Ann: Impairment of US ledger book and amendment to FY24 guidance, page-32

At the recent earnings call analysts questioned the lower returns and the prospect of impairment, management batted it away at the time saying expectations are returns woukd normalise in the medium term, well we now have the answer. They held out for as long as possible, but have pulled the band aid off. US consumers likely to get worse before it gets better, as are consumers in Australia. Very dissapointing as a long term holder. Have been here before though a couple of times, the market is savage to CCP. Investors simply want nothing to do with it when the economy is uncertain. Key to riding out the other side to better times and returns on cheaper ledgers is the balance sheet. This is not an outright loss yet and gearing is relatively conservative. If another similar impairment is needed next half, that won't imperil the gearing covenant.