Quarterly Market Update

Order Kerney Whoalbury and a waddery woman. And before we get started on She's on the Money podcast, I would like to acknowledge the traditional custodians of the land of which this podcast is recorded on a wondery country, acknowledging the elders, the ancestors and the next generation coming through as this podcast is about connecting, empowering, knowledge sharing and the storytelling of you to make a difference for today and lasting impact for tomorrow.

are the market update emails. And I'm still subscribed to all of these. If you are one of the research houses that still sends me market updates, please don't stop just because you heard that I wasn't an advisor anymore. I get a lot out of them, but they are arguably some of the driest publications on the entire planet, right, Like we're talking about share prices and what's gone up and what's gone down, and what CEO has switched with another CEO and the backgrounds of that CEO and where

they've come from. Like it's honestly, they're dry.

boring version of a quarterly market update. I tell you, like what's been going on in the last few months when it comes to economics and politics and how it all kind of impacts the bottom line. So what does this mean for you? A lot of things. So if you're a shareholder, it's going to be impacting your share price. But if you're back and you're not investing yet, it's going to impact how much your groceries are. It's going to impact. You know what your community is saying. It's

going to be impacting political decisions that you make. And I just think all of us need to be more educated on this. But until now, the content has been really dry and really boring. And to be honest, I'm not going to wake up at six am to get the market updates on ABC News. Love you ABC probably the wrong demographic that we're speaking to, right, absolutely, well, I'm interested to see how you make this not boring.

Please don't take this negatively, but I feel like everyone's being a little bit negative at the moment, and I feel like that's being perpetuated by media, and it does make you feel like trash when every second day we're hearing that our mortgages are going to cost us more and it's harder to get into property because the cash rate has increased again, and it just it feels bad when we hear the inflation is at seven point one percent, and then you have a chat with your employer and

they're like, oh, bet, here's it, and I mean, this hasn't actually happened to you, so disclaimer, but like, oh bet, you're getting a two percent pay rise and you should be grateful for that. Like we're all just a little bit pissed right Like we're not happy about the economic circumstances at the moment. But I think something that can help us is understanding it. I'm not saying don't be mad. You can add absolutely be mad. But what we need to remember is the economics goes in ebbs and flows.

There are going to be highs in economics and there are going to be lows in economics, and right now we're kind of going through a little bit of a low. It does feel a bit trashy, but there are also going to be times where the economy is absolutely booming and you're killing it. I'm killing it, and we're investing well and we're just having the best time. But at the moment, we're just in this circumstance where it is on the downturn. We don't know when it's going to

turn back up. We can listen to a lot of smart people talk a lot of smart junk about it, but ultimately nobody can predict the future. We do think it's going to go up relatively soon, we do think, and a lot of educated people say that, you know, the recession is heading for us, but it's probably not going to be as bad as we're anticipating. But what does that all mean? And I guess that's why we're having this conversation today, V.

right now, we're in Q four. So Q four is because the end of financial year here in Australia ends on the thirtieth of June, and so a lot of businesses, a lot of economists, we're all working towards this end of financial year. Also my birthday, so I like to think that it's really fancy, but it's one of those things where you might hear Q two or you might

hear Q four. But in the finance world, we're currently in Q four because the end of financial year is on June thirty, so we're currently in the midst of that. And that's why a lot of people right now are talking about inflation because on the thirtieth of June, that's when things are going to be locked in. We're talking about HEX because the CPI and inflation on HEX is going to be locked in before the end of the

financial year to make sure that the ATO calculates things. Well, there's a lot of things that are going to be wrapping up on June thirty, which means our community needs to be privy to it. But that's why I think we'll focus on Q four instead.

that it is a job seekers market. The need for new staff and employees in areas like hospitality and tourism and manufacturing and mining, healthcare, social work, trades and services has increased, which is a really good thing for the environment as a whole. As you can imagine if we

give as much context here as possible. We went through COVID, right, and COVID was a period of significant economic downto our government carried us for a serious period of time that was really nice, so we didn't feel the brunt of it. While heaps of us weren't working, but areas like hospitality, tourism, mining, health yat they were hit really hard by that period of time and then straight after COVID like they weren't recovering very quickly, Like how many cafes did we see

closing down? And there weren't that many hostbow jobs going around. And to be honest, after COVID, people were really apprehensive about going back to roles that were quite people facing, so they didn't really want to do them because they thought that there was a lot of risk. And now it has been announced by the WHO, So the World Health Organization has announced that we're no longer in a pandemic, which is really really cool, and I think that a

lot of us are feeling that pressure release. I don't think that it was the announcement that felt like the pressure was releasing. I think we just started getting back to this new normal, you could say, and now we're confident enough to take up hospbow jobs and working tourism. All of that is starting to pick up, which means that the economy is basically operating above its full capacity and there's downwards pressure on inflation, which for US is

actually really good. So that cash rate is going to come down because employment rates are at a record low.

