Slother don't forget the falling AUD has a massive positive...

Slother don't forget the falling AUD has a massive positive effect on the value of their USD properties in AUD terms.

Remember at 30 June, CER had US$6.1b in assets and US$3.6b in liabilities.(Refer to supplemental report and presentation)

Even if a write down occurs over their US assets, it is more than likely that the NTA of their US portfolio will be higher at 31 December 2008 than 20 June 2008 given the depreciation of the AUD/USD from 0.96 to 0.66.

Cheers