Good morning, thank you for joining CFO John Boniciolli and me for Domain's 2023 full year results briefing. I'd like to start off today by acknowledging the traditional custodians of country throughout Australia and their connections to land, sea, and community. We pay our respects to their elders, past and present, and extend that respect to all First Nations people today. For myself, I'm on the land of the Gadigal people of the Eora Nation. This is the agenda we'll be following today. I'll begin with an overview of the result and the progress we've made with our marketplace strategy during FY 2023. I will conclude with some commentary on the current trading environment and outlook for FY 2024. John will then provide an overview of group financials, and at the end of our prepared remarks, we look forward to taking your questions. Throughout the challenging market environment of FY 2023, Domain's marketplace strategy and our talented and hardworking team have served us well. We have maintained our commitment to our long-term business evolution while responding to market circumstances with appropriate cost initiatives. While continuing to invest for the long term, our disciplined approach to expenses have resulted in an 18% reduction in second half costs versus the first half, better than the guidance we provided in our most recent update. We remain ambitious in our aspiration to leverage all the opportunities available to our marketplace to become a much bigger business. We have recently made the decision to pursue a sale exit from our Domain Home Loans joint venture. We aspire to a business that has the ability to scale and achieve profitable growth. Given our large and highly engaged audience and what we've learned to date, we remain very confident that home loans can play a key role in our marketplace strategy over the long term. The decision to pursue a sale exit from DHL has impacted on our reported results, with the business now being treated as a discontinued operation. In order to provide clarity and transparency, we have presented our results on both a continuing basis and including discontinued operations. As was the case with our first half result, FY 2022 comparatives are also impacted by the timing of the JobKeeper grant repayment, along with the expenses from Zipline, our voluntary employee program undertaken during the early stages of the COVID pandemic. Summary tables showing the performance adjusted for JobKeeper and Zipline are contained in Appendix 2 and 3 of the presentation. Beginning with the FY 2023 trading as reported results on a continuing operations basis, Domain delivered revenue of AUD 345.7 million, down 0.5%. Expenses of AUD 237.1 million, up 6.5%. EBITDA of AUD 108.6 million, down 13%, and EBIT of AUD 70.3 million, down 24%. Net profit was AUD 38.6 million, and earnings per share were AUD 0.061. A fully franked dividend of AUD 0.04 has been declared, bringing the full-year dividend to AUD 0.06, in line with last year. Including discontinued operations, revenue declined 0.6% to AUD 354.5 million. Expenses of AUD 251.2 million were better than our recent guidance of around AUD 255 million. We implemented additional cost measures in Q4, given the lower-than-expected listing volumes. John will provide details on the expenses later in the presentation. Domain's FY 2023 revenue decline of 0.5% on a continuing basis reflected the impact of the significant downturn in property listings, which began in Q2. Residential revenue reduced 6.8% due to the 13.8% decline in listings, somewhat offset by the 8% higher yield. Media, Developers and Commercial declined 3%, a solid performance in the light of the market backdrop. Agent Solutions increased 86%, with 6% underlying revenue growth, together with a full-year contribution of the Realbase acquisition. Domain Insight revenue increased 16%, with the contribution of the Insight Data Solutions acquisition for the full period. Together, these businesses delivered core digital revenue growth of 1% and 12% lower EBITDA. The Consumer Solutions segment reflects the treatment of DHL as a discontinued operation. Print revenue declined 24% due to the particularly difficult listings environment in inner Sydney and Melbourne, with EBITDA impacted by higher printing unit costs. Despite the significant revenue deterioration in the H2, H2 EBITDA of AUD 56.8 million was ahead of the AUD 51.8 million in the H1, reflecting the successful implementation of cost savings measures. Domain's property marketplace strategy builds on our mission to inspire confidence in life's property decisions. Despite the market backdrop, we are leveraging the strength of our core listings business with additional solutions that add value to customers and consumers and support them throughout the entirety of their property journeys. Key FY 2023 achievements are outlined on this slide. Core listings achieved 8% controllable yield, benefiting from the successful launch of the Social All tier, record depth penetration, and price increases. During the year-end price negotiations, we saw 15% of customers upgrading to higher tier subscriptions or depth listing products for FY 2024. In Agent Solutions, RealTime Agent delivered strong revenue growth of 25%, with increasing momentum in the second half. We completed the strategic integration of Realbase and advanced product integration across all the businesses. Lead Scope progressed from prototype to full commercialization. In Consumer Solutions, Domain delivers a large and quality audience, reaching one in three Australians aged 25 to 64, who are highly engaged in the home purchase journey. While we are pursuing a sale exit from DHL, this audience reach underpins our confidence in the potential for future opportunities that can scale fast and achieve profitable growth. At Domain Insight, IDS was successful in securing the Western Australian Land Information Authority contract, and is seeing strong momentum in new financial client wins. Our single view of property is contributing to listings completeness at Home Price Guide. This slide illustrates our marketplace strategy over the past four years, and how we have balanced investment for the future with cost discipline through the cycle. We made the strategic decision to continue the foundational investment, which can deliver transformational commercialization opportunities for the future. The critical importance of taking this long-term approach is demonstrated by the recent and rapid emergence of predictive AI, generative AI, and large language models. Domain's investment in machine learning and AI commenced in FY 2017, with the goal of driving internal efficiency, supporting our data quality, creating unique capabilities for Domain, and developing proprietary R&D IP. We have embedded our unique data assets, analytics, AI solutions, and integrated distribution channels as central to our marketplace strategy. This long-term investment is allowing us to leverage our market-leading AI with internal and market-facing products that provide new commercial applications to future-proof the business. We are ingesting millions of data points, with these, the capabilities to self-learn and operate at tremendous scale. Examples include LeadScope for agents' AI engine, which has made close to 450,000 unique and accurate predictions since 2019. Our internal AI-powered data quality stream improves listings quality and manages cybersecurity risk. In the past 12 months alone, it has delivered fully or semi-automated data corrections to 1.5 million current and historic listings, all unique to Domain. Social Boost is driving new revenue-based, AI-driven audience segmentation, with 2x-3 x the effectiveness of generic Facebook third-party models. During FY 2023, we continued this commitment to building for the long term, with investment in the three priority areas of platforms, personalization, and privacy. Each of these pillars contributed to Domain's data quality, user experience, and ability to monetize new solutions. In our platforms pillar, we are working to simplify and standardize our products to support the business to scale, digitize, and automate the user experience. Implementing flexible technology solutions is allowing us to create new marketplace solutions at much greater velocity. Our investment during the year in modernizing our mobile technology stack supported the launch of new mobile search experience. This market-leading functionality marks the most significant improvement in the user experience since the launch of Domain's mobile app in 2009. Another example is our new digital customer onboarding project, which has reduced onboarding time from five to 10 business days to less than one day. In our personalization pillar, we are improving the user experience through technology that will enable personalization at scale. We want to provide the next right action to the right customer, on the right platform, at the right time. During the year, we invested in additional data science and AI resources to develop a sophisticated decisioning engine, to