is it a good thing? Absolutely it is. Beck There's never going to be a period of time where it's a zero percent unemployment rate where absolutely everyone in the economy has a job, and that's okay. But what you want to see is that on the lower side during COVID that obviously peaked and that wasn't good, which meant that we are now in the economic circumstances that we are in today. Ultimately, we are in this period right

now where inflation is really high. So we know that inflation is at seven point one percent and everything is so much more expensive due to inflation. So in regards to wages and income in the December quarter, in twenty twenty two the seasonally adjusted WPI, which sounds really fancy because beck, did you know if you use acronyms, it actually makes you more intelligent? I have heard, Yeah, I heard.

So it's actually just the wage price index, so it's not that sexy, but finance bros will throw around the acronyms to make you feel silly, and then if you feel silly, you assume they're smarter than you. Right, it's not the case at all, but the WPI, so the wage price index actually measures changes in the price of labor, so whether labour's cheaper or more expensive. And we know because of the conversations that our community has been having and I've been having because as you guys know, I've

been renovating house. So this is probably a good example of WPI being high. It was so expensive to get trade's because they weren't that many of them, so they could charge a premium, so the WPI in construction was much higher. I think a lot of us can understand that,

and that makes a lot of sense. But in the December quarter twenty twenty two, WPI rose by zero point eight percent in this quarter and three point three percent over this year that is actually relatively high the private sector, so like private businesses rose zero point eight percent and the public sector rose by zero point seven percent, so relatively on par Australia's minimum wage for an adult is currently sitting at twenty one dollars and thirty eight cents

per hour. This is before tax, or eight hundred and twelve dollars and sixty cents for thirty eight hour work week. And to I guess put this into a little bit of context, the wage price index actually defines an adult as anyone over the age of twenty one, not eighteen, So it's not taking into consideration those people who are kind of like just settling into work. It's actually like the more settled individuals in our community, which is just interesting to know.

They were just bobbing along having a good day. Like they'd probably put their little press releases out and outlets it'd be like, yeah, cool, thanks, but we have a busy news day, like we're probably not going to be able to talk about the RBA, and they're like, yeah, no, where is no worries. And then when stuff started to hit the fan, they're putting out their press releases and every single media outlet's like, oh my god, can you get the RBA's media release. Let's see what's going like

we are watching it like hawks. I have always watched it like a hawk because I'm always interested in it. But now everybody kind of knows that they meet at around eleven am every day, and you know that there's going to be an announcement after that, and I just wait for this, like I'm so excited about it. Right, But so many people are now waiting on the results of their monthly meetings with absolutely baited breath to see

how much they have increased interest rates to counter inflation. Right, and we know that over time this is actually going to start declining, which is really good. I do foresee it going up a few more times. I'm really sorry. It's not just me saying this, like me saying this

because it makes sense to me. But also according to leading economists in Australia and the Central Bank, inflation is expected to continue rising before the end of the year and even further into twenty twenty three before declining back down to target range. So target range is between two and three percent. Context, we're currently at seven point one percent by approximately twenty twenty four, so we'll go back down. That's the purpose of increasing the cash rate, because that's

what it kind of counters. It's kind of like levers right, the RBA know that if they pulled the lever of saying, all right, Beck, we're going to make cash a little bit more expensive, it's actually going to stunt inflation. And that's good for us. So as much as it feels really trash, it's really good for us in the long term.

That they're kind of like putting the brakes on a little bit and you know, making sure that as an economy we are going to be okay, and we'll go back to a more reasonable rate of inflation of between two and three percent. And ultimately we don't want no inflation. That would be bad. That would mean that our economy is not doing well enough, it's not growing. We don't want too much inflation because look what's happened. We are now at seven point one percent, and bet everything's so expensive.

