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Victor German – Deutsche Bank
Just a question on costs. Given your second half costs were lower than the first half and you highlighted that there are no increases in staff expenses in 2010, is CPI a conservative guidance or are we missing something?
Robert Elstone, Managing Director & CEO ASX Ltd:
Well you tell me what CPI is going to be and I will give you a really good answer I think. Whatever the CPI is going to be we will endeavour to manage the cost base below that kind of headline inflation rate. It may prove to be conservative but it is really bound up with what happens to activity levels during the year
Victor German:
Can you see your costs being flat in 2010?
Robert Elstone:
I wouldn’t answer that in a forward looking sense; I think we have given the guidance that expects it to be within the CPI range. By definition if CPI comes down which is currently the trend we would expect to be not very much up on the year we just posted.
Click here to download the complete edited transcript of the ASX FY 2009 analyst briefing.
