00:02With this split panel, it means that they do go on to that remedy stage. So that goes
00:06through to the 1st of December, where there's some consideration around what the remedies
00:12could be on that split decision. It would have been better to have had a decision in
00:16our favour and that would have been the end of the matter. But with that split decision,
00:20it means we do proceed to that remedy stage. In terms of lamb exports, the US is our largest
00:26destination for Australian lamb exports, and it's a high value destination. So it takes
00:31the premium product there as well. So that would have ripple effects right the way through the
00:35supply chain. It would impact exporters, of course, and those abattoirs that are exposed to the US
00:40market, and that would flow through to the farmer. Lamb is actually quite a unique and a niche dish
00:46when it comes to the US. The average US consumer doesn't eat a lot of lamb. So the opportunity
00:52actually to expand the consumption of lamb in that market is huge. And that could mean opportunity
00:58for extra demand for the US side of the equation as well. With Australian and New Zealand lamb on the
01:04plate in the US, it keeps good quality lamb in front of the consumer there and grows the awareness
01:10and grows that market share for all of the countries, including the US, and their supply chain to be
01:15involved in the trade. When you look at imports going into the US, around 75 to 80% of those
01:21imports
01:21of sheep meat comes from Australia. There's a lot of concern around it, given how dominant the US are
01:26as that number one destination. And, you know, because they're a number one and a premium destination,
01:32you know, there are other places we can send product to, but it becomes incredibly difficult
01:36when you're going into markets that don't have consumers with such a high average wealth that
01:41the American consumer has. We do send to the Middle East as another region that takes some
01:46high quality lamb. But unfortunately, this year, there's access issues to the Middle East as well
01:50with the Iranian conflict and the closure still of the Strait of Hormuz. We are getting product there,
01:56but it's just not as much as we would normally send because of those logistical constraints.
02:01And I think even with a split decision, it does allow the Australian representatives to kind of
02:06argue their case at the remedy stage. And hopefully we don't get a significant remedy. But I do fear,
02:12you know, the history of the Trump administration is fairly protectionist. And so I do fear that
02:18with a split decision going to the remedy stage that we still will get some form of tariff or quota
02:23applied to product going in.