It's growing too quickly. Our wages aren't keeping up with it. The world is an expensive place to live. Our mortgages are costing us an armoral egg, like, it's not a good place to live. But at two to three percent, that's really healthy economic growth. That is a good place to be to know that wages are going to increase slowly over time. Our exports are going out nicely, they're coming in nicely. We've got some good jobs, we've got

good job growth. Everything is doing well. So we don't want no inflation because that means no growth, but we want an amount of growth that we can keep up with because we can't run this fast. Beck like, I can't keep up with seven percent two to three. Yeah, that seems like walking pace. I could probably do that. Oh yeah, does that make sense?

we're not buying things just because it's fun. We kind of cut back and go back a bit to the basics. The figure, so we're now at seven point one percent, is actually slightly higher than the predicted six point nine percent. That analysts and economists were predicting beg but lower than the thirty year high of seven point eight percent from the December quarter. That's a good thing. Overall prices on average rows one point four percent over the March quarter alone.

And the Australian Bureau of Statistics also released the monthly CPI figures, so Consumer Price Index figures for March, which came in at six point three percent, which is a fall. So it's dropped away a little bit from the annual rises of six point eight percent from February and seven point four percent for January. So this is a good thing. We're seeing it kind of starting to come back. We lack this. This is good news. Are you keeping up, my friend.

never been communicated like this. It's like learning French and you kind of pick up a few words and we're talking about dogs and cats, and you might understand, Okay, they're talking about a dog and a cat, because I absolutely recognize those two words, but the stuff around it didn't make sense. Context is going to be key here. So if you didn't understand what I'm talking about thus far, I get it, sis, I really do. Prior to me being a financial advisor, I would have been like, I'm

turning this podcast off. It makes us no sense. But I promise you all of that is going to make sense once you go, Okay, I'm over it. I do know what CPI is, Okay, I'm over it. I know what the Central Bank is. Okay, the RBA makes sense. Like all of this stuff, it's just about exposure. Yeah, if you're not getting it, it's not because you're silly. I promise you are such a smart person. And while I say this isn't complicated stuff, it genuinely can sometimes

feel like I'm speaking another language. Listen to it. Again, I promise. And I just wanted to interject there because I feel like, genuinely sometimes people are like, what the hell am I an idiot for not understanding this? No, sis, you're not. You just never spoken French before. How are you going to know how to speak French if we don't practice it consistently?

I just want to know, like, I'm not going to try and steal those people from you. I might, like, promise I won't if you're nice. But in its recent release, the Australian Bureau of Statistics noted that the most significant price rises were in a few things gas and other household fuels. I don't think anyone's going to be surprised about that, which soared by fourteen point three percent. Fourteen point three percent more for gas, that is wild geez.

Medical and hospital services they rose by four point two percent. Tertiary education costs rose by nine point seven percent. Oh wow,

discoo stent. And domestic holiday travel and accommodation is up by four point seven percent, which personally I found quite crazy because I assumed that it would be much higher than that, because obviously, during a period of time black we've just gone through with COVID, I thought it would be with so many international workers leaving our country and so many Australian workers now taking those roles and arguably demand higher incomes or less hours or like there's just

been a lot of change. I assumed that domestic holiday

travel and accommodation would be higher. But I think because a lot of these places are just trying to keep people coming in the door, they haven't raised prices as much, and I would genuinely predict that in the future that is going to go up even more because it's still expensive to like run hotels and run resorts and run any type of accommodation like that's expensive, and the burden that they carry of not being in business for such a long period of time, I believe is still being carried.

So I would not be confused if you know, in a couple of months the ABS releases data that says domestic holiday travel and accommodation is much more expensive four point seven. I was like, do you mean fourteen point seven? But that's not the case. I did triple check it, all right. The Reserve Bank have increased their interest rates.

So the cash rate we've talked about inflation obviously at seven point one percent, but the cash rate that the Reserve Bank have implemented try and battle that is now at three point eighty six percent. So the Reserve Bank, let's see the Reserve Bank. The RBA is the big dogs,

and they have all the money. They lend their money to other banks, So like NAB and where's pack comback, they all go to the RBA and they say, hello, sir, we're a business and we offer mortgages, but we need your money, so we will pay you a certain amount of money to borrow your money and then we will lend it to our consumers. So we'll lend it to Beck if she wants to buy a house. The RBA historically was like, yeah, let's make sure that housing is

really affordable. Let's drop the cash rate to one percent. Banks will like, heck, yeah, that means that if we are paying one percent to borrow the money from the RBA to give to our customers, we could probably clip

the ticket by lacker point five percent. So if you then bet go down the street and say hey, nab one alone, they'll go, we can give it to you for one point five percent, because that means that they're making back the one percent that they're paying the RBA, and then they're making point five percent on your interest rate, and you go, that's a good deal. That's cheap money. Now the RBA is saying, oh, people are borrowing too much money. Things are getting wild. We need to stop