personalize user experiences with new SMS and push notification channels. We delivered a 10% uplift in the proportion of Domain's audience receiving personalized communications. In our privacy pillar, we are building a framework to comply with future privacy legislation and maintaining consumer and customer trust in how Domain uses personal data. The large number of recent high-profile data breaches highlights the critical nature of investing in privacy, appropriate data governance, and cybersecurity. During the year, we established a new privacy policy that provides additional transparency on how we use the data we collect and launched an internal data cataloging governance tool. This commitment to strengthening our data security and privacy is an important part of the governance pillar of our ESG initiatives. Within our social pillar, we continue to deliver enhanced policies to support Domain's market-leading position in diversity and inclusion. In the environment pillar, we progressed our strategy to achieve long-term carbon neutrality. Turning now to the detail of the results and key drivers of Domain's revenue. Residential revenue declined 7%, with controllable yield of 8% from higher depth and increased pricing, offsetting the 13.8% listings decline. The sharp downturn in property listings that began in Q2 is illustrated on this slide, exceeding the declines we saw with COVID and the depths of the Royal Commission. Despite the significantly more challenging circumstances of the second half, we delivered a second half controllable yield of 7%. As the slide illustrates, we have delivered a wide range of controllable yield outcomes through different stages of the property cycle. We continue to expect that on average, we can deliver increases in controllable yield of 12% through the cycle. The FY 2023 controllable yield outcome of 8% is all the more impressive, given the disproportionate listing volume declines of more than 21% and 16% respectively in Domain's highest-yielding markets of Sydney and Melbourne. In Sydney, markets like Bondi and Dee Why saw declines of more than 40%, and in Victoria, for example, Glen Huntly was down around 60%. More recently, we've seen some early signs of improvement in Sydney and Melbourne, which has accompanied the capital city house price increases recorded in the past two quarters. Despite the market backdrop, the business made significant progress with our strategic objectives, building on Domain's differentiated micro-market approach, which is driving strong yield gains in less mature, expanding, and emerging markets. FY 2023 was a year of considerable product and commercial innovation in the residential business. I've already mentioned the generational improvement we have delivered in our reinvented search functionality. Among other features, it delivers a new map experience and incorporation of prices of recently sold properties alongside current properties for sale. At the year-end, as part of our FY 2024 price review, we launched a new Platinum Edge tier, resulting in significant upgrades ahead of expectations. More than 15% of all customers upgraded to a higher tier subscription or depth listing products for FY 2024, providing a strong revenue foundation as the property market improves. Social Boost All, launched at the beginning of FY 2023, has delivered impressive attachment rates to Platinum listings, supporting an incremental revenue contribution during the year. The implementation of our new commercial model in February is providing an enhanced and personalized customer experience, as well as new opportunities to cross-sell and scale marketplace solutions. We are very pleased with the results to date, which has freed up our account managers to double or triple the time they spend with the highest performing agents. The feedback has been very positive, as evidenced by the uptake of depth tier upgrades and Platinum Edge adoption by our customers. Overall, depth penetration continued to expand in FY 2023, with gains in every state apart from New South Wales, due to the significantly above average listing volume declines experienced in Sydney. Both Melbourne and Sydney saw marginal declines in Platinum, reflecting the disproportionate volume declines in inner-city suburbs I described earlier. Our less mature states have continued to deliver gains in all listing tiers during the year. I've spoken previously about the progress we are making in delivering quality audiences. During FY 2023, our audiences significantly outperformed property listing declines. Average UA was down 3% versus close to 14% declining listings. Q4 UA increased 1%, and our peak audience of 8.3 million was just below recent peak levels in FY 2022. Despite the worsening environments, inquiries have delivered a meaningful recovery in the second half. The improvement in Domain's audience quality since 2020, and outperformance relative to our major competitor, is demonstrated in the chart on this slide. The likelihood of Domain's audience, versus the national average, to have bought a house has increased by 48% during this period, compared with a 34% decline for our major competitor. I wanted to briefly outline some important changes to audience measurement that will impact our reported audience numbers going forward. In late 2021, the IAB endorsed Ipsos as the sole and exclusive preferred supplier for audience measurement, replacing Nielsen. This new currency for digital measurement is available from April 2023. Due to the changed methodology, it is not comparable with previous Nielsen measurement and results in an audience reset across the entire industry. This reset has no implications for underlying performance. On a like-for-like basis, using Nielsen methodology, Domain's fourth quarter audience is up 1% year-on-year, outperforming our major competitor. Turning to media developers and commercial, revenue declined 3%, reflecting a mixed performance across the three verticals. Commercial real estate remained the best performing business, with 6% revenue growth outperforming a weak market. The business benefited from a new pricing model introduced in the second half, ongoing success in new depth contract adoption, and record depth penetration. Developers experienced a challenging environment with increased interest rate and higher construction costs. Market conditions have resulted in declines in new projects and deferrals of existing projects. Increases in listing duration have provided some offset. After a stable first half, media saw a downturn in the second half, in line with the broader advertising market, which was affected by macroeconomic conditions. In Agent Solutions, revenue increased 86% year-on-year to AUD 40.7 million, with underlying growth of 6%, excluding the impact of the Realbase acquisition. Product development and integration initiatives yielded subscriber gains at RTA and Pricefinder, despite the market impact on transaction volumes. RTA increased revenue by 25%, with increasing momentum in the second half, benefiting from a new customer acquisition, increased product take-up from existing customers, and new revenue streams. Recently acquired Realbase achieved full integration of its people with Domain, with early benefits from new cross-sell opportunities and product integration with RealTime Agent. Realbase is continuing to migrate its clients from its legacy Campaigntrack platform to Realhub's advanced technology stack, with an improved customer experience and associated efficiency and cost-saving opportunities. Realbase has felt the effect of listings pressure in inner-city Sydney and Melbourne and the impact of natural disasters in New Zealand. However, it is strongly positioned to benefit as listings return, and we remain very excited about the valuable contribution it can make to our marketplace strategy. Across our Agent Solutions, we achieved market-leading product innovation and integration. Domain's prospecting tool, LeadScope, developed in close collaboration with early adopters, achieved full commercialization, building on the last few years of AI-powered proprietary R&D. This unique tool further empowers agents to build profitable and sustainable businesses. Domain Insight revenue increased by 16%, with underlying growth of 4%, excluding the contribution of IDS from mid-October 2021. Pricefinder's non-agent business delivered higher subscription revenue, while private and title search transactions were impacted by market conditions. Australian Property Monitors delivered a solid performance with stable valuations and strong growth in research revenue. IDS has delivered momentum in Automated Valuation Model, financial client wins, underpinning a significant year-on-year uplift in revenue. In the government sector, IDS was successful in securing the Western Australian Land Information Authority contract, with revenue benefits to come in FY 2024. In Consumer Solutions, while DHL continued to outperform the broader lending market, Domain sees much greater potential than has been able to be achieved through the joint