Vince Scully

And the fact that they're going to get, because their portfolios are treated on a revenue account, which means you just deduct gains from losses, so you don't have the problem that Cameron just mentioned about

you get a real loss but not a nominal loss and you have a real gain, you don't get credit for the indexation on the loss, whereas you will on revenue accounts.

Yeah.

And it probably does open opportunities to have a more like a tax-aware portfolio where you harvest the losses.

Our U.S.

friends do this all the time, which doesn't really work on a capital gains basis, but it does work on revenue accounts.

So you can sell CBA when it falls.

Sell your losers.

That's right.

People were happier to ignore it, but it'll become a big deal and the platform providers will be able to-

dust off that 30-year-old code and plug it back in.

I mean, pre-99, the technology was obviously a lot worse than it is today.

So going and maintaining your paper spreadsheet on your indexation, going to get it from the ABS every quarter –

and tracking it and working out your parcels.

That was a big job.

And so the simplification that the 50% discount brought in was timely.

It was also a time when the budget was in significant surplus.

And now inflation's lower, technology's better.

The 50% seems to make a lot less sense.

Yeah.