people spending as much on discretionary items. You know what we can do. We can tighten up the belts. We can actually increase our cash rate to three point eight six percent, which is going to mean Beck she can't afford brunches easily. That means that Beck's not going to be contributing to the economy, which is going to slow down economic growth. So that our inflation rate goes down. And what that means is that these banks are now going, oh, we used to be able to borrow money for one

percent from the RBA. Now we have to borrow at three point eight six percent. We're not actually making money, so we're going to have to pass that on to our consumers. So, Beck, if you were able to get money for one point five percent, now when you go down to the bank and say, hey, need a home loan, they're going to say, look, Beck, we borrow money for three point eight six percent from the RBA. We still

want to make at least that point five percent. So now when you get a home loan, the average is looking more like four point two four point three percent. A few of them are closer to five percent because those banks still need to make money, they still have employees that they need to pay, they still have a debt with the RBA. It's not banks trying to screw us over. I promise like your bank is not trying

to put you in the worse off position. In fact, a bank wants money to be as cheap as possible, because do you know what happens when money is as cheap as possible? People borrow more of it, and I promise you if the cash rate was still one percent, the bank would much prefer to lend you money at one point five percent. So they're taking that point five.

Then what's going on now, Because even if they're making point five and the cash rate right now is three point eight six which means the bank is now saying, look back the cash rates three point eight six percent, I'm still going to tack that point five percent on. So now it's four point three six percent. So technically they profit margin identical, but you, as a consumer, can afford less, so you're borrowing less money. So the bank is actually making less money in this current economy than

they were when cash was really really cheap. So it's important to remember it's not the bank's trying to get us. It's actually just the way of the world and it's economics. It is not the bank trying to absolutely screw you over and pass it on. If the bank didn't pass on this three point eight percent cash rate that the RBA set, they would go bankrupt beck and that's worse for the economy, and we don't actually want that to happen. So as much as that hurts and it's not a

fun position to be in. We actually want that because it tightens the squeeze. It makes sense. It's not forever, though, so I think it's really important to remember that nobody's out to get us. They're actually trying to protect us by putting these rules in force, and that's why the cash rate is sitting where it is at the moment. If you want to know more about that. We actually did drop an entire episode on the third of May about investing in a high inflation environment, which I would

recommend going back and listening to. But I hope that makes sense as to why the world isn't trying to screw us over. I know we're really negative and it really sucks, but it would be much worse if they let you keep your one point five percent interest rate.

From me, I'd be like, all right, Beck, high interest savings accounts are dead, Like you're not even going to get more than one percent. Now, there are savings accounts that have four point five percent. That's really sexy. So if you haven't looked at high interest.

not getting such a good savings rate. So you're correct. Right now is a good time to be re evaluating your savings account. Your bloody genius, Oh thank you.

percent more. And I think a lot of us have in our heads, oh my gosh, my bank was charging me one point five and now they're charging me five percent on my mortgage. They must be rolling in it, right, That's not actually the case because they're actually having to borrow the money at more, so they're kind of just passing that fee to you, so that profit margin is not coming from there, which I think is important to

preface before I give this number because it's insane. So the big four banks, so when we say the big four in Australia, we're talking about A and Z, NAB and west Pac. They have reported are you ready, They've reported a combined sixteen billion dollars worth of profit thanks to raising the cash rate. So as much as they're passing it along, it's still helping them. This might see

the budget return a surplus according to Motley Fools. Scott Phillips though, and I've been consuming a fair bit of his data recently because he's got a partnership with our friends Chairsey's. And this is not a sponsored mention at all. I just really like it. But he's doing the market update on the Chasea's Instagram and I'm just vibing it, Like, Scott, if you want to come over and do one for She's on the money, Like, I just think it's really

good content. Or we could send the community over to the Chasea's Instagram and I guess they could get it there without us having to talk to Scott pos we could be one or the other. I mean, it would be nice to talk to him at some point, but I think it's really really interesting just I guess having

these conversations and what it means. And that's why I prefaced it back, because I was like, look, they've you know, combined, they've got sixteen billion dollars worth of and a lot of people might have jumped to the conclusion that, oh my god, that's because the rates have increased and you know, they're absolutely raiming us, and like, yeah, nah, Like there's a balance there, because if I just told you that, you would have been like, yeah, because interest rates went

from one and a half up to like four and a half. Well yeah, but they're also having to borrow money at a higher percentage, so not all of that is profit right, so.

