Long-dated real yields are quietly collapsing, page-16

TCL is almost priced as if all those growth plans occur, priced for perfection IMHO. You must only be able to get a public bus, taxi or private vehicle out of Tullamarine on a TCL toll road or local roads to Melbourne. In 2019, that is disgraceful. It seems no better than 40 years ago when the Government owned the airport and all the infrastructure around it.

Does not inspire me with confidence that the TCL growth plans are achievable if the infrastructure including TCL's just stands still and gets cancelled whenever a change in Government occurs. The Federal Government appears likely to change hands according to the polls and betting markets.

Thugs can get on roads as well. Heard of the carjackings in Melbourne, there was one at the end of the Citylink, the Monash Freeway (I think that is what they call it now, everything in Melbourne seems to undergo either change or a name change), after those paying the TCL toll on the Citylink move onto the public roads. Do not think TCL will get much benefit from civil disorder of a kind currently being seen or rather reported in Melbourne and surrounds.