Ann: HY22 Investor Presentation, page-54

Totally agree that if Labor/Greens win the election, it'll be really bad for Australia as we'll see these 'tax'n'spend' merchants increasing many taxes.

Interest rate rises will also be a downer.

However if we step back and consider 'who undertakes renovations in Australia' wouldn't it largely be what was once termed the 'middle class' and especially 'upper middle class' individuals?

Since February 2020, the media informs us that overall we've accumulated A$250 billion in excess savings, so that money may assist in continuing to fuel home renovations. These savings are by and large held by the more affluent in society, not the 'battlers'.

Whichever side wins on 21 May, immigration will increase, even though the community says it's opposed to that. Already there's been 70000 more migrants arrive than expected over a few months.

With REH deriving half its revenue from the USA, we also have to consider economic conditions there, but REH should garner a slice of government infrastructure spending in that nation of c.330 million.