gearing levels now around 50 percent, page-7

These are my calculations, as you can see it doesn't make much impact on gearing , but will make difference on profit as the income from overseas will be 40% more due to current exchange rate.

As per CERFY08AnnualResultsPresentation.pdf
This report was produced using AUD/USD spot rate of 0.9626

P9 will change to,

Total portfolio value = US portfolio +Australasian value
= 8.66 bn +2.0 bn
= 10.66 bn

P27 Debt profile:

Total loan = 5117 considering AUD/USD 0.9626 consists of 1325m of domestic and 3792 of overseas loan.

This loan will now be (considering spot rate of 0.678) = 1325m+5383m=6.7b

Hence equity = 10.66-6.7=3.96b
So gearing will be =3.96/6.7 = 59%