venture. After an extensive period of discussions with our joint venture partner, Domain has made a decision to pursue a sale exit of the business. DHL is being held for sale and treated as a discontinued operation and is therefore excluded from trading results. Given our large and highly engaged audience, we remain very confident that home loans can play a key role in our marketplace strategy in the future. Domain considers that the ability to scale a business and achieve profitable growth are critical. Looking ahead, Domain sees the potential for future opportunities with alternative solutions that allow for deep integration, a low cost structure, and alignment on future direction that will support a profitable contribution to our marketplace. The full detail of DHL's contribution to discontinued operations is outlined on this slide. Print revenues declined 24% year-on-year, reflecting the challenging listings environment in the high-value markets in which Domain operates. Print's EBITDA contracted AUD 2.3 million from AUD 5.7 million in FY 2022 as a result of the revenue declines, with operating costs down year-on-year, notwithstanding higher printing costs. Despite this backdrop, Domain's print readership increased year-on-year, delivering a high quality and exclusive audience with minimal overlap with digital. The quality of our magazine audience was recently recognized with a Roy Morgan Trusted Brand Award. Turning now to the trading update. Trading in the first six weeks of FY 2024 reflects some early recovery in new for sale listings in higher value Sydney and Melbourne markets, although national volumes are being impacted by weakness in Queensland and West Australian markets. FY 2024 costs are expected to increase in the mid to high- single-digit range from the FY 2023 expense base, excluding discontinued operations of AUD 237.1 million. Domain expects to resume EBITDA margin expansion in FY 2024, supported by improving listings, successful price increases, uptake of new depth contracts, and products including Platinum Edge, and continued cost restraint balanced with investment in our marketplace strategy. I'll now hand over to John to run through the financials. Thanks, Jason. Thanks everyone for joining the call today. Slide 35 provides a reconciliation of the statutory 4 E to Domain's trading performance, excluding significant items and discontinued operations. I'll run through the significant items later in the presentation. Starting with items below EBITDA, depreciation and amortization expense of AUD 38.3 million increased from AUD 32.3 million in the prior year due to higher amortization of software costs arising from increased product development. We expect FY 2024 D&A expense to increase around 15% due to the higher CapEx run rate. Net finance cost of AUD 10.7 million increased from AUD 5.6 million in FY 2022, reflecting higher average net debt and the market-wide increases in interest rates. We expect FY 2024 interest expense to exceed FY 2023 levels. Tax expense of AUD 15 million is an effective tax rate of 25%. For FY 2024, we expect the tax rate to normalize to approximately 30%, in line with historical averages. Net profit attributable to non-controlling interests, NCI, of AUD 6 million reflects the share of profits or loss attributable to the agent ownership models and other consolidated, non-wholly owned entities. NCI reduced slightly versus the prior year due to lower core digital profit. Further detail is contained in Appendix 1. Slide 36 provides a reconciliation of statutory to trading performance for FY 2022. Slide 37 provides a detail of Domain's cost structure and a reconciliation of statutory trading expenses and adjusted for JobKeeper and Zipline. Expenses excluding discontinued operations of AUD 237.1 million increased 6.5% on a reported basis, and were 10.4% higher year-on-year, adjusting to the impact of JobKeeper and Zipline in FY 2022. This increase is largely due to the annualized impacts of the Realbase and IDS acquisitions in FY 2022, along with higher cloud computing and software expenses. Cost growth on a continuing business basis, excluding Realbase and IDS, was 2.6%. While FY 2023 expenses increased 10.4% year-on-year, adjusted for JobKeeper and Zipline. A significant number of cost reduction measures were implemented during half two, as we responded to the changed market circumstances that occurred from the second quarter. Operating expenses in the second half reduced 18% or AUD 23 million versus the first half. Key drivers were the reductions in the employee base announced in December, lower performance incentives, discretionary marketing, and other volume-related expense reductions. Staff costs, which make up around half of our expense base, increased 5.6% on a continuing business basis, reflecting the impact of hiring undertaking in the first half and the annualized impact of Realbase expenses. Excluding Realbase, staff costs were down 3.2%. Production and distribution costs increased 12.5% due to Realbase and inflationary pressures, including higher print unit costs, partly offset by lower volume-related expenses. Promotion costs increased by 1.5%, with new investments in marketing technology offset by reductions in discretionary spend in a weaker listing environment. Software and communication expenses grew 26.6% due to Realbase-related license costs and higher cloud technology costs. Other costs increased by 31.5%, reflecting the return of post-COVID in-person events, higher training, contracting and recruitment costs, and the impact of Realbase. FY 2023 expenses, including discontinued operations of AUD 251.2 million, were lower than guidance of AUD 255 million. We implemented additional cost measures in Q4, including proactive annual leave management, staff recruitment phasing, and further discretionary cost control, given the lower-than-expected listing volumes. As Jason mentioned earlier, we expect to see FY 2024 expense growth in the mid to high single-digit growth range, excluding discontinued operations. This reflects investment in specific transformation projects and acquisition and retention of the best talent, while maintaining our disciplined cost focus. Slide 38 provides an overview of significant items, which amounted to AUD 5 million expense net of tax. Restructuring and redundancy costs of AUD 6.3 million relate to the cost savings initiatives announced in December. The impairment loss of AUD 0.6 million reflects the write-off intangible assets in dormant entities. M&A transaction costs of AUD 1.5 million were largely Realbase post-transaction costs. The loss on contingent consideration payable of AUD 1.3 million largely relates to IDS and is primarily driven by the win of the WA Land Information Authority contract. Turning to cash flow on slide 39, FY 2023 cash from trading was AUD 95.3 million, which decreased slightly from AUD 96.4 million in FY 2022. The cash income tax payments of AUD 19.9 million were down compared to the prior year due to a decline in profit. Investment in PPE and software of AUD 30.3 million increased from AUD 20.9 million in the prior period due to the impact of Realbase and IDS acquisitions, as well as increased product development across the group. FY 2023 accounting CapEx was AUD 29.7 million, compared with AUD 21.2 million in FY 2022, consistent with expectations. FY 2024 accounting CapEx is expected in the mid-AUD 30 million range, supporting investment in the key priorities Jason outlined earlier. The net investment in businesses of AUD 23.8 million reflects an earn-out in relation to the IDS acquisition. Total dividends paid of AUD 42.5 million increased 8% on prior year. This was due to a higher number of shares on issue resulting from the capital raise and associated with the Realbase acquisition in late FY 2022. The dividend per share remains stable. Domain finished FY 2023 with a cash balance of AUD 34.8 million. Slide 40 provides an overview of Domain's debt facilities. As at June 2023, the facility was drawn down to AUD 220 million, with no change from December 2022. Domain's debt facility extends out to December 25 and December 26, with respectively 61% and 39% of total maturities. Domain's balance sheet at June 23 is in strong shape, ending the period with net debt of AUD 185.8 million, compared with AUD 151.5 million at June 22. This represents a leverage ratio of 1.92 x. With that, I'll hand back to Jason for some closing comments. Thank you, John. I'd like to conclude with some thoughts on the longer-term outlook for some of the key drivers in Domain's businesses. FY 2023 delivered a volume decline that took property listings well below their long-term average, with outsized falls in Sydney and Melbourne. As I've said on many occasions, it's a matter of when, not if, these listings return. While still early days, we've seen some signs of improvement in Sydney and Melbourne, which led the national market down, and in previous cycles, has also led the market up. In the face of these unprecedented volume declines, the 8% controllable yield delivered in