SP has already fallen further than the estimated profit dip...

SP has already fallen further than the estimated profit dip which would occur IF these changes are fully implemented. We're heading into an election year where tax reform will be centre stage. If Turnbull can't pass the reforms quickly he'll ditch them, don't need a GP Co Payment 2.0 when you're already in a spot of bother trying to convince the masses we need to increase the GST.

In other words SHL is a buy at this price as the likely impact of these measures has already been passed on in full despite a considerable chance the changes won't get through a hostile senate.