Vince Scully

Yeah.

I mean, I'm not sure.

I mean, I think I agree with you on the policy perspective that the

It's not passed yet, but the proposals, it's still a proposed budget.

I don't think it goes very far to the intergenerational wealth problem, but I think from a tax purity perspective, I think it's got a lot going for it.

But from a CGT perspective, it's pretty hard to sustain a 50% discount when inflation's now two and a half or three, not 10 as it was in the

But from a boardroom perspective, that sort of assumes that distributable cash equals accounting profit equals taxable profit.

And those three never line up in practice.

So a board is, you know, in part incentivized to get the franking credit out because it's got no value while it sits on the balance sheet.

But there'll be maybe less or more cash, there may be less or more accounting profit to distribute.

So I'm not sure that that's a direct decision that everyone's making.

I mean, if you look at the payout ratio, what's the average payout ratio on the SX2?

Yeah.

So the other 30 sitting there.

So we're going to see buybacks coming back to the...

Although you do deduct the gain before you apply the 50% discount.

It could be for individual stockholders.

It's much less of an issue for diversified stocks.

But that is quite a high capital component.

Yes, exactly.