FY 2023 is a credible result. Our recent FY 2024 price negotiations have increased our confidence in delivering low double-digit price increases, increased adoption of add-on products, and ongoing expansion in new and upgraded debt contracts. This performance supports our longer-term targets for 12% through the cycle growth. At the time of our half-year result, we guided to a material reduction in second half costs and have outperformed those targets. We are strongly positioned to continue to deliver appropriate balance of investment and cost discipline to support our long-term commitments to margin expansion. Thank you for your attention, everyone. I'll now hand back to the operator for Q&A. Thank you. If you wish to ask a question, please press star on one on your telephone and wait for your name to be announced. If you wish to cancel your request, please press star two. If you're on a speakerphone, please pick up the handset to ask your question. Your first question comes from Entcho Raykovski with E&P. Please go ahead. Morning, Jason. Morning, John. Hi, Entcho. Hi, guys. My first question is around your comment on the pickup in Sydney and Melbourne volumes in July. Do you think that geo mix will provide over the course of FY 2024 a benefit? Or do you think that FY 2023 was more of a return to normal geo mix levels from FY 2022, and so you don't expect that tailwind? I've got a couple of others, but might just leave it as that one first. No, FY 2023 was clearly an abnormal movement. It surprised many across the industry, and if we talk to our customers across, you know, different states, you could see clearly the pain that was coming through Sydney and Melbourne. It also, it, it's exactly the same cycle that we've seen, and we've done research over the last 30 years of property cycles. The cycles have proven to be exactly the same, in that Sydney and Melbourne leads, whether it's a volume listing, whether it's a price point in the market, they lead into cycles and lead out of cycles. You see the consistent behavior of market mix, you know, turning negative and positive as, as Sydney and Melbourne sort of sits ahead of the rest of the country through there. If I look at the first six weeks, we have seen, sort of a steady improvement week on week, in Sydney and Melbourne, particularly. Queensland and WA are still lagging behind, and the national market is negative overall. We're seeing increasing strength and confidence in the Sydney and Melbourne market, and it's exactly the opposite of the trends we saw in FY 2023, where that, that confidence and that strength is being led by inner-city, higher-yielding zones within those cities, that is then spreading to the broader, the broader cities. We expect Queensland and WA will follow that confidence at some point, and consistently with the cycles we've seen previously. Okay, that's clear. Thank you. Secondly, are you able to give us an indication of what the average yield uplift was for customers who've taken the Platinum Edge product, and, and also the expected contribution to revenue that might provide in FY 2024? Overall, we came in and identified that we are targeting low -double-digit growth in yield overall. I think the outcomes of our price negotiation contract have strengthened that, if not, pushed it north of our expectations. We've been very, very pleased with the outcomes. We've seen 15% of our customers across the board upgrade contracts. That's 6x- 7 x what we saw the prior year. We've seen Platinum Edge upgrades from Platinum ahead of our targets, materially ahead of our targets. You know, on average, you know, the upgrade is at least about 10% price point on Platinum, but in some areas, it's north of that. You know, you know how our price points work. It's hard to give an average because, you know, we are so sort of micro-targeted in our pricing across the country at sort of a postcode level. But, you know, it, it sort of tends to be at least 10% through there. It's a material sort of uplift that goes through. I think, I think the headline is, we're probably more positive on yield and that how our yield is positioned than we were, you know, probably midway through Q4, which is a, you know, poor quarter. We've been positively surprised by how much our, our customers have leaned in and, and adopted and taken on not only the price increases, but, but more higher-yielding, higher-tier products. Whether that's in our listing products or our add-on products, like Social Boost, been pretty consistent. We're also seeing, you know, across our Agent Solutions business, a quite a strong performance across Q4. It was a really, really tough quarter. You, you can talk to agents who are out there who were at the depths of listing volume declines that they hadn't seen for a long time, coming off a very buoyant FY 2022. It wasn't an environment to start taking long-term investment decisions, and yet we saw a 25% uplift in RTA customers and revenue. So that's fantastic. That's, that's a testament to not only the approach and the value of the products, but also we're starting to see the benefit of our new sales team structure, where our, our, our sales teams, because of that restructure, are able to spend two to three times more time with our highest-yielding, most important customers as a result of our restructure. We're, we're really starting to see the early benefits of that. We knew it was the right thing to do. We took a bet. We have copped some flak in terms of, you know, agents who, where we've then changed service models, we think it's an intelligent bet that's lined up with our overall strategy, we're starting to see the benefits of that. When I put that together with, you know, good quality products, you know, acceptance of price increases, you know, ahead of target upgrades to our, our products, and a, and a sales team that has gone through a restructure and is, is really sort of, you know, hitting its straps on the, the, the broader cross-sell opportunities across our suite of marketplace solutions, yeah, it's a generally a fairly positive environment. I mean, putting all that together, given the double-digit price increase, some, some potential geo mix benefit. Is it fair to assume that you'll see, firstly, in FY 2024, you'll see controlled yield growth of more than that 12% longer-term target, and then on top of that, you'll get a little bit of geo mix? Is that a fair sort of starting point to 2024? Hey, Entcho, I, I just wanna be a little bit careful here. The reason being, if I look back at the second half of last financial year, the, the real impact and the poor listings environment that we actually saw related to shocks. So individual shocks. We saw a shock in the February RBA announcement and an impact in week, together with, you know, later on in the quarter, an impact from the Silicon Valley announcement and an impact in week. Both of those two-week impacts had multimillion-dollar impacts on our, on our revenue, you know, north of AUD 5 million-AUD 6 million. I think whilst the general environment, we're quite positive, we are mindful that whether it's geopolitical or whether it's economic, that we are still open to uncertain shocks. What I would say is that it's clear that sellers, particularly in Sydney and Melbourne, have got to a position where whilst they don't have certainty over the future interest rate increases, their view that the shocks will come through is diminishing, and we're starting to see that listings environment re-improve. If I look at yields over the first six weeks of this financial year, it is actually improved year-on-year and is actually, if I look at the sort of current run rates, exceeding our targets that go through. You know, all expectations are, we're really pleased with what we've delivered and what we'll see over the next 12 months. We are mindful that there is still the, the potential for, whether it's economic or geopolitical shocks, to just shake confidence in, in particularly in sellers bringing their properties to market. Okay. Yeah, great. Thank you. Thank you. Your next question comes from Lucy Huang with UBS. Please go ahead. Thanks, Jason. Thanks, John. Hey, Lucy. I've got three questions with, h ey, morning. I've got three questions as well. Just firstly, in terms of that Platinum Edge take-up, we've seen pretty good upgrades recently. Just wondering, as a proportion of your total debt base, what is Platinum Edge now? It's actually becoming a material proportion, of particularly the way we probably measure is people moving from Platinum up to Platinum Edge. Our target was, to have, you know, a substantial proportion of those, and we've, we've probably gone close to double the target. My, my sense is you're starting to look at a position where over the course of this year, we've seen upgrades post year-end into July and into August continue, and, you know, we've got to be in a position of targeting that, that product gets to a position of +50% of total Platinum to become a material piece. Our, and our success on that will be how quickly we get to that