Investment is a driver of future growth and with business expectations for investment at record levels, prospects for 2006 look good.

It's important that government streamlines regulations to ensure that these expectations for investment continue.

I am delighted with the continued growth of Ann Summers. Our strategy of investment in the future growth of the company is once again reaping rewards. Despite many retailers trying to jump on the bandwagon, Ann Summers is still the number one store for sexy lingerie and sex toys.

There is so much momentum in consumer spending and business investment that economic growth in the third and fourth quarters will exceed 3 1/2%. Inflation may pick up a bit, but core inflation rates start at such low rates that the overall impact won't be nearly as bad as feared.

Looking ahead, domestic demand will be increasingly fuelled by the growth of business investment to ease capacity bottlenecks and improve operational efficiency. In Canada, energy-related and productivity-enhancing expenditures will dominate business capital projects. In both countries, pressing demands for improved public infrastructure - for health, education and our major cities - will underpin overall capital spending.

The outlook for our capital markets, investment banking, and wealth management businesses remains positive, driven by expectations for moderate growth in the North American economy and continued strength in equity markets. Merchant banking revenue is expected to be lower than in 2005 as we have significantly reduced the size of the portfolio.