AUD Impact, page-4

Well James, yes, there will be an effect, no doubt. The question is to what degree. I suspect the short term effect will be more pronounced than the long term effect.

All we can really do, to my understanding, is inspect some hard data. Note below some rough figures (just based on a visual inspection) of the following two bits of data:
- growth in annual outbound departures of Australian residents of up to 1 year duration
- AUD in real TWI

1. over the 15 years from 1985 to 2000:
- the TWI oscillated somewhere in the range 50 to 60
- departures averaged about 5%, varying somewhere between 2% and 8%
2. over the period 9 years from 2000 to 2008:
- the TWI rose from about 50 to 75
- departures averaged about 6%, varying somewhere between 1% and 81%
3. over the 6 years from 2009 to 2014:
- the TWI oscillated somewhere in the range 65 to 85
- departures averaged about 8%, varying somewhere between 6% and 10%

Only in 2 years over that entire period did growth in annual departures drop below 2% (in 2003 and 2004).

I suspect there are other more important potential headwinds. to FLT's long term growth, to worry about, in my opinion.

Cheers, Mars