a lot of the float is in non-aud so currnecy doesn’t really come into it apart from translation and which is why we are currently exposed to euro and uk rates.
a positive rate is a lot better than the current negative one we are paying away.
get to a positive rate on a 26bn float and it can get material very quickly and tailwind for this company. I’d be unimpressed if my treasury team was getting me 0.37%.
Ann: Profit Guidance, page-260
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