Anthony McDonald

As James just said, I mean, that's before AI came along with the potential to disrupt the workforce today.

So that could slow down their contributions.

At the same time, their redemptions is increasing.

How do they meet that?

I mean, they have been thinking about it, but perhaps not with that AI potential, which could exacerbate the problem over the top.

I mean, if it got to the point, though, where they're having to sell big private markets, assets, stakes in toll roads or ports or office buildings to meet redemptions, I mean, that would be a shocker.

One thing it does do though, Nick, I mean, the super funds love public markets because liquidity is always available to them.

This should bring them back towards public markets.

The fact that they happen to be more conscious of liquidity, they're going to need more assets that if they have to, that they can turn into cash pretty quickly.

And there's no way like public markets to do that.

I mean, seriously, you couldn't have scripted this, James.

If you had told me this would happen this week, I would have said no way.

And it's not because it's infeasible.

You know, these refineries, they are old pieces of equipment, highly combustible liquid gases and all that sort of stuff through them.

So it's entirely possible.

But just the timing of it, as you said, like it couldn't have been much worse.

I mean, the one good thing about Australia is

fuel situation over the past six or seven weeks is that our refineries, the two that we do have and as small as they are, have been up and running at or close to capacity.

Together, they supply about 20% of our fuel needs, which is great.

However, like you said, that all changed on Wednesday night, didn't it?