Ann: FY15 Full Year Results Presentation, page-18

What they have is a very strong and dominant network effect. Job seekers use it because it has the most listings, and hirers use it because all the job seekers are there. It's a virtuous cycle that provides them a huge moat and gives them significant pricing power. It's the exact same with Carsales and REA Group. There are already cheaper and even free competitors, but they make little impact.

Seek also have the ability to be pretty nimble and adaptable to changes in the industry and new competition given their business model. And their size and cash levels mean they can and do make plenty of acquisitions. Basically they're continually evolving as a business. They have plenty of growth opportunities, especially internationally, and I don't think they're a sitting duck at all. They're simply forgoing short term profit growth to invest for the long term.