear vision and putting it in writing. Differentiating between a business, hobby, and passion.

3. Modelling Success

To shortcut to success, budding entrepreneurs need to learn from successful individuals in their field.

4. Financial Aspects

 The importance of running financial numbers and understanding profitability using accounting tools and seeking professional advice.

5. Business Operations

Advising on the importance of keeping good records, obtaining insurance, and making provisions for tax.

6. Business Growth Triggers and Steps

Discussing the stages of business growth, from bootstrapping to scaling up. The importance of seeking advice and considering employment as the business expands.

7. Setting up an ABN and Business Structure

Addressing when to set up an ABN and considerations for choosing a business structure. Encouraging consultation with accountants for personalized advice.

8. The Often Overlooked Financial Aspects

Strategic planning, insurance, and quality bookkeeping. 

9. Preparing for the Future in Agriculture

Offering advice for the next generation of landowners, including beyond-the-farm skills, building a network, and financial planning.

If you are a budding businessperson ready to get cracking on making your business vision a reality, then this episode is a fantastic starting point to get you headed in the right direction.

If this podcast has ever added value to your farming business, we'd love for you to leave us a rating and review on Apple Podcasts or Spotify.

https://pod.link/1598835360

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Ben Law is a coach to some of Australia's most successful farming families. He was raised on the land — three generations of farming in his blood — and has spent almost 30 years and more than 40,000 hours alongside farming families, first as their financial adviser and now as their coach. Along the way he learned the truth nobody talks about: what makes or breaks a family legacy isn't the money — it's whether the family can communicate, get aligned, and prepare the next generation before succession arrives.

That's what this podcast is about. Each fortnight Ben sits down with farming families, trusted advisers and industry experts to unpack how to build a family that thrives across generations — strong in business, strong in relationships, and set up to hand over the farm without losing each other.

Disclaimer: The information contained in this podcast is general in nature and for education purposes only. It is not financial advice. It is not legal advice. No one should act on the information without appropriate specific advice for your particular circumstances. Ben Law is a former financial advisor but is no longer licensed and cannot and will not give you specific or personal advice in this podcast. The Financial Bloke Group Pty Ltd accepts no responsibility for any loss or damage occasioned by any person acting or refraining from action as a result of reliance on the information in this podcast.

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Welcome to our latest episode of the Wealth and Wisdom podcast! This episode was recorded live at the Young Beef Producers Forum in Roma where I interviewed my mate Geoff Birchnell of 3R Beef.

You’ve heard me talk about succession planning a lot and it is a major challenge in the Ag industry. I have done a number of podcasts which have been hugely popular about how a family can progress a succession plan when they are stuck or just at a loss as to what to do. 

But what if your parents don’t operate a large-scale operation that would allow for a succession plan? What if you’re one of 2, 3 or 4 kids that want to come home to the farm but there just isn’t enough room for everyone? Or…. what if you are an aspiring first generation Ag producer and you are thinking, “How the bloody hell can I get a start??”

Well, I decided to tackle that question the best way I know how. I found someone who is actually doing something about it and…. I asked them!

The son of two teachers, Geoff established his first herd, Avingnon Herefords, at age 9 and later purchased his own block.  Geoff studied accounting at university and spent almost 10 years as an accountant in a Brisbane firm learning as much as he could about large scale beef production from his grazier clients. But accounting wasn’t for Geoff, he had a vision of being a full-time beef producer. In 2018 Geoff manufactured an opportunity for Avignon to evolve into 3R Livestock, expanding into Angus cattle. Geoff is scaling up and he’s having a crack at his dream!

Geoff’s story is an inspiring listen about creating your own opportunities and defying the narrative that the only way to get into farming is through a succession plan. So instead of waiting around for your parents to come up with a viable succession plan or for some other opportunity to fall into your lap, have a listen to Geoff and remember… You can’t cross the sea by standing and staring at the water. 

If this podcast has ever added value to your farming business, we'd love for you to leave us a rating and review on Apple Podcasts or Spotify.

https://pod.link/1598835360

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Ben Law is a coach to some of Australia's most successful farming families. He was raised on the land — three generations of farming in his blood — and has spent almost 30 years and more than 40,000 hours alongside farming families, first as their financial adviser and now as their coach. Along the way he learned the truth nobody talks about: what makes or breaks a family legacy isn't the money — it's whether the family can communicate, get aligned, and prepare the next generation before succession arrives.

