James Thomson

Do you expect a big bit of blowback?

There you go.

And this is a particularly political budget.

There's no doubt about that.

Yeah.

Well said, Alan.

Yeah, I think in some ways this is a bit of a sad story.

Sad for the shareholders.

But sad in some ways for the country.

I mean, CSL is one of Australia's great global success stories.

We don't have that many of them, and we certainly don't have that many of them that aren't based on digging up rocks and shipping them overseas.

That's a hugely important industry.

But CSL's business is built on sort of real innovation and know-how and the creation of an industry in terms of the plasma sector.

I mean, this company has just lost the trust of the market.

We've had numerous earnings downgrades now.

I mean, their CEO retired on the eve of results in February.

They put out guidance in February and then 90 days later, they've been forced to sort of abandon that guidance and hit the market with a profit downgrade.

$100 billion of market capitalization has been blown up in two years.

And still the company keeps telling us that, oh, you know, fundamentally everything's fine.

There's good people here.