target and start moving it north of 50. We're within shooting distance, like we're not materially sort of off, but it will take several months to go through there, and that's really gonna be where we get to. Then we continue to think about product evolution and product innovation. That's really been the success of the last year with us. We have, we've really started a fire on a number of cylinders around product innovation, not just in, agent. You know, Platinum Edge is a big innovation that came through. Yeah. We've seen Social Boosts that's come through, but on our consumer side, if you look at the, our, our sort of reimagined search product, that's the single biggest generational change to a customer seeker experience that we've seen, since the launch of the Domain app in 2009. In fact, it's an experience that is unique globally. In that is a, it is a portal that is actually really starting to, to deliver on what customers want and their experience expectations around location, rather than being sort of held to, existing commercial models and the risks of changing those. I, I look at that, that's really been the success. We've had a really tough year, but we've focused on what we can control, and our teams have been focused on continuing the drumbeat of, of focusing on and investing in the most important things that matter. We're really starting to see the benefit of that innovation, whether it's on the agent side, whether it's on the customer side, or even internally in improving our capacity of our platforms. Wonderful. No, thank you for that, color. Then just my second question, in terms of the guidance for mid to high- single-digit cost growth, I guess, what is your base case, I guess, for volumes coming into FY 2024 to frame that cost guidance? I think as we've said, slightly, you know, improving sort of conditions, but the driver of that mid to high single-digit is probably four areas. One being underlying staff cost increases, specifically incentives and wages growth. Secondly, tech cost growth, largely, both, particularly, in inflationary pressures in the tech cost base. About 40% of that increase year-on-year in cost is off the strategic projects that Jason mentioned earlier. And then the net of that is productivity benefits across both labor and long labor that gets to that net mid to high single-digit growth. Wonderful. And then just my last question on Domain Home Loans. I'm guessing, it sounds like potentially is this an area that mortgage broking that you'll look to reenter at some point in time? What's your thinking around whether you'll do it via another partnership or whether Domain has the tools to, I guess, build a new platform, I guess, from the ground up, to reenter into mortgage broking, if that's the intention? What I would say, I mean, it's too early to sort of talk about a lot of the details there. You know, the business did, you know, can outperform the broader market, but we see much greater potential that is being able to be achieved. We've, you know, we, we see real resonance from customers seeking out Domain and helping them inspire confidence in their property decisions, and financing decisions are a really core part of that. We're looking at opportunities that, to be able to scale a business profitably, that, that meets our really lofty aspirations. That, that includes a couple of things that we are interested in, a couple of things that we've learned a lot through this process. We will not be a bank. We will not get involved in financial, sort of engineering or what's required to deliver financial solutions. That's not who we are. We're not set up for that. What we are set up for is to connect customers with the right solution at the right time and the right platforms. Those platforms could be digital, whether it's in-app, whether it's on the web, or it could be physical in terms of, you know, people attending open home inspections or people talking with, you know, face-to-face with advisors that work through that. That's all in the base, but we are focused on, looking at ways that we can actually achieve what we've, what we've confirmed to be an enormous opportunity in a way that will scale fast and at a, you know, deliver really strong profit outcomes. Great. Thanks, guys. Thank you. Your next question comes from Eric Choi with Barrenjoey. Please go ahead. Morning, guys. Just had a few questions as well. First one, just thinking back to before the listings environment tanked, you guys used to guide to a 36.5% EBITDA margin aspiration anyway. Now that DHL has discontinued the like for likes, probably 36%. My question is, with, with FY 2024 looking like a potential listings rebound year- Yeah. if that, is that margin a critical target? I, I- The rest of the question. Yeah, let me, let me just be really clear on that. Whether you include discontinued or exclude discontinued, we're, we're focused on margin expansion, so we're not playing games on, you know, trying to get a free hit from that. The reason why we actually pushed it into discontinued is just to be really clear around where the future of our business is to go through. Eric, just to help, the that mid to high single digits on cost, whether it's inc or ex, it's exactly the same. Inc or ex DHL. Got it. Yeah. Okay, awesome. You won't comment on whether, whether you're still sticking to that broad margin, whether it be short term, medium term? We, we definitely, and we've been very clear around that. Our expectation is to resume margin expansion. That's been our long, w e, we have a number of long-term goals, and we've been very clear with the market on, which is 12% controllable year through, through, growth through our core business, you know, faster growth through our, our Marketplace Solutions businesses and focus on, you know, delivering the value to our shareholders through increasing, consistently increasing margin expansion. You know, clearly, you've seen the, the damaging impacts of listing volumes across the entire industry. You know, every portal operator in Australia has experienced sort of margin pressure and margin declines in this, in this year. So, you know, it's not unique to us, but from our strategy perspective, we're really committed to sort of, you know, returning and committing to that long-term, growth aspiration. Got it. Just shifting tack a bit, going to Realbase. You know, we kind of know it's 80% transactional now. Yeah. If you kind of do a dirty back of revenues, might rough guess, maybe down 30% year-over-year in FY 2023. Just given how strong July and August, so in terms of Sydney and Melbourne volume, can you just give us a sense business is rebounding? It's probably closer to 20%, I think is the number that you get to. It's, it's line for line related to the listings that flow through that platform. The one thing, you know, it, it, it is a business that is skewed to Sydney, Melbourne, the largest agency. It's an expensive product. It's a really high-value optimization product, but it's the more volumes that you put through an individual agency or a network, the higher value you get out of the platform. You know, it does skew to Sydney, Melbourne. The other thing, just to note, and it's probably something that hasn't been on everyone's radar, is it has, it has an extraordinarily strong position in New Zealand. It has well north of 50% of listings in New Zealand. The listings environment in New Zealand, particularly because of the dual impact of the financial situation, which is typical, you know, the same with New Zealand, as well as the natural disasters that hit Auckland, the highest yielding, highest volume market in New Zealand, have had a disproportionate impact. If I say, you know, our listings impact has been, what, 13.8%, the relative listings impact, including New Zealand to the Realbase business, is around 20%, and that's basically been on that, that campaign platform business, the impact. We haven't really seen any, any change in or, you know, the reduction in customers. It's purely a volume thing. Awesome. Just the last one from me, just on market mix. Apologize if you gave the number, but did you give the number in, in terms of what sort of percentag drag that was in, in 2023? Then I'm just interested in, in your view, because I guess REA is saying if you look at Sydney and Melbourne, 2022 was just an abnormally sort of high year, which means 2023 kind of ended Sydney and Melbourne, there and there about versus history, which therefore means you shouldn't expect a market mix kicker through the course of FY 2024. I mean, do you guys share that view? Okay, let me start with the first one. We haven't outlined a specific move, 'cause just 'cause of the scale and the volatility of that number, it's moved a lot, but it's probably the biggest we've seen, is easily, negatively, headwind. The last time we saw something of that scale was the beginning of the Royal Commission. We saw things of that scale, for example, when we had differential state lockdowns. You know, it's that sort of impact that we've seen. When I get to what's normal, forgive