That's what this podcast is about. Each fortnight Ben sits down with farming families, trusted advisers and industry experts to unpack how to build a family that thrives across generations — strong in business, strong in relationships, and set up to hand over the farm without losing each other.

Disclaimer: The information contained in this podcast is general in nature and for education purposes only. It is not financial advice. It is not legal advice. No one should act on the information without appropriate specific advice for your particular circumstances. Ben Law is a former financial advisor but is no longer licensed and cannot and will not give you specific or personal advice in this podcast. The Financial Bloke Group Pty Ltd accepts no responsibility for any loss or damage occasioned by any person acting or refraining from action as a result of reliance on the information in this podcast.

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In this episode, I'm joined by the esteemed Brendan Rogers, leadership & performance coach and host of the Culture of Leadership podcast. Brendan takes us on a journey through his diverse background, from coaching football to leading in the corporate world. We delve into the essence of leadership, unravelling the importance of character development, competence building, and connection creation. 

 Brendan's insights, honed through years of experience, offer a fresh perspective crucial for success, especially for those navigating the challenges of leading teams, be it in agribusiness or any industry. Tune in for leadership wisdom that transcends boundaries!

 To learn more about Brendan, visit:

 https://thecultureofleadership.com/ 

 Download Brendan’s free workbook, “10 Tips for Confident Leadership” here:

 https://thecultureofleadership.com/confident-leader-workbook/ 

 Also remember to checkout Brendan’s podcast, “The Culture of Leadership” (https://thecultureofleadership.com/podcast/) and the book he refers to in the podcast, “The Five Dysfunctions of a Team, Facilitator's Guide” by Patrick Lencioni (available on Booktopia and Amazon).

If this podcast has ever added value to your farming business, we'd love for you to leave us a rating and review on Apple Podcasts or Spotify.

https://pod.link/1598835360

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Ben Law is a coach to some of Australia's most successful farming families. He was raised on the land — three generations of farming in his blood — and has spent almost 30 years and more than 40,000 hours alongside farming families, first as their financial adviser and now as their coach. Along the way he learned the truth nobody talks about: what makes or breaks a family legacy isn't the money — it's whether the family can communicate, get aligned, and prepare the next generation before succession arrives.

That's what this podcast is about. Each fortnight Ben sits down with farming families, trusted advisers and industry experts to unpack how to build a family that thrives across generations — strong in business, strong in relationships, and set up to hand over the farm without losing each other.

Disclaimer: The information contained in this podcast is general in nature and for education purposes only. It is not financial advice. It is not legal advice. No one should act on the information without appropriate specific advice for your particular circumstances. Ben Law is a former financial advisor but is no longer licensed and cannot and will not give you specific or personal advice in this podcast. The Financial Bloke Group Pty Ltd accepts no responsibility for any loss or damage occasioned by any person acting or refraining from action as a result of reliance on the information in this podcast.

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Welcome to the latest episode of the Financial Bloke Wealth & Wisdom podcast! Today we have in IT specialist Joel Winters, to educate us and give us some tips for what we can all do to beef up our defences against Cybercrime.

As we all know, Cybercrime is only getting more frequent and sophisticated and the Ag sector is by no means immune. In fact, having been somewhat insulated against traditional crime due to its remoteness, Ag is potentially a ripe target for Cybercriminals preying on the unwary.

Joel is a highly experienced IT specialist at ProComputers, which has offices in Brisbane, the Sunshine Coast and Rockhampton, and is currently pursuing a post-graduate degree in Cyber Security. In this episode, Joel will be giving us some background on Cybercrime and sharing the top tips you can put in place now to start protecting both yourself and your Agribusiness!

To get in touch with Joel, you can reach him at [email protected] or call him on 0418 133 273. ProComputers offers complimentary Cyber reviews which you can chat about with Joel.

Remember, the first step towards change is awareness so don’t miss this valuable and timely episode!

Here are some handy links and links to the resources Joel mentions in the podcast.

