Ann: Half Year Results Presentation, page-11

By the way, it needs to be mentioned that the revised agreement will still be made under the auspices of the Fair Work Act 2009, and it shouldn't be lost on anyone that the introduction of the FWA in 2009 coincided with a huge jump in employee costs in Boom (from 38% in 2009, immediately to 46% in 2010, as noted in Adam's post here - http://hotcopper.com.au/posts/13669376/single). That's a salient reminder to not be caught owning businesses that are heavily reliant on unionized labor, when the ALP wins power at the federal level.

In practical terms, i'd suggest that the FWA will make it very difficult for Boom to get its employee expenses down to the 35-40% of revenue range that existed prior to 2010. Something in the low 40% range would be my guess (i.e. a midpoint between the unsustainable current ratio of 48%, and the 35-40% range enjoyed prior to the FWA).