Anthony McDonald

Well, it's all about capital gains tax, James, which is very topical.

Bear with me, people.

Capital gains tax is great in a headline, but people don't often like to understand the details.

So basically, if your shares have gone really badly in the past 12 months, the year to June 30, some people want to sell them to lock in the capital loss to then offset against gains maybe they've made somewhere else.

I mean, there's some really big candidates this year.

We've had some big falls, unexpected ones from big companies.

So the share price of CSL, Cochlear, WiseTech, all down more than 50% this financial year, which is just amazing, James.

But basically, the tax loss selling means that anything that's been hit hard over the past 12 months can sort of get hit hard again in that final week of the financial year, just as people try and lock in some of these capital losses.

Funnily enough though, James, I mean, it's the 19th of June today.

What we've actually seen is these stocks have traded up this week.

So if the tax loss selling is there, it's not going to happen till late.

But yeah, I mean, there's a bit of question about Mark about whether it's going to happen this year or not.

Yeah, total recipe for disaster, Nick.

And 100% of the super funds are already thinking about this.

I mean, they put this in the liquidity bucket.

So for them-

It's all about matching the contributions and redemptions, which they've not really had to do so much before because they've been flooded with contributions.

So whatever they have to pay out the other side, they're always going to have the cash sitting around to do it.

But in the past year or two, we've seen the big super funds, Australian Super is a great example.

They hire a chief liquidity officer because they know they're going to have to be more conscious of managing this liquidity problem.