What are the strong tailwinds for SGH, do you think? Yes, when we look

at our, I mean, we've got three different areas that we're involved with.

For the bulk of our activity, it's this industrial services business.

So three businesses we own wholly, so Westrack, Borough and Coates, all with a degree of focus around, as I said, mining production, infrastructure and construction.

The outlook is positive and we do expect growth for FY27.

Energy is the other sector and there's...

I think a strong thematic there, a few issues of complexity to work through as far as domestic gas goes, but playing strongly into that.

Do the synergies between what's been created at Southern Cross Media offer good opportunities to turn around the two big businesses inside Southern Cross Media?

What, what are, are the strong tailwinds for SGH do you think?

Yeah.

So when we look at our-- I mean, we, we've got three different areas that we're involved with.

Uh, for the bulk of our activity, it's this industrial services business.

So three businesses we own, you know, uh, um, wholly, so WesTrac, uh, Boral, and Coates, all with a degree of focus around, uh, as said, mining production, infrastructure, and construction.

The outlook is, is positive, and we do expect, uh, growth for FY27.

Energy is the other sector, and, and there's, uh, uh, I think a strong thematic there and a few issues of complexity to work through as far as domestic gas goes, but playing strongly into that.

Is that changing now? Are you getting a more flexible group of people who, who see that the, the, the cross-promotion, the, the, the integration of businesses that once were rivals, uh, is the way in which you guys can actually make money in the future?

I mean, what have been some of the things that have been putting pressure on coats over the past 12 months?

Yeah, the sector we play into on the infrastructure and construction side is slightly different to Boral.

It's been more competitive in the rental space as you've got surplus gear in key markets.

We're very pleased to see that the time utilization step up above our target, so that's a key measure of how active the gear is.

We've grown the fleet and we'll continue to invest in fleet to ensure we've got the right fleet profile.

And we see opportunity across some of the major infrastructure activities.

So we definitely see what's going to happen in Queensland with the Brisbane Olympics coming on.

Have you had any feedback from those public comments about a month and a half ago, and are you expecting any potential changes to what the government's planning to do?

Does it make any sense that Western Australia and the Northern Territory, which have vast gas reserves, that they're included in this gas reservation scheme as well? WA already has a 15% gas reservation policy which it's had since the very beginning of the North West Shelf.

Sure, and that's...

We would argue that there are, you know, three distinct, uh, gas markets, and each need to be looked at independently.

Uh, uh, in our view you've got, uh, an East Coast market completely interconnected.

You've got a, a West Australian, uh, gas market between the L- uh, LNG export and domestic market where that is interconnected, and then you've got Northern Territory.

Uh, I think having a policy that, which actually ensures each market is in balance is in, uh, all, um, you know, participants' interest.

So if you think about manufacturers knowing that you can contract gas reliably, uh, and the market is in balance, that, that serves that interest.

That's the reality of the situation, isn't it? Otherwise, we're not competitive.

So from your own sense, is this a way to reduce the reputational risks that might've come from owning seven, but you still have a little slice of media?

Look, we see this as consistent with what we've been saying for a long time around the need for media to continue to increase its scale.

So for us, we had the largest radio network in with the largest TV network.

And there are a number of opportunities to drive out through that.

Natural cost synergies will come through the operational efficiencies, but more the point.

The promotion between the two are able to kind of keep audiences there.

So there's an audience synergy and working together to provide solutions to advertisers to create a revenue synergy.

I just wonder, in terms of discipline, whether you sense your meteor assets are going to reach your return on asset hurdle rates in the future, given the fact you've got other businesses which quite clearly are easily able to achieve those?

Are they any hope of actually hitting that target do you think?

I mean, the government set that ambition, and it's not really a government's role to step in and build housing in Australia.

I think it's how do you set the environment up that's going to support that investment.

And I think what we're seeing from an easing rate environment will be a catalyst to help drive that construction activity.

There's been population growth, so you've got this demand that needs to be met, and we certainly see that growing.

playing through into this long-term demand for residential construction.

And we think each of the cities, capital cities in Australia, need to see that residential construction step up.

Is Australia now more difficult to do business in? Your business is going OK, but what I'm wondering is whether you're tempted to send more of your capital as many other businesses have overseas because you think you might be able to get a better return on your capital What's that argument like in your own mind?