Anthony Macdonald

keep as they are for the next six to 12 months, then yeah, sure, maybe we're in trouble.

So I think investors, they've got an eye on the future, but they think it's okay at the moment.

I mean, one thing that surprised me, James, I thought companies were very polite about the government.

Productivity, planning approvals, all that stuff we hear a lot about.

Only a few CEOs from what I could see on stage were willing to bring it up.

You know, SGH's Ryan Stokes, as usual, one of the big voices on this.

I heard secondhand that Paul Flynn, the boss of Whitehaven Coal, he got stuck in the Queensland about coal royalties, you know, which is par for the course in the mining sector.

Yeah.

So very little public dissent, but I mean, behind closed doors, very different matter.

You know, I heard from enough fund managers, people have known for a long time to know that what they're saying is true.

Companies absolutely sticking the boots into the government behind closed doors.

They are whinging deluxe about the productivity problem, tax changes, planning approvals, all that sort of stuff.

They just don't want to say it publicly for fear of retribution, which feels like a bit of a waste, you know, when the budget's only next week.

But, I mean, I sort of get it from their perspective too.

I mean, what are you going to say right now that's going to change the budget?

No.

Nothing.

You know, like it's all set in stone.

In terms of the mood in the room, James, I think, I mean, the crowds, there was plenty of people there, probably consistent with last year, I'd say.

A lot of fund managers with name tags I wasn't familiar with, you know, people that come from out of town.