James Thomson

And the reason I don't think it's the bottom is because think of what's going to happen here.

So at the moment, we've got an interim CEO and a chairman who's about to leave.

So what we'll have is succession, the CEO level and the chairman level.

Now, the way these things go in almost every case is a new CEO comes in, does some big highfalutin review, finds all these skeletons in the closet and rebases the earnings with a bunch of write downs and profit downgrades.

Maybe CSL can avoid that fate, but do you want to bet on it at the moment?

Well, the acting CEO has done a fair bit of that, hasn't he?

Well, he's done a bit, but the interim CEO, his message on Monday was, this is a fundamentally good company.

I hope this is the bottom.

I expect it is.

I think the problem CSL has got at the moment is that the market doesn't believe what they say.

And so here's...

that this is the bottom, that's not going to hold water.

Investors are going to want to see more evidence.

Well, I think part of the reason you have a different tax system is also that you want to encourage investment.

So, you know, we provide tax incentives, which is what the CGT discount is, to encourage investment and so you have a different regime than you would to working.

So...

You know, maybe Aidan's idea simplifies everything, but historically we've tried to give a little bit more for investors.

Andy has a related question I feel we spend a lot of time debating super and other tax concessions but we don't talk enough about why Australians are so obsessed with amassing assets residential property in Australia has now hit a staggering 12.6 trillion and super 4.5 trillion a huge driver of this seems to be a rational fear the age pension is essentially a survival payment at the poverty line

Australians have realised that if they don't buy property and hoard assets while they're working, they won't have a dignified life in retirement.

We've created a system where people feel forced to stockpile houses and super capital because they can't trust the government to provide a decent floor.