Ann: Quarterly Activities Report and Appendix 4C, page-29

Actually, It could leave you a tad worse off.
Yes capital losses offset capital profits... BUT... the profits will be offset against the losses BEFORE the CGT discount applies.
If I had 200k in losses banked, and I just sold something where I made 400k in caital profits, 200k of the profits would go against the losses to wipe that out. The remainder of the 200k profit would then have the 50% CGT discount applied leaving you with $100k taxable. Because you have offset the first $200k to the losses, thats one for one, then add the $100k in profits and you've ended up with $300k as taxable.
If there was no losses banked then you would have potentially got the CGT discount on the whole $400k leaving you with $200k as taxable.