The link provides a presentation associated with a webinar we held. The webinar addressed the updated outlook for retail spending in FY24e and beyond. We are approaching the trough in retail spending in Australia. In the presentation, we address the shape of the retail cycle and how various categories may perform. The ability of households to drawdown on savings has helped cushion retail spending and housing indicators are starting to stabilise, which will help the sector. We also outline the challenges retailers face including higher wages and rents in the presentation.