how low can this go?, page-38

Yeah I can understand where you are coming from. I just personally take a different view to the potential value of those assets (worst case scenario). I can see quite excessive write downs if they get absolutely hosed in the royal commission as I expect in conjunction with legislative changes. I work in financial advising and dealergroups are a dying breed. I don't know anything about spectrum but would need to be conscious of what level of income is derived from grandfathered fees/commissions, that's about to get absolished IMO. And yeah I think the funeral Insurance has a different cooling off to life insurance products but would need to clarify.