me, you know, I think, I think I turn over five years here next week. I can tell you, the property industry is, I'm still trying to figure out what normal is, because everyone tells me that the property cycle is three to four years, and we've had three cycles in four years. We've had the best of times and the worst of times. What I would say is, FY 2022 was abnormally high for Sydney and Melbourne. FY 2023 was abnormally low for Sydney and Melbourne, and the answer is somewhere in between. We do believe there will be a mixed rebound. A s to the strength and speed and phasing of that, it's yet to be seen, but we are seeing that unwind in the first six weeks of FY 2024. Sydney and Melbourne, have returned to growth. We think it will continue to return to growth, and they're leading the other states who are still seeing some declines, such as Queensland and Western Australia. Good. Thanks, Jason. Thanks, John. Thank you. Your next question comes from Siraj Ahmed with Citigroup. Please go ahead. Thanks. How are you today, John? Just a few questions. The first one, Jason, the new consumer app, I mean, that is pretty, pretty interesting. Can you just talk to what sort of engagement increase you're seeing from the consumer side, but also from a leads or inquiries side, what do you think going to the events as well? Siraj, you need to stick to equities. You're not marketing. It's more than interesting, it's extraordinary. you know, Look, it's a generational change. We know, and everyone who uses the property apps knows, that location and maps are incredibly important when you're searching for property. I'll tell you, the reason we know is, 'cause we can track people who are flipping backwards and forwards between existing property apps or experiences and Google Maps, for example. That's not a great experience. Yes. The reason why we haven't delivered that over time as a global industry, is it, it is a really hairy problem, because what you're doing is staring into potentially killing the golden goose that exists. You know, the rivers of gold around classifieds, around a model that commercializes by, you know, by, you know, providing a list and having people pay to get to the top of the list. That's a really, really challenging problem. What our teams have done extraordinarily well is stared into that problem and spent an extensive period of time, this is something that has been under development for, for a long time, and, and taken the risks there. What we are seeing is uplift in, in engagement, uplift in inquiry, meaningful uplifts in inquiry through that, that experience, and we're really pleased. It's early days. I think we switched to moving from early beta testers internally, externally over the course of Q4. I think last week, or actually, maybe even beginning of this week, we, we, we'll move to 100% of our iOS app users on that experience, and Android to follow. Look, I am, I'm really, really excited by that. Look, it, it is really difficult to explain how difficult it is when you're working through a, a really tough set of market conditions and doing what you need to do to keep teams focused on what they control and on the bigger objectives, and I think this is a substantive example of us being successful in that. That we haven't let market conditions get in the way of what we need to do through the cycle and through the long term. We've still been able to be very decisive, decisive on cost, without impacting our long-term sort of strategic objectives. Got it. Just clarifying, I mean, just I, I'm trying to understand the same thing on the inquiries, right? because you have a model which is, you know, based on Platinum and all that, is it changing the skew, because, I mean, the pushes you put Platinum to get, get more inquiries, is it changing the skew because of map-based view, or is that still? No, we, we still, y ou still get a materially higher number of inquiries, using a Platinum or Platinum Edge, particularly. We're also, one of the other innovations is just really providing, you know, what our customers want, which is an integrated search, which is just not only what properties are available for sale, but what properties have been recently sold and pricing and integration. Yeah, that provides a secondary sort of branding, element to agents around recently sold, which is fundamentally integrated into the search experience. They're getting a material uplift in brand awareness for the success that they've actually received in those suburbs, for example, as well as what they've got available and, they're promoting for sale. You know, overall, it, it's hard to get into the specific details. There's a lot of work done on, and a lot of testing done on, you know, micro adjustments to get that experience right. At the end of the day, we have to be in a position where we're delivering material value to our Platinum customers over and above, you know, customers who take up lower tier products. That, and that's a non-negotiable. We have to do that, and we're doing that. All right. Second one on controllable yield. Given you're saying it's six to seven times, you should upgrade, you see, I get the geo-mixing, you know, how it evolves, there's a difference. Let's say things are normal, why is there any caution in terms of controllable yield growing? You know, have been one of your strongest years within price increase and the subjects. Hey- That we should be thinking about? Yeah, we're six weeks into the financial year. To be fair, I think our confidence is growing week on week through that year. I, I don't think we're ready to, to fly out and, and, and sort of predict, the rest of the 40-46 weeks of the year. I think we'll have a more substantive update as we get to our annual results. What I would say is, our confidence is, we had confidence coming into the year, because we had really good, strong feedback through Q4 of our new products and pricing. That has increased. What, what's surprised us is probably the rate of further upgrades we've seen in July, and taking through, and we're starting to see the yield, yield impacts, and particularly week on week, you're, you're seeing Sydney and Melbourne improve in the, on, in, in those, performances. Look, I, I think things look quite confident that it, it's, it's, it's strengthening our confidence, and I think we'll have a further update with a lot bit more of a track record, of as we head into what is going to be an accelerating spring season, around our AGM. Okay. Last one, in terms of home loans, Jason, I mean, it's, it's I, I guess, I mean, you mentioned multiple times that you have had scaling issues with the business, but you just launched a new home loan search, which is kind of giving you for the, you know, suburb-based search approach- Mm-hmm. ... is giving you pretty good results. Looking ahead, how soon should we expect a new home loan experience? Then again, how do we think about the cost for that, right? I mean, I know you're looking for a low-cost solution, but is it again, should we assume there's a other cost base cost that comes in in 2024, and then you get returns from it? Just to key down some how you're thinking of the new solution and timing for it. Yeah, I think what you can take from our, what we've announced so far is that we are very disciplined in the way we're investing. This is a choice to exit, and that discipline around investment and returns, meeting our expectations has driven that decision. I would expect the same discipline in any, any further investment we choose to make. We don't really have anything we can sort of talk to at this point in time, but we, you know, we will be transparent around what our expectations should, should, should opportunities emerge, and you can expect that same discipline to be applied to any future opportunities as what we've actually executed on our decision to seek a sale exit of the, our, our, our share of the DHL joint venture. Good. Thanks, Jason. Thank you. Your next question comes from Nick Bassil with CLSA. Please go ahead. Hi, good morning, Jason and team. A couple questions from me. Just the first one on strategy. Just interested to know how you think, I guess, investors should think about your marketplace strategy now that you are exiting the home loans business and looking at the solutions and the property data business on an underlying basis. They're, you know, 6% and 4% growth. Just sort of curious, as you do improve the top line in your core residential business, those adjacencies are arguably a bit of a drag at revenue. Obviously, they're from different margin profiles. Just kind of wanted to get an update on your broader thinking about the strategy. Yeah. I would say you need to be really careful about Agent Solutions. The drag on that has been transactional listing volumes. So the subscription businesses that sit in that have been growing, and so, you know, again, when the transactional listing volumes come back, you'll sort of see that flow through. I think Domain Insight are very, very similar. That 4% doesn't include the IDS business