Report a Cybercrime:

https://www.cyber.gov.au/report-and-recover

Other useful links:

https://www.cyber.gov.au/
https://www.cyber.gov.au/resources-business-and-government/essential-cyber-security/essential-eight

If this podcast has ever added value to your farming business, we'd love for you to leave us a rating and review on Apple Podcasts or Spotify.

https://pod.link/1598835360

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Ben Law is a coach to some of Australia's most successful farming families. He was raised on the land — three generations of farming in his blood — and has spent almost 30 years and more than 40,000 hours alongside farming families, first as their financial adviser and now as their coach. Along the way he learned the truth nobody talks about: what makes or breaks a family legacy isn't the money — it's whether the family can communicate, get aligned, and prepare the next generation before succession arrives.

That's what this podcast is about. Each fortnight Ben sits down with farming families, trusted advisers and industry experts to unpack how to build a family that thrives across generations — strong in business, strong in relationships, and set up to hand over the farm without losing each other.

Disclaimer: The information contained in this podcast is general in nature and for education purposes only. It is not financial advice. It is not legal advice. No one should act on the information without appropriate specific advice for your particular circumstances. Ben Law is a former financial advisor but is no longer licensed and cannot and will not give you specific or personal advice in this podcast. The Financial Bloke Group Pty Ltd accepts no responsibility for any loss or damage occasioned by any person acting or refraining from action as a result of reliance on the information in this podcast.

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In our latest episode, we have the privilege of sitting down with Ian McLean, director of Bush Agribusiness and co-author of the newly released "2023 Australian Beef Report". Fresh off the press, this report offers detailed current information on the financial and production performance of the Australian beef industry. During our conversation, Ian shares the key performance indicators (KPIs) highlighted in the report, shedding light on what distinguishes the top cattle grazing businesses and the specific KPIs they concentrate on to achieve exceptional results.

Ian's expertise and the insights from the freshly released report provide a timely and comprehensive understanding of the KPIs crucial for running a successful cattle grazing business.

Now, if you think this episode isn’t for you because you’re not a beef producer, think again – the lessons that Ian has extracted apply to not only beef but all agricultural producers. So don't miss this opportunity to stay ahead of the curve and elevate your business strategies with the benefit of the latest industry insights.

You can learn more about Ian and Bush Agribusiness here: https://www.bushagri.com.au/about-us/

If this podcast has ever added value to your farming business, we'd love for you to leave us a rating and review on Apple Podcasts or Spotify.

https://pod.link/1598835360

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Ben Law is a coach to some of Australia's most successful farming families. He was raised on the land — three generations of farming in his blood — and has spent almost 30 years and more than 40,000 hours alongside farming families, first as their financial adviser and now as their coach. Along the way he learned the truth nobody talks about: what makes or breaks a family legacy isn't the money — it's whether the family can communicate, get aligned, and prepare the next generation before succession arrives.

That's what this podcast is about. Each fortnight Ben sits down with farming families, trusted advisers and industry experts to unpack how to build a family that thrives across generations — strong in business, strong in relationships, and set up to hand over the farm without losing each other.

Disclaimer: The information contained in this podcast is general in nature and for education purposes only. It is not financial advice. It is not legal advice. No one should act on the information without appropriate specific advice for your particular circumstances. Ben Law is a former financial advisor but is no longer licensed and cannot and will not give you specific or personal advice in this podcast. The Financial Bloke Group Pty Ltd accepts no responsibility for any loss or damage occasioned by any person acting or refraining from action as a result of reliance on the information in this podcast.

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In this episode, we are fortunate to have back Richard Rains, a well-known and successful figure in the Australian meat export industry, to discuss the crucial topic of building networks for success and fulfillment. Richard, a passionate advocate for mentoring young talent, is a keen supporter and board member of the Zanda McDonald Award which provides opportunities that can transform the lives of aspiring individuals.

Ben and Richard will be exploring the power of networks, and the significance of building a solid network of peers and mentors. Genuine success rarely happens in isolation and Richard explains how great mentors are like rocket fuel for your success.

Ben and Richard will also discuss the Zanda McDonald Award, and how participating in an award can immediately introduce you to a high calibre network and open-up unexpected opportunities.

