Ann: FY18 Full Year Results Investor Presentation, page-28

Thanks OE.

Uniform recycling standards are good, yet will be insufficient to meet these ambitious/modest recycling targets. Detailed, automated sorting by rubbish collectors is essential. Only a handful of operators have
both the capital and the will to step up to the task. Further, they will need to be strongly incentivised with real money to install this kit - think higher prices and perhaps grants, concessional loans or similar wheezes. Waste disposal is not a glamorous business.

Or the waste goes to landfill, using up this scarce resource quickly. Government knows just how difficult their permitting process is and the staggering civic cost of transporting waste greater distances once convenient sites are exhausted.

And the flow of waste is unstoppable.

There is big capex coming. The major waste companies hold all the cards. Brace yourself for runaway growth.

Ash