Ann: Half Yearly Report and Accounts, page-14

Has anyone asked the question, WTF is Harvey Norman doing in agri space?

Using the HVN balance sheet to fund a play in the milk industry.

Should Gerry not be doing this with his own balance sheet?

Morgan Stanley's note this morning in regards to Amazon's penetration into the Australian retail sector shows just how aggressive they are and how quickly they can turn the dial in regards to SKU's and margins. They will play the long games, as they have to undercut the domestic market and send more than a few to the wall. Service alone is not going to save them, conditions are only going to get worse for HVN unless they make some material changes to at least compete on a like for like basis in regards to delivery as they won't win out in a price war.