Don't miss this valuable episode on the power of networks and the life-changing potential provided by opportunities like the Zanda McDonald Award. Remember, “Your Network is your Net Worth”!

To learn more about the Zanda McDonald award, visit: https://www.zandamcdonaldaward.com/

If this podcast has ever added value to your farming business, we'd love for you to leave us a rating and review on Apple Podcasts or Spotify.

https://pod.link/1598835360

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Ben Law is a coach to some of Australia's most successful farming families. He was raised on the land — three generations of farming in his blood — and has spent almost 30 years and more than 40,000 hours alongside farming families, first as their financial adviser and now as their coach. Along the way he learned the truth nobody talks about: what makes or breaks a family legacy isn't the money — it's whether the family can communicate, get aligned, and prepare the next generation before succession arrives.

That's what this podcast is about. Each fortnight Ben sits down with farming families, trusted advisers and industry experts to unpack how to build a family that thrives across generations — strong in business, strong in relationships, and set up to hand over the farm without losing each other.

Disclaimer: The information contained in this podcast is general in nature and for education purposes only. It is not financial advice. It is not legal advice. No one should act on the information without appropriate specific advice for your particular circumstances. Ben Law is a former financial advisor but is no longer licensed and cannot and will not give you specific or personal advice in this podcast. The Financial Bloke Group Pty Ltd accepts no responsibility for any loss or damage occasioned by any person acting or refraining from action as a result of reliance on the information in this podcast.

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Welcome back to The Financial Bloke's Wealth & Wisdom podcast! I'm your host, Ben Law, and today's episode is packed with valuable insights on ambition, patience, failure, and the power of mentors. 

Our guest today is Tess Camm, an exceptional woman who grew up on a cattle station, has won several scholarships and awards, completed a business degree, worked her way up to the General Manager of Signature Beef and is now embarking on her own farming venture alongside her husband.

This episode is an inspiring and educational listen for anyone in ag, but particularly for the up-and-coming generation looking to make their mark in the field and build a career in Agriculture. 

Tess kindly shares her journey with us and interspersed throughout are clear lessons about the power of backing yourself, the importance of taking risks and how developing the right attitude and embracing your failures as opportunities to grow can be a secret weapon. She also talks about moments of doubt and adversity in her journey, highlighting the importance of resilience in overcoming challenges and staying on course.

Tess emphasizes the significance of mentors and networks, offering insights into how she found and engaged with mentors, and what mentees can do to foster mutually rewarding mentorship relationships.

If this podcast has ever added value to your farming business, we'd love for you to leave us a rating and review on Apple Podcasts or Spotify.

https://pod.link/1598835360

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Ben Law is a coach to some of Australia's most successful farming families. He was raised on the land — three generations of farming in his blood — and has spent almost 30 years and more than 40,000 hours alongside farming families, first as their financial adviser and now as their coach. Along the way he learned the truth nobody talks about: what makes or breaks a family legacy isn't the money — it's whether the family can communicate, get aligned, and prepare the next generation before succession arrives.

That's what this podcast is about. Each fortnight Ben sits down with farming families, trusted advisers and industry experts to unpack how to build a family that thrives across generations — strong in business, strong in relationships, and set up to hand over the farm without losing each other.

Disclaimer: The information contained in this podcast is general in nature and for education purposes only. It is not financial advice. It is not legal advice. No one should act on the information without appropriate specific advice for your particular circumstances. Ben Law is a former financial advisor but is no longer licensed and cannot and will not give you specific or personal advice in this podcast. The Financial Bloke Group Pty Ltd accepts no responsibility for any loss or damage occasioned by any person acting or refraining from action as a result of reliance on the information in this podcast.

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In this episode of Wealth & Wisdom, your host Ben takes us with him on the journey from his trial retirement to discovering his life's new purpose. After receiving a rather stern ultimatum from his wife (which involved the threat of a "grisly death" if he stayed home and under her feet), Ben embarked on a quest to find a new challenge. That quest led him to the creation of this very podcast.