to shareholders, and ultimately shareholders really like that. And I really like that. Yes, that's why I earned some banks like portfolio. That sounds it pretty sweet.

of people are going to be quite opinionated. Beck they can go, oh my god, but they should be passing this on ra rah. They most often are, They're passing that profit onto shareholders. So each and every single year when they report a profit, or maybe it's every six months, it depends on their reporting criteria, they pass it along to shareholders, and they might reinvest some of that profit back into building the business, but a lot of the

time it just goes directly to shareholders. And the reason for that is the banks are already relatively well established and they don't need to, you know, reinvest significant amounts of their profit back into their business to grow it again because they are already there back right.

really like it. I think it tells you a lot about the government's priorities. It was interesting because obviously the Albanezy government has prioritized cost of living relief, which I think is really sexy. So we're looking at things like housing and healthcare and clean energy measures and the budget. Not everybody is happy about the budget. I think a lot of people have seen it as a bit of

give and take like. I've heard a lot of comments of people being like, oh my gosh, they're investing in this, but that's taken away from X. That's not how the budget works. You know, budget gets allocated in line with priorities of the government but also the community and taking lots of different factors into consideration. They're not looking at it and going, oh, should we allocate to Beck or

Victoria like, they're not comparing the two. They're looking at that situation and how much funding it would need and then looking at the total budget and what they can allocate. They're not kind of, you know, looking at it going let's take away from Beck like. And I think a lot of people when the budget comes out feel really attacked. And that's not necessarily what's happening, but it's to their own.

We can all have our own opinions. But essentially, the Albanese government has said that they're going to deliver get this quote, a stronger economy and a fairer society. Ah, I mean whatever. That just feels very political and I'm very much of well, put your money where your mouth is, mate, we walk the walk. I don't care about the talk, like, just show me what you're going to do. So let's talk about the budget a little bit more deeply. Do you want to do that or is that too boring? Ah?

financial support. I think that's really important. So the CRA payment is actually going to increase by fifteen percent, and in a world where our inflation rate is sitting at seven percent, like, that's probably pretty welcome. Yeah, definitely, So that's good. The government's also going to reward small business owners. They've got a number of different financial measures that they're

going to introduce. So the instant Asset Right of threshold is going to be temporarily increased to twenty one thousand dollars from the first of July from this year. So that means that if you have a small business which get this peck. I think you'll laugh at this if you have an annual turnover of less than ten million dollars, you're a small business, Like, so.

this measure to buy multiple assets, which is kind of good. Beck, and I guess to put that into a little bit of perspective for you, Like, let's say you have a beauty business and you want to start doing laser Like this will increase my revenue, right, Like having a laser machine. If you buy that, you're going to get an instant asset right off on that. So like the tax comes back to you. So it's actually relatively sexy and can be for a lot of businesses worth up to like

thirty percent of the value of that item. So that's actually very good. So it's not like, oh yeah, instant asset right off when you're kind of like, well, what does that mean. It means that, like you can write off the tax on that item. It doesn't mean you get that whole item for free, but like you can write off that tax and it's going to put you in a better financial position. So instead of, you know, as a business owner, we pay thirty percent on tax

as a general kind of blanket rule. Obviously, there's lots to it, and you need to talk to your account and if you're going to you know, take this on, but it's important to understand the instant asset right off means you are kind of, let's call it, like, in a very basic way, getting a really big discount on an asset that you need to purchase for your business to grow.

scrapped on the thirtieth of June. So I mean, you're probably not always looking at carsales dot com dot U.

I'm not either, huh. But it's just an interesting thing to talk about because at the moment, lots of cars are hard to come by because it's in the lead up to June thirty, and lots of small business owners are kind of like snapping up the SUV they've always wanted to buy, or like snapping up a car for their business because their accountant has called them and said, hey, Beck, like, if you were planning on buying a car, now would be a great time because if you buy it after

the first of July, like you're not going to get basically sixty thousand dollars tax, right off, it's going to drop back down to twenty and obviously that's pretty attractive. So lots of cars are off the market. So I don't know what you'd call him, my brother in law. Like my sister's partner's currently looking for a car, let's call him brother in law. He's probably not rather alike, but sorry, Alex, like they're not married, but that's okay,

Like I'm manifesting and manifesting anyway. They were looking for an amok, which is like a big training car, not one left in the country. Really not why you can't get it before June thirty. It's just interesting to see how those things work because you wouldn't think about it. But if you've been looking for a family car and you just can't seem to find one, my friends, that's because all the small business owners have already gotten on it.

that means and how that works. Because I have bought a car before in our business and been able to write it. Often it was secondhand, and I'm very big as an advocate I suppose of buying secondhand cars because like brand new cars lose a lot of their value. And I'm you know, I'm a money gal. So I think have a chat with your accountant and they can give you the specifics. Obviously this is not a tax planning episode. I just think it fits into this conversation nicely.

