Ann: Australian Business Outlook Affirmed and US Outlook Updated, page-5

US clearly not growing a fast as it could; but is essentially at breakeven point prior to finance and depreciation costs. Would be interesting to know which component(s) of the Aus business is exceeding expectations. All in all, I don't see anything horrific there - the base is going well; but the growth is a little slower. We're talking 0.2 less load; which naturally has a corresponding impact on margins due to fixed costs. We've still doubled the load on last year. Typical big over reaction today; bit disappointing to see on the back of what was looking like the start of a positive run.

The run up and apparent cessation in the sort term of the buy back has me wondering if anything is afoot on a corporate level. If you can't grow the US at the speed you'd like....buy the growth???