I think there is a lot of market confusion with TIM. In the past...

I think there is a lot of market confusion with TIM. In the past most of its profits have come from new MIS, but there is a large, and increasing, revenue coming from ongoing operations; that is MIS established in the past which are at or approaching maturity. This annuity style income may be around 300 to 350M for this financial year.

However another obvious hit on MIS incomes is the change in tax rates. Negative gearing is only good for you if your differential tax rate is at least 50%. There are now a lot less people on these tax rates.

Neil