Anthony McDonald

I mean, in addition, James, we've got a couple of speeches from the RBA Deputy Governor, Andrew Houser, who has emerged as someone who's really worth listening to.

And he basically just parroted the Michelle Bullock lines that, you know, inflation is a concern, we'll raise rates higher if we have to.

Let's just wait and see what happens.

Well, the shaken sentiment, James, while it's a forward-looking indicator, it is impacting some profits materially, and boards are having to start to think about disclosure.

So the big one we got this week, and it's the one we've been waiting for, the obvious one, the most exposed oil stock on ASX outside of the energy sector, and that's Qantas.

Guess how much Qantas spends on fuel every six months?

Tell me.

About $2.5 billion last half.

Right.

Up to $3.3 billion this half.

Huge fuel bill, right?

Huge numbers.

And its fuel costs likely be up $800 million.

Up to $800 million, it reckons, in the six months to June 30th.

So, you know, if you're worried about the petrol price when you drive past a petrol station, Chase, just imagine what it's like if you're a Qantas CFO or treasurer and think about all the money going out the door.

Fair point.

Its profits obviously have been absolutely smashed.

It hedges against the oil price, doesn't hedge so much against the actual cost of the jet fuel, what it costs on top, like the margin.

And that margin has gone through the roof way more than the actual oil price has gone up.

So it's doing whatever it can to try and protect itself, protect its earnings and profits.