The big result | We can’t help feeling just a bit sorry for Gillon McLachlan, the new chief executive of Tabcorp, who fronted his first results announcement on Wednesday after just 18 days in the role. That would be a big ask for any leader, but the former AFL boss was tasked with selling an extraordinarily difficult message.

First, there was the $1.4 billion write-down of the value of Tabcorp’s core wagering business. Then, there was the abandonment of the group’s TAB25 strategic plan to boost digital revenue, slash costs and double return on invested capital. Third, he had to warn that costs are actually likely to increase next year due to inflationary pressures. And finally, McLachlan had to (quite reasonably) tell investors that it’s too early to have his own strategic vision in place.