what will turn this around?, page-7

SG,

Yes, that does not help the investment community, because it does not provide certainty to the issue... it just delays the period of doubt.

ESG does not need a CPRS/ETS, but it will help.

Speaking to John Anderson, I put to him that he must have somewhat conflicted feelings about the issue, given that he has National Party associations, but is Chairman of a company that would clearly benefit from a cost of carbon in the economy.

Still, he has none of his own money in ESG, and did not participate in the SPP...

There is still the possibility of Liberal Senators crossing the floor - the Liberals are a party divided at the moment, so we may yet see some action on the ETS.

And then Copenhagen is rapidly approaching anyway. Even if Australia does not lead on the issue, they will at least be a follower...

(I do not mean to put across any 'political' views as such. These are simply observations of the state of play of major legislation that effects our company.)

Y