" think it's the European banks/funds slowly selling out and more recently the US funds buying in."
partly correct, back in 2008 a lot of investors were from the Netherlands due to the Chairman at the time who was an investment banker in Amsterdam, many of those investors held until the last 12 months and sold out. Multi ??
I'd doubt there are any US funds buying in, mostly Mum and Dad shareholders in Australia chasing high return dividends and Franking Credits.
We may see a lot of those investors exit.
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