Gaz, some good posts mate, I was thinking along the same lines...

Gaz, some good posts mate, I was thinking along the same lines also regarding your rough numbers on debt/equity swap.

To add to the impact of reduction of interest rates, the movement in exchange rates:

p50 discloses the impact that a 10% change in the foreign exchange spot rate as at the balance sheet date will have
on the Groups’s post tax profit and/or equity (excluding retained profits). -10% represents a decrease in the AUD vs USD.

For -10%, the effect on profit is 442M. I believe June 30 exchange rate was around 1AUD:0.95USD; the rate now is closer to 1AUD: 0.68USD, ie. drop of around 30%, so a significant boost in centro's favour