Just a quick thought on announcements re the R & D tax concession. There is no doubt it is a material Ann, but let's be realistic, it's free kick from the ATO and like all tax rebates, you have to spend a chunk to get a smaller chunk back.

Most larger companies now use this to capitalise tax losses. My view is the only real issue is how much did they get, thereby how much did they spend, how much "bodgy" cross charges went in and how much real R & D got done. If it's a tech or bio company that lives and breaths based on continuing R & D then has to be seen as positive. Quite frankly, some companies R & D, I suspect produce little benefit to revenue or profits going forward.