Ann: Half Year Financial Report 31 December 2017, page-21

"It is amazing how many Australian businesses attempt to replicate their homegrown success overseas and find it challenging. I can only assume that on average most industries are more competitive offshore and/or more tightly regulated - as appears to be the case here."

@andy777

I think the reason is quite simple. Dependable business success generally comes as a consequence of some kind of competitive advantage. It usually takes years of hard work, smart operation and not a little luck, to create that advantage.

Whilst geography is probably not usually the cause of that advantage, that advantage does usually (almost always) have a geography.

To think one can simply waltz in to a new market and have that advantage just appear out of thin air, is fanciful (even if you are RHC, and, date I say, even if you are ARB).