James Kirby

And I'd be interested to hear what you have to say about that, how I've phrased that.

But there's one or two things I want to put to you.

Just before we get into what you've been working on locally in Australia,

Your chief in the US, Salem Ramdig, the global head of Vanguard, he recently came out and made the point that speculation and investing are very different things, which sounds like sort of a motherhood statement.

But to be specific, there's a lot of action now in the US and it will come here too.

These trends invariably do come here into what they call the poly markets.

This is basically people betting on just about anything.

and highly speculative investing that is not really linked with intrinsic value in any way.

We're thinking about the Robin Hood sort of scene in the US.

And your CEO basically, he made the point that younger people, that there's an element of exploitation going on here that wasn't in the share market before.

we may not have quite the same problem, but it's definitely there.

Is that an issue you see that could be a threat in Australia?

Now, also, I wanted to talk to you about the budget and you've got, you had some very clear policy suggestion for the government, which we'll see if they come up with it in the budget about housing.

Just before we talk about that, also in the budget coming up, we know, we're pretty certain in Australia there's going to be a change to CGT, capital gains tax.

We've been talking about it on the show.

It's highly likely that capital gains tax will no longer have a discount of 50% if you hold shares for more than a year.

Rather than that situation, they're going back to the old situation where it's going to be inflation indexed every year.

Big outcry about that from many investment leaders here.

I have two things to ask you.

One is specifically, this is a question without notice because it only happened this morning.