Alec

Anyway, let's just quickly touch on what we can expect.

And I think one thing is clear, this is not going to be a cost of living handout budget.

The government is very much focused on trying to reduce their debt and trying to pull back on the spending.

So they've clearly said that any extra revenue coming in, particularly from the Iran war, is going to go straight to paying down debt.

The federal debt is forecast to crack $1 trillion in the next financial year, which is a stunning turnaround from, I can't remember when we were profit.

But then we- Started spending-

So they're going to crack down on things like the NDIS.

They're hoping to get about $35 billion in savings there and then broader spending cuts.

They're hoping to achieve about $143 billion in savings over four years.

So very much focused on savings, savings, savings, rightly so.

I think one of the biggest, if not the biggest contributor to inflation at the moment, well,

long-term is government spending.

Yes.

Yeah.

It's kind of almost fake growth in a way that the growth that we're seeing at the moment is propped up from government spending.

Well, some of the largest companies in the world and in our portfolios have reported.

So we're

We're deep in reporting season over in the US and we obviously want to keep an eye on the companies that are in our portfolio, how they are reporting to make sure that they still deserve a spot in our portfolio.

We're going to touch on Eli Lilly, Alphabet and Berkshire Hathaway.

But before you do, Ren, you wanted to start a bit high level.