Steve Daghlian

Yeah, exactly.

So you're right.

Pretty much every other sector is doing reasonably well.

The material's up around two.

Consumer discretionary up around 3%.

Property trusts are lifting by a little more than 1%.

So the rest of the market, we're seeing improvements, but much more modest.

We should touch on CBA because it is down by roughly...

10% today.

So pretty sizable decline for the bank, the biggest decline in a number of years, in fact.

So it did hand down quarterly cash profit numbers and results, $2.7 billion cash profit, actually up 4% on the prior corresponding period 12 months ago, but 1% below the average that we saw over the first half of the year, perhaps a little shy of what the market was hoping for there.

Also some attention in the media on what impact budget tax changes on abolishing negative gearing and the like could have on property investor activity and consumer confidence.

The changes could potentially reduce the attractiveness of existing dwellings as investments and eventually could put a little downward pressure on property prices, but that could take quite a long time to achieve.

take effect.

At the same time, of course, we've already had three interest rate hikes here in Australia just this year, and that's something that does just raise costs.

Now, it is important for a bit of context here.

Yes, CBA is down significantly today, but last week we had Westpac and NAB out with their half-year results.

They did fall when they handed down those numbers.

And if we take a look back to the start of the calendar year, CBA is actually still outperforming the other three major retail banks as far as the drop that we've seen on the market this year.

Another standout is Parenti Limited, PRN.