The result and dividend exceeded our forecasts. The company is saying it has many opportunities to pursue, highlighting a strong deal pipeline.

Global steel prices are simply unsustainable.

For Patrick, it's great for shareholders because it should see them garner a higher price.

It's a very appropriate price for Patrick. Toll is going to become a very powerful player in the industry.

And our market is being helped by a bounce in commodity prices, after they were heavily sold off in the past few weeks.

Funds management has been a standout, but is as expected, given the strong investment markets. Business lending is also strong and has slightly offset weakness in Westpac's home-lending segment.