Anthony Macdonald

clients, markets, business, more so than deposits and mortgages.

Investors think that's a bit more fleeting or volatile, that revenue, than the sticky Australian stuff.

And there's also sort of like a trust thing as well.

I mean, ANZ's been through a few issues in the past decade.

Maybe it hasn't been the best user of capital at times.

So it's sort of trying to win back that trust to get its valuation up.

And at the moment, it's been a bit too soon for Nuno to do that.

Enjoy Canberra, James.

It sounds like you're going to be trying to fight for the young people.

So I hope you find something worth fighting for.

I'm young at heart at best, Anthony.

But first, James, the build-up to the federal budget on May 12 continues apace, and the big focus this week was the Albanese government's decision to rein in the National Disability Insurance Scheme.

It will seek to reduce the budget of the NDIS by $15 billion by the end of the decade, in part by tightening eligibility requirements such that participant numbers will fall by 160,000.

Is this the right move, James?

I mean, the government's just knocked the top off the NDIS here and it's had no choice.

It had to happen.

It'd be nice if this marks a new era in Australian fiscal discipline, let's say.

The NDIS is perhaps the embodiment of the government's going to pay to fix whatever problem we've got.

We sort of need to stamp that out in Australia.

It's not a liberal thing.