that's coming in and is driving, you know, material growth, whether it's in the sort of the CAMA business, the land valuations business, or particularly with corporate AVM solutions, where, you know, we're seeing sort of market-leading growth out of that business that comes through. I, I, I think that you, you know, we've made investments in those spaces to, to really sort of prompt growth. I think Realbase has been impacted by transaction volumes clearly, and you see that, you know, RTA and Pricefinder have some transaction elements that go through. You know, RTA, for example, the contract product from RTA is on a per listing basis. You know, where we have material share in places like Melbourne and Victoria, where listing volumes have been down, it has dragged on revenue on that, but we're seeing continuing contract growth going through on a national basis. We see really strong opportunity and growth, and our, our, absolutely our, our goal is that those businesses should grow faster than our core listings business and, and, and be accretive to, to overall growth. From a DHL perspective, I, I would just look into that as us being disciplined in that, you know, that's not meeting our objectives of that, that faster growth that, and drive to profitability. Rather than sort of just continuing on, we've, we've taken the choice to be disciplined there and, and, you know, we'll be looking at other opportunities. It hasn't diminished our expectation of the, the scale of the opportunity that sits in front of Domain. We just believe that there, that the, the, the, that the path we were on would not meet that expectation suitably to, you know, our high aspirations. Thanks. No, that makes sense. Just to clarify, when you're talking about transactional listings for Realbase, you are also referring to, I guess, prior comments regarding New Zealand and so forth? Yeah. You know, probably north of, north of 80% of the revenue that sits within the Realbase business is, is billed on a per listing basis, and that per listing, you know, obviously Sydney, Melbourne and New Zealand have been a real drag on that Realbase business. The customer levels retain, and as listings return, you'll see a growth in that product set coming through. Sure. Just one a bit more on OpEx. You know, you've guided to mid to high single digit. Just interested in how John and yourself are thinking about the phasing of that through the halves. Because I think there was a comment also about OpEx being up just 2%, excluding acquisitions, and I presume part of that was, you know, very tight control in the fourth quarter. Just interested, you know, as you see improving top line, how you think about the OpEx line through the year? Yeah. we'll, we'll, we'll, we'll manage that through the year as, as we've done, you know, phase out investments in our project spend. broadly, I wouldn't, I wouldn't interpret any different in phasing between H1 and H2 at this point in time. I mean, of course... Okay, great. That's, that's in absolute terms, I mean there, right? Obviously, the PCPs will be different, given to the difference in the half one and a half two, cost performance in 2023. Yep, I, I guess the way to think about it is you'll be managing for margin expansion in each half then? I think our, our intention is, as we've, we've noted, is margin expansion. We're six weeks into the year. There's positive signs that were referred to on the, on the, on the sort of listings environment, we'll just see how that plays out. Okay, great. Just a final one on Social Boost. It was called out a few times that it was a driver of, you know, your yield performance of around 8% overall. Are you able to break that out at all in terms of the impact of Social Boost or any feedback from customers regarding its use alongside the core product? Yeah, we're seeing really strong attachment rates. We're, we're restricting it to our Platinum customers in most markets across the country, because we see it as a really premium upgrade to Platinum. It is a really high-value product. It is really one of the pinnacle outcomes or outputs of our AI work, in terms of our ability to use the investment that we've made in artificial intelligence to really segment and target audiences. That product provides audience targeting off our platforms at rates that are two to three times better than generic targeting that's available on platforms like Facebook, which is fantastic. So we, we do see that as a premium add-on for our most important customers. In terms of the percentage, we, you know, pretty consistent first half. In the second half, we saw ongoing growth that goes through there. Of, of the 8%, you know, the breakdown, roughly, we, we're seeing roughly 5%-ish around price, a little bit, little bit below that. That's slightly below our targets for the year, and that was impacted by the market conditions. Some slight increase in, in, slight increase in downgrades because of the market conditions, which will bounce back, and then sort of some flowing impact of market mix. It's just you, you end up with a price decline. We've seen this in previous cycles when Sydney and Melbourne, particularly our highest-yielding suburbs, come down. On top of that, we've seen depth growth, which is really interesting. I think that's something that I think is really important to point out. We have seen consistent depth growth in the first half and the second half. So if I measure it either on an agent level or probably more importantly, on a total number of listings, so of the 509,000, 510,000 listings that we saw over the course of the last year, we've seen mid-single digit increases each half of the proportion of those total listings that are now on depth as opposed to subscription-based products, and that's been fantastic. That goes through. Then the balance is what we're seeing in terms of increases from Social Boost, in terms of that yield that comes through. On top of that, obviously, a really material market mix headwind because of the really poor situation that Sydney and Melbourne has come through. Deferral is quite small, just because of the nature of what it's going through, so it's not a hugely material impact for us this year. The biggest impact, by far, was market mix. Okay, great. Thanks very much. Thank you. Your next question comes from Fraser McLeish with MST Marquee. Please go ahead. Great, thanks. Hi, Jason and John. Hi, Fraser. Just on Realbase, can you just confirm, Jason, if you've actually grown the number of customers so that, you know, when transactions do return, we'll actually see revenue growth on the numbers when you, when you bought the business? That's the first one. Just then, on the new sales structure, have, have you actually, have you seen any kind of negative impacts, or how are you managing that? Any negative impacts from the, from the new sales structure? Thanks. Yep. Let me step through those questions. Let's decompose the parts of the Realbase business. There is the campaign management platform, which is a highly penetrated, mature product. That is under a transition from a Campaigntrack platform, which is a legacy platform, to the new Realhub platform, so that's two businesses together. The market, our sort of acquisition thesis through that, which we're really clear, the market was not fundamentally about growing of market share there. Any upside, they already have over 50% of listings across Australia and New Zealand that are covered. The upgrade or any sort of growth pathway from that would come from, y ou know, there is probably a major franchise that is not on that platform that we would sort of engage with. To get the rest of the agent market out there, we'd probably have to look at sort of building a de-specked product at a lower price point, which we will start to do, but that will take some time. There was never really any and we haven't seen material, any material, you know, client movements of that product, definitely not sort of any downgrades through there. It's been quite flat, so consistent, so it's all volume. If I go to AIM, which is a social platform, and Engage, which is a presentation platform, we've, we've seen really strong uptake in growth in both of those. Engage is a subscription product, so the uptake and growth from a fairly small base, but, you know, it, it, it's heading towards being sort of a market-leading product. We're really embedding the value of that product through deeper integrations with products like Pricefinder, and Real Time Agent. That's where you're starting to see our platform solution starting to emerge, where, you know, you're better off actually, you have a better experience buying, you know, the whole platform rather than individual pieces, and that's really helped Engage accelerate growth through really tough times. AIM, we've seen, you know, good, strong take-up of new customers. That's primarily been driven by a new commercial, our sales model, where we now have many, many more salespeople across the country who are actually representing that product than the small number of