Anthony McDonald

We also got a trading update from Clean Away Waste, the big garbage truck company, $20 million hit to earnings from higher diesel prices.

It says- Makes sense.

It can recover diesel costs from customers, but there's a bit of a lag there, so investors are getting pinched meantime.

And like you said in the opener, A2 Milk, I mean, its business is basically selling baby formula products.

here and also exporting it over to China.

It called out supply chain issues in the shipping industry, which obviously has been hit by this closure in the Strait of Hormuz and just the movement of goods has slowed down.

So we have airlines talking about it, you've got banks talking about it, you've got infant formula company talking about it, big industrial user like Clean Away talking about it.

The impact out there in the broader economy, it's got to be much wider.

And I don't think we've seen the start of it yet in terms of companies coming out and revealing their hit to profits.

It could be quite an early and hefty confession season in the next few weeks.

But meanwhile, markets are at an all-time high, US markets at least, and Australia's not far off.

You know, 12 sessions in a row on the NASDAQ in the US that have been up.

That's not been done since June 2009.

It's absolutely amazing.

I mean, we've been worried for a little while that markets are dislocated from the real economy.

But is it getting even more dislocated now?

Australia's 100% been left behind, James.

Like you say, 15% earnings growth.

It's something that we just don't see that in Australia.

I mean, we've got some great tailwinds at the moment in terms of aggregate market earnings from the commodity prices and earnings growth is likely to be up, say, 5%.