Shane, how critical is this constraint going to be when it comes to the future success of the sector? I was really interested to read in CBR's new LFR report that Australia has about a third as much LFR floor space per capita as the U.S.,

Yeah, look, I think there's pros and cons to comparing the Australian market to the US market.

Obviously, from a scale point of view, population base and all that sort of stuff, they're quite significantly larger.

But over there, they've also got challenges of probably having too much GLA over there and having... centers spread out across the the marketplace in certain catchments where if they can find that into one major asset it'd be way better for the consumer so i think what australia do extremely well is that you don't have four or five centers competing across the same industry for the same tenant for the same consumer you've got very strong retail centers that are their best in class for that catchment and therefore offer the best product for the consumer so I think we've got to be careful comparing US and Australia because we are very fundamentally different markets.

There's obviously things to take from those economies that are being implemented into the Australian market.

And we've got a lot of our retail brands that have taken a lot of the retail fundamentals from other countries and implemented them into their Australian concepts.

a lot of positive but back to the question around the constraint scenario it's a positive and a negative because the positive is you do have those great connected centres because they're here and now but the negative is there's genuine demand from a retailer to grow and the opportunity is almost non-existent and we quarterly go to the LFRA retailers association conferences and the retailers, the first thing they ask is what do you got on? Where can we open up another store? And my biggest frustration is I know you've got a long list of locations and suburbs that you want to open stores in, but I could probably find you one or two out of the list of 20.

So Shane, one opportunity and one risk.