Anthony McDonald

So just think about what that means for consumer sentiment, willingness to travel, all that sort of stuff.

It will have an impact.

Virgin Australia, interestingly, went one day later.

I mean...

Virgin's obviously a good competitor to Qantas domestically, but it's just so much smaller than Qantas.

It spends like a fifth as much on fuel.

It's done more hedging, which is partly good luck and partly good management.

So it's not as impacted in terms of the near-term profit.

Okay.

The big one, though, I thought this week, James, was Westpac.

Yeah, I agree.

It's not so much hit by oil prices or jet fuel or anything like that directly, but its hit is more about the economy as a whole and what two interest rate rises, expectations of another two interest rate rises.

those higher fuel prices due to the broader economy.

And as economic growth slows, profit in a bank should also slow.

So it came out and added to its provisions looking forward.

So for bad loans, it just sort of whacked itself with an extra charge just because it thinks the whole economy is slowing to the point where it's probably not going to make as much money on its current loans as it had expected.

Now, it was only a small whack it gave to itself.

But symbolic.

Yeah, it's symbolic.

And if Westpac's doing it, you can be guaranteed, Commonwealth Bank will be thinking about it, National Australia Bank, ANZ, and all the other banks.