gas shows encountered, page-16

I realise like everyone that the lack of interest in STX is symptomatic of the broader market right now! Nevertheless, I am surprised at so little SP interest/support considering the outstanding results we continue to deliver at Rayburn + impending projects.

Having said that, it is clear to anyone (especially in the financial services industry) that enormous CASH reserves are sitting in the wings of this market and when this misery in the US abates there will be a massive rally - some time off.

BUT, Aus is a little different to the US.
1. we have two likely IR cuts before Xmas - maybe more in 2009!
2. there are far less banks and they are more stable than US banks.
3. our residential property is backed by full recourse loans - so you can't walk away debt free like the US.
4. there is a shortage not a glut of residential property in Aus.
5. commodity prices are off but volumes remain strong.

These are just some of the reasons why I view a much better outlook for the Aussie market over the US next year, all positives for STX in the longer term!

HC