Ann: CEO Transition, page-32

Freight (even though it gets called out) didn't actually move that much - from 4.3 to 4.9 (admittedly on 10m less in sales). Big % wise (14%) but overall not a huge number. What is of note is the superannuation expenses - those rises really hit the bottom line. Went up by slightly more + will continue to rise over the next few years. I think this is what the market is looking at - from memory I believe about 30% of leases were linked to CPI (it was mentioned in the AGM Q&A) - so they're going up 5%+, wages once you factor in super as well are looking at 4-5%+ and then total roll out gives approx 6% - so need revenue to run strong to defray these costs.