salespeople within, within Realbase. You know, the take-up rates have been great. Volumes and transactions have obviously been lower through there. We have seen the impact of products that are not held within the protective net of a depth and all, an annual contract. It's much easier to sort of make listing by listing discussions and downgrades on incremental investments on the marketing schedule that sit outside of depth because you don't actually have a sort of a contractual issue. I think that's impacted a lot of marketing solutions across the country that don't sit within, for example, a Domain or a, our competitor's depth contracts. The future for that very much is, you know, moving towards taking that AIM product and bundling it within a, you know, broader-based contracts. What you're seeing, if I was to summarize that, is clearly no, no customer declines, consistency on the Realbase campaign platform. It's all driven by listing volumes. Growth in Engage and Aim, really pleasing growth and revenue growth in, in Engage. Aim, really pleasing customer growth, but the customer growth offset by listing volume declines and the attachment rates of, of that Aim product. Again, when the listing volumes improve, we're gonna see that sort of come back with Aim, and we're gonna see that come back through the campaign management platform. Great. Thank you. Your next question comes from Kane Hannan with Goldman Sachs. Please go ahead. Hey, guys. I'll keep it quick. Just two questions. Do you think you're gonna return media developer commercial growth rates next year, given those developers volumes and headwinds coming through? Secondly, again, on margins, you know, if I think about your base case listing assumptions, do you think you're going to be able to recover the margin decline that came through this year, you know, into 2024? Cheers. Let's start. Media, developers, Media, developers, and commercial. It's a segment mix. They had very, very different trends across all of those. Commercial, we've been pleased with the results. You're starting to see some of the carnage flow out of that market at the moment. It's tough. The biggest segments in that market are office and retail, and they are both the segments that are probably finding the, in the face of structural changes, whether it relates to, customer occupancy trends and changes, office attendance rates, or whether it's just a fundamental change in interest rates, changing valuation, and investment, thresholds and envelopes. You know, that market, we've been very, actually quite positively pleased with the performance of that. You know, that business has driven growth actually over the, over the course of last year, which I must admit, I look at it and it surprises me, given how much the, the broader market in that sector is, is challenging. It just goes to our ability to sell a product, to raise prices, to drive value, and to seek audiences. It's a really, really well-structured product. If I look at developers, you know, it's the same challenge, and you're seeing this play out in government policy. It's clear that supply challenges, supply has decreased and decreased dramatically over recent years. We're seeing that play out this year. There are some potential tailwinds, whether it's through government policy or whether it's through immigration, whether it's through demand, and demand is very strong coming through. That could see the developer market lift. Really to see material lift there, you need to start to see some of, some of the, the large developments, the long tail. We're seeing, you know, good and relatively strong performance on some of the boutique developments, but you need to see some of the biggest players in the market coming in. That might be with new large developments that they have the confidence to actually commence on. Or it might be, you know, the growth of new segments like build to rent, for example, that, that, that are coming through and will support our rental business. Then media. Media really is, you know, it's a challenging environment that you'll see across the market. Pardon me. You know, you, you sit at a board level or a management level, you do sort of question your media investments, that's playing out. Pardon me. In terms of margins, I might just pass over to John, actually. I'm just dealing with a bit of a, I need to get some water in. Well, look, I mean, we've, you know, we've given an outlook on, on, on cost. We're confident on our cost discipline. Jason's referred to, the good outcomes that have ar- arisen from our, you know, sort of our, our go-to-market and sales and pricing, and the growth in, in our, in our depth through that. The early signs of, early, so again, of Sydney and Melbourne, sort of recovery and leading the way. Whether we get back to, 2022, I think it's a, a tough question to answer right now, but certainly, we'd be expecting, expansion. Yeah, I think just really quickly, there's no question we'll get back there. The question specifically w hen is the timeline, is whether we land that in FY 2024. That's absolutely our, our ambition. We're targeting to move that. We're targeting to continue that expansion. Just like this year, probably caught everyone by surprise with the ferocity of the, the decrease in listing volumes, that does have an impact on, on, your ability and the envelopes that you can actually deliver with margin expansion without unnecessarily damaging the long term of the business. There is a lot of what we control, and I think we've demonstrated our ability to flex our cost base incredibly well. There are elements in this that we don't control. We, we do operate at a decent margin, and top-line growth has an impact that flows straight through to EBITDA. Yeah. Lovely. Thanks, guys. Thank you. Your next question comes from Roger Samuel with Jefferies Australia. Please go ahead. Hi, John and Jason. Just, one question. Any views on price increases for RealTime Agent and Realbase? Price increases for RealTime Agent and Realbase? Yep. We. Yeah, no, definitely. It's something we look at a lot. If I look at Realbase, one of the things about Realbase, there hasn't really been any pricing for a number of years. One of the barriers to that has been the need to transition from the legacy Campaigntrack platform to Realhub platform. We think we can do two things. Firstly, we've actually implemented plans to radically accelerate that transition that was well beyond the capabilities of that business doing it by itself. I think we'll, we'll more than half the actual time taken to transition all customers from a legacy platform to the new platform. That then gives us a much better experience base to think about value. Under the new platform, also gives us a much greater base to actually really invest in, in product innovation and delivering greater value. You know, you can't just go out and raise prices without really having a trade-off in terms of the value that's delivered. That, that definitely is in the pathway and the platform that goes through. The first step towards that is the investments we're making to rapidly accelerate the platform transition. From a RealTime Agent perspective as well, you know, that, that, again, rapid integrations of that platform into Pricefinder, into the Engage presentation software, you know, the looking at the sort of Realbase data that we have that can come through, it's exactly the same place. The platform's in a much better position in terms of its readiness for that, and so we'll be looking at all forms of ways that we can actually drive growth. What I would say is that from a market penetration and maturity of that business, the real upside and the upside we've seen over the last couple of years is very, very much more about volume capture and covering more and more listings across the country, purely than pushing for yield growth. You know, it's a mix of both. Thank you. There are no further questions at this time. I'll now hand back to Mr. Pellegrino for closing remarks. Thank you, everyone, really appreciate your time. I know it's a really busy day. Look, we're really pleased with what we've been able to do over the last 12 months. It's been an extraordinary year. It's been a very challenging year, we've had to react in decisive ways, particularly around our cost base. What we're seeing is a recovery and, you know, more strength and more confidence as we get into the first six weeks of this year, underpinned by a, you know, a very strong outcome from our contracting and new product innovations and launches across agents, consumers, and internally. You know, probably a much more positive setting as we look into the rest of the year. We are still mindful of the potential impact of shocks, both geopolitical and economic, and so we'll be very sort of conservative as we manage this business going into the next year. We'll have a better, clearer update of the impact and trends of that sort of positive trajectory on yields as we get to the AGM, and we'll provide that update. With that, I'm gonna call a close. Thank you.