Ann: Daily share buy-back notice - Appendix 3E, page-45

Can't say I like the sound of 30% turnover in NSW either, if that is accurate. I noted comments in the FY16 pres that 1. 'Backlog for the Region has increased since June 2015 largely through infrastructure work in NSW and IDA work across the region" and "Fee revenue in the Region continues to be impacted by the lack of investment in the resources and mining sector however this is partly offset by increased public sector infrastructure work particularly in NSW and increased projects in the IDA operations" 2. Goals for FY17 included "Continue to build on strength in NSW, Australia".

So it would be surprising and disappointing if NSW is or has been mismanaged, and we were not told about that. Certainly in the HY17 presentation they mentioned the following for Asia Pac "A number of restructure actions that have been completed in H1 FY17 will generate benefits from FY18 (for example material rent reduction in head office)" and "Successful evolution of the business from resources focus to infrastructure focus"

So could it be that redundancies are occurring, and people are being hired with more infrastructure skills, and it is not really turnover at all?