Jon Mills: The common themes in this reporting season were generally lower commodity prices and higher unit costs due to inflation. And that obviously flowed through to generally lower earnings and hence lower dividends. The biggest standout was Whitehaven Coal, which is an Aussie thermal coal miner. Thermal coal prices, while they've come down, are still elevated. And it's generating oodles of cash, which it's returning to shareholders.

On the negative side of things, probably the low light was South32. Its earnings were down by about two-thirds for the reasons I discussed earlier. And the thing that makes South32 a bit different to the likes of BHP and Rio is it's—it's generally higher cost and has lower quality assets than the bigger miners. And so it's more leveraged through changes in commodity prices.

Mark Taylor: Well, I guess from an overall earnings perspective, the majority of the companies I cover that reported beat my expectations, about two-thirds reported earnings that were better than I was expecting, about a-third below expectations. Some of the key positives, I guess, were in the major oil and gas companies, both Woodside and Santos marginally beat my expectations. And also in the industrial services, Seven Group had a very strong result. In the urban services area, Ventia had a very strong result. And in sustainability and contracting, Worley also had a very strong result. So those five companies are probably standouts in terms of having done well.

In terms of some of the things to look out for moving forward, we're expecting softening in energy commodity prices to result in some weakening in EPS, moving forward, but that's nonetheless still to pretty favorable levels that will support our fair value estimates for the likes of Woodside and Santos. And on both of those projects too things to watch out for is that there aren't cost blowouts at their major projects, including Barossa for Santos and Scarborough Pluto T2 for Woodside. So far, there haven't been any murmurings of anything going wrong. They're tracking to target, but given what's happened to some other companies, it's still worth keeping an eye out.