From an economic perspective, little changed during the month to temper our bearish stance on the domestic economy. There appears to be little evidence that the east coast economy is picking up the slack as the mining boom tapers off, despite the RBA cash rate sitting at a record low of 2.00%. On a positive note, the ongoing depreciation of the Australian dollar, which is continuing to adjust to significant falls in commodity prices, will improve the profitability of domestic export sectors such as mining and manufacturing. This is likely to result in consumer shifts to non-trade exposed goods and services, which ought to be a longer-term positive for the domestic economy. We expect further falls in the Australian dollar as the economy rebalances which should stimulate domestic economic growth, although we don’t expect to see a broad-based economic recovery until mid-2016 calendar year at the earliest. Ahead of the August reporting season, we thought it would be helpful to provide investors a snapshot of the themes we’re watching and avoiding.