Anthony Macdonald

And that's why they're under pressure.

Any chance of a rebound?

It might be a slight rebound, but I reckon it's all still too soon to expect any miracles.

Well, it's hard because we tend to look at companies and corporates and what they're doing.

But I think the budget, James, this year is going to be about the attack on individuals.

It's the attack on investors through the CGT reforms, the attack on housing investors through negative gearing.

I think it's really going to be more about going after individuals and their circumstances than it is business.

So, I mean, if you're thinking about business, business is just going to be paying more and more and more tax.

And I think the government is going to be going after individuals.

I'm not expecting anything huge for business.

What about yourself?

Yeah, I mean, we've seen it here.

America is supposed to be more sheltered from it in a bigger energy exporter and user of its own energy than we are in Australia, but surely it's creeping through their supply chains just as it is here.

I mean, I'd take it one step back even further and say, look, of the big four banks, the market says ANZ is the lowest quality of the banks.

So it's the cheapest of the banks in terms of buying its shares.

So it has to basically earn more profit to get its shares to go up than anyone else.

So, I mean, I think the result last week was pretty good, James, but the reality is the market's saying that this is the lowest quality bank.

Why?

We went through that story last week.

Issues it's had in the past, the structure is different, you know, plays in the big sort of institutional structure.