I think there is little doubt that the economy is slowing.  Christmas spending, and therefore transport volumes, where very late. Figures just out from show that Retail EFTPOS transactions are down in January.

Add to that an election year and high fuel and interest rates and it can only but slow down.

This is further reinforced by a quote I read in the Herald about Freightways result.

"In the current operating environment of low organic volume growth and rising costs, Freightways has been careful to continue to make decisions for the long term good of the business," the company said.

"As such, our investment in facilities, technology, customer service initiatives and most importantly in the training and development of our people has continued."

I agree with Freightways. Training, Development [and retention] are critical tis year.