With the rapid growth in our master trust and other funds, we want to ensure the processing part of our business is able to accommodate growth without compromising the quality of member services. This deal is a great outcome for our employees, clients and fund members as it will provide the support for our growth potential.

We believe a seismic change in superannuation administration is about to occur as choice takes hold and more people begin to 'own' their growing super balances. Super administration requires scale and constant technological innovation to stay at the leading edge of member services. This deal with IBM gives us the ability to scale as well as access world-leading technological innovation to meet the changing needs of our super fund clients and their members.

We believe a seismic change in superannuation administration is about to occur as choice takes hold and more people begin to 'own' their growing super balances. Super administration requires scale and constant technological innovation to stay at the leading edge of member services.

Much of this liquidity appears to be coming from China and increasingly Japan where investment trust growth is supplying significant volumes to foreign bonds with little regard to the rising global imbalances that policy makers frequently flag as a risk to the global economy.

Our earnings growth is especially gratifying in this seasonally low-revenue quarter, when we continue to incur fixed infrastructure costs including acquisition carrying costs.

Growth was a little stronger than the previous year ... what we are seeing is strong and consistent growth.