Anthony Macdonald

The NDIS would be nice if it was the start of that.

I doubt it is, but at least they're finally reining it in.

It does, James.

And what really catches my eye, this is one of the unspoken about changes in Australian capital markets and globally in capital markets.

When we talk about the rise in passive investing, something that you and I do most weeks, James.

Yes.

We're normally thinking about, you know, this is big super funds just throwing money into the ASX 200 index and letting that money filter down to companies or throwing it into the S&P 500 index.

And these are very passive asset allocation decisions.

But it's actually so much more than that.

And behind these big index funds, we have this giant wave of thematic investing and thematic funds and people allocating money into ETFs.

actual active investment decisions.

They're choosing themes to investing and they're doing it via ETFs.

That's really another element in the market that's sort of changing the way share prices are set, changing the way that stocks trade.

It's just getting stronger and stronger and stronger.

Yeah, 100%.

So if you think about Commonwealth Bank, for example, it might be caught up in dividend ETFs, quality earnings ETFs, sustainability ETFs, Australia ETFs, banks ETFs, all this sort of stuff.

You might have an investor somewhere in the world thinking, I want to buy some Australian banks.

I want to buy quality Australian earnings.

I want to buy global sustainability dividend leaders.

And CBA is kind of caught up in that.