And as you guys know, I love a bit of context, like I love being able to go, oh, did you know this? This and this? And there's no I'm a rocks left. I have no intention of ever buying an ammarok, but I feel smart at knowing that you know, yeah, same.

We're going to stop talking about the tax side of things very shortly because I actually am planning to do an entire tax planning episode really soon, because it's coming up to tax time and I want to make sure that we're in the best possible position.

electrification and more efficient use of energy. Very good. So companies with a turnover of less than fifty million dollars unrelatable content will be able to deduct an additional twenty percent of the cost of depreciating assets that are eligible under the Small Business Energy Incentive measure. That's a mouthful.

isn't worth much anymore. Right, So it's important to understand that over time. If you, as a business buy an air conditioner, it's a two thousand dollar air conditioner. Next year, technically to the business it might be worth eighteen hundred dollars, and the year after that and the year after that just decreases and decreases, and then it might be worth absolutely nothing because it's a thirty year old air conditioner.

You know, no one's going to pay full price for that, So the taxman builds that in because otherwise, if your assets didn't depreciate over time, beck you'd end up buying a two thousand dollar air conditioner, and then that adds

two thousand dollars to the value of your business. And then in a couple of years you might buy a few more things, and then you have this business that's valued at like, you know, one hundred thousand dollars when you I don't actually have one hundred thousand dollars worth of assets you could recover. Does that make sense? So, like I couldn't sell those things for one hundred grand.

So the taxman's like, let's just be reasonable about this and actually claim what you're losing on those assets, which is quite helpful.

it's not really going to get you much. Yeah, I feel like on job seeker or youth allowance or your parent or like you're doing or study, like forty bucks, what's that going to get you nowadays? Literally? Not that much?

going to do all that much. Mats not enough exactly. So the government will spend three billion dollars on direct bill relief, So that's quite sexy, co funded with state governments to eligible households including pensioners, senior healthcare card holders, and family Tax Benefit A and B recipients. So the government claims more than five million households are going to have up to five hundred dollars deducted from their power

bill next financial year. Oh that's a big deal. I think that's pretty good, especially for people who, you know, if you're a pensioner or you have a senior healthcare card holder, like you're going to need that type of relief, And I'm sure that that will take a bit of pressure off, Like energy these days is so expensive, and we already know that, Like, let's be honest, let's stereotype for a hot second here, My nanna never turns her heater on like she wants to be warm all the time.

I swear only one room in her house is ever heated. And they're already so careful about these things. So I think that that might take a little bit of pressure off the people who you know, aren't doing incredibly financially but still deserve to have that relief because look, honestly, it's a basic human rash. Yeah, all right. Next up,

we have single parents. They're going to be able to claim the single parenting payment until their youngest child turns fourteen, whereas the old age used to be eight years old. So that's a significant jump in age, and I think that that will be really helpful, and they plan to triple the bulk billing incentive that GPS receive, meaning it there'll be more common consultation types which doctors can choose to bulk bill for, which I think is really sexy.

I ried doctors and I've been having this conversation recently, and they're like, look, that's not actually going to do as much as you think it is. And I think, you know, let's take all of that with a grain

of salt. I think that the government stepping in to kind of triple the bulk billing incentive is good, but there's obviously a lot of other pressures on doctors to be able to bulk bill and actually be able to afford it, because they're paying like rent, and they're paying you know, their nurses, and they're paying everything else, and they're in the firing line for the cost of living crisis as much as we are. And I'm not saying that they're not doing well financially, like if you're a doctor,

you probably have a relatively good income. As a stereotyping thing, but I think it's worthy of mention because I think a lot of gps are going to go v like, that's not going to fix it, like everything's not going to go back to being bulk billed. But that's our government trying to take a little bit of pressure off that system, so hopefully things can be a bit easier for the people who need it to be easier. And I think that that's, yeah, probably a good place to

leave it, my friend, sounds pretty good. You reckon, Let's go absorb it.

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