I don't disagree with most of those sentiments - though on the...

I don't disagree with most of those sentiments - though on the subject of "lower interest rates for longer", I get a little nervous when the prevailing mood assumes "this time will be different"

Expansion into NZ seems to be the exception for Australian companies. That is, it is one of the few (the only?) OS markets where many Australian businesses have done well. Clearly that is a market with a very good cultural fit, and which we know well. But even more importantly, they know us even better than we know them, I would strongly suggest. That means that, in many cases, if you've built a brand in Australia, 70% of the NZ work has already been for you, without spending an additional cent.

But, as you say, the expansion into the US has been a struggle (it would seem). Now whilst the US is more distinct from us, than say NZ, it is most certainly one of the most familiar markets in the world, especially when it comes to leisure & recreation (by far).

It doesn't matter that we already have infrastructure & sales, or that we've had them for many years. That, of its own, does not answer the question about what returns on capital those markets might deliver. In fact, going by operating margins in the US, you would have to assume a very poor retrun, for that market at least.

A poor return on capital, means growth will make us poorer, not richer.