Ann: AGM 2019 - Chairman & Managing Director Addresses, page-8

quote from AFR , 26 Feb 20, "Mr Summers said the current year would be stronger than the last, as improving access to credit and confidence after last year's federal election and in the wake of the banking royal commission, would continue to drive demand in AV Jennings' Australian and New Zealand markets.

"Housing is not a luxury, it’s a necessity and to a large extent, while you will need corrections for things like affordability and where pricing gets a bit too strong, at the end of the day, housing is a basic requirement," he told The Australian Financial Review.

The COVID-19 virus did present a risk, but for a company that made the vast majority of its money from land development rather than construction, any impact would be minor, Mr Summers said. "We do expect that there will be some impact from supply chain issues to the housing component of the business," he said.

"To a large extent, some of those things will be taken care of by suppliers and what is available today, but obviously, if this issue was to continue for much longer, that will have more impact on that component of the business that is housing related."

A spokesman said the most China-exposed part of the business was its apartments division, which accounted for $4.3 million of AV Jennings' $171.4 million revenue during the period.

AV Jennings is developing 60 apartments at its Waterline Place project in Melbourne's Williamstown."