Carrington Clarke

So we have seen an impact on the Coles share price.

I'm looking now, it looks about down 3.8%.

Again, timestamp's important, it's about midday.

We'll see how, as this information is processed, what people make of what the impact is going to be on the profit.

Now, that's a lot less than what we saw with the Commonwealth Bank yesterday.

I mean, its shares got absolutely smashed after it provided an update on its performance.

But it also came the day after the budget.

So the usual disclaimer applies.

It's impossible to know what every single individual buyer and seller was making its decision based on.

But I think the view was that the result from Commonwealth Bank disappointed.

Their earnings weren't as high as people were expecting them to be.

But also the question about what the taxation changes announced by the federal government would mean for the property market in particular and what it would mean for Commonwealth Bank

the biggest player when it comes to home loans, has more than a quarter of the investor mortgage market, that this would also hurt its future earnings.

We don't usually see big hits like this to big companies like the Commonwealth Bank, do we, Dan?

What did you make of the investor response?

So according to the Treasury modelling, they expect the taxation changes will lead to dwelling prices growing 2% less

per year than what they would otherwise grow.

So the example they used in the documents was instead of growing at 6%, they would grow at 4% now.

And they say that's a modest change.

And it means that it'll be slightly more affordable for first home buyers to get into the market.