Leon and Garry discuss the outlook for the National Broadband Network. Will it be a white elephant? What is the outlook for commercial free to air TV given that internet TV is already approaching Australia with internet service providers such as iiNet and Internode interested in linking up with them. Other topics include David Jones’s good result but a tougher outlook for retail this year, continuing bleak outlook for housing; serious shortfalls in construction and rising interest rates. The RBA will continue to raise interest rates to control inflation and we expect at least 5 per cent by year’s end. Also look at Government projects, the NBN, the home insulation debacle and cost blowouts in school construction spending. And the banks keep on getting more powerful, with Treasury secretary Ken Henry expressing concern. He says they have come out of the financial crisis richer than when they went in.