We're expecting even more weak data to come out of the U.S.. We're not excited about stocks that are linked to the U.S. demand cycle for at least the next three to six months.

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.