Ben's newfound mission became to explore and share the fundamental factors of success for driven and motivated producers. Through conversations with successful producers and some deep soul-searching, he uncovered three common challenges faced by prosperous families:

1. Maximizing Professional Advisor Impact: 

Ben discusses how to find and work effectively with financial advisors, bankers, brokers, lawyers, and accountants, ensuring that they collaborate seamlessly for the family's benefit.

2. Family Strategic Planning & Alignment: 

Achieving family focus and alignment becomes a crucial aspect of sustaining prosperity, and Ben delves into strategies to achieve this alignment.

3. Preparing the “Heirs”: 

Beyond operational handovers, Ben explores the intricate process of preparing the next generation to take over the family business (or resulting wealth) successfully.

To help unravel these complex topics, Ben enlists the expertise of his co-host, Chloe, a seasoned professional with extensive experience working with family businesses. Chloe aptly dubs their approach as "kind of like a family office," but with a unique twist.

Ben and Chloe offer their insights and perspectives on these three critical areas, shedding light on the path to success for families, both now and across generations. 

If this podcast has ever added value to your farming business, we'd love for you to leave us a rating and review on Apple Podcasts or Spotify.

https://pod.link/1598835360

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Ben Law is a coach to some of Australia's most successful farming families. He was raised on the land — three generations of farming in his blood — and has spent almost 30 years and more than 40,000 hours alongside farming families, first as their financial adviser and now as their coach. Along the way he learned the truth nobody talks about: what makes or breaks a family legacy isn't the money — it's whether the family can communicate, get aligned, and prepare the next generation before succession arrives.

That's what this podcast is about. Each fortnight Ben sits down with farming families, trusted advisers and industry experts to unpack how to build a family that thrives across generations — strong in business, strong in relationships, and set up to hand over the farm without losing each other.

Disclaimer: The information contained in this podcast is general in nature and for education purposes only. It is not financial advice. It is not legal advice. No one should act on the information without appropriate specific advice for your particular circumstances. Ben Law is a former financial advisor but is no longer licensed and cannot and will not give you specific or personal advice in this podcast. The Financial Bloke Group Pty Ltd accepts no responsibility for any loss or damage occasioned by any person acting or refraining from action as a result of reliance on the information in this podcast.

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Today, we have a truly inspiring guest with us: Trudie Payne. Trudie, along with her husband Liam and their two children, Mitch and Bronte, manages a successful grazing operation in the heart of Central Queensland.

Trudie's life took an unexpected turn in 2018 when she was diagnosed with one of the most aggressive forms of Melanoma despite being the picture of fitness, happiness, health and drive.

In this captivating episode, we're going to delve into Trudie's remarkable journey – from her initial visit to a general practitioner who dismissed her concerns with a casual, "It's nothing to worry about," to the pivotal moment when a specialist in Brisbane delivered the harsh reality: she had a mere 6 to 8 weeks before the cancer would spread into her bloodstream, potentially becoming terminal.

Trudie's story is a testament to the power of intuition and the importance of heeding your inner voice. She shares how she overcame doubt, advocated for her health, and took charge of her situation. Her unwavering determination led to a series of critical decisions that, ultimately, became instrumental in saving her life.

If this podcast has ever added value to your farming business, we'd love for you to leave us a rating and review on Apple Podcasts or Spotify.

https://pod.link/1598835360

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Ben Law is a coach to some of Australia's most successful farming families. He was raised on the land — three generations of farming in his blood — and has spent almost 30 years and more than 40,000 hours alongside farming families, first as their financial adviser and now as their coach. Along the way he learned the truth nobody talks about: what makes or breaks a family legacy isn't the money — it's whether the family can communicate, get aligned, and prepare the next generation before succession arrives.

That's what this podcast is about. Each fortnight Ben sits down with farming families, trusted advisers and industry experts to unpack how to build a family that thrives across generations — strong in business, strong in relationships, and set up to hand over the farm without losing each other.

Disclaimer: The information contained in this podcast is general in nature and for education purposes only. It is not financial advice. It is not legal advice. No one should act on the information without appropriate specific advice for your particular circumstances. Ben Law is a former financial advisor but is no longer licensed and cannot and will not give you specific or personal advice in this podcast. The Financial Bloke Group Pty Ltd accepts no responsibility for any loss or damage occasioned by any person acting or refraining from action as a result of reliance on the information in this podcast.

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