And they're off. Pork Barrel jumped out of the blocks well with a $34-billion tax cut, closely followed by Me Too just a few billion behind.

Green'n'Gold Trackie gets out well for a brisk early walk while The Worm's turned well in favour of Kev'n'Heaven, who's been showing impressive form since an early indiscretion at Scores.

McKew's Smile is causing some problems on the local front for PM's Parade while Gunns is causing problems for Wentworth and Born to Rule is getting pulped alongside Malcolm's Ambition.

Cossie's Smirk is struggling to get a look-in after a recent steward's inquiry into a ring-in involving Gutless Challenger.

The tempo quickens as The Gov'nor steps up to tackle Core Inflation and threatens to break fresh ground for the first time in a big race. Rate Rise looks like rearing its head for a sixth outing in recent years after promises he would be put out to paddock in 2004.

Around the halfway mark and Mad Monk's tripped himself up playing Who's a Pretty Boy while Big Joe's stopped for a feed that could cost him his job under Work Choices.

The Power and the Passion looks out of his depth and appears headed straight to the Back Bench.

Smear Campaign is moving well down the outside in close cahoots with Kev'n'Heaven and PM's Parade.

Coming into the final bend and Copy Cat has a big lead and there's still no sign of the long-awaited late charge from four-time winner Johnny's Empire!

Jeanette's digging in her heels on Moving Out and Therese is contemplating a move into Harbour Views or The Lodge.

They're at a desperate gallop now, racing for their lives, with Johnny's Empire fading fast, having failed to pass The Baton.

Punters think it's Time For A Change but Kev'n'Heaven is looking over his shoulder to see what his challenger is doing even though he's well in front.

But here comes the Gov'nor! The Guv'nor makes a surge, pushing out his lead by 25 basis points! That's got to hurt below the Mortgage Belt!

And the markets reckon there's another 25 basis points where that came from!

And it's the Guv'nor! The Guv'nor wins the Cup, edging out Howard's End!

Signed with a NIB

Medical experts warn about the effects of a sugar rush: the horrible low after that initial high.

We can only wonder if the policies of the health fund NIB cover the lows after its sweet, sweet listing yesterday.

After all, as policy-holders celebrate the wonders of the sharemarket with the 30 per cent premium on the debut of their shares yesterday, there's little chance they'll be reflecting too closely on the fine print of the prospectus.

"Shareholders may have competing interests with those of policy-holders, particularly if the number of shareholders who are not policy-holders increases over time," the prospectus noted.

They might not even recall the expert's report that "future premium rates might be effected" (sic).

Still, today's not the day to spoil the sugar-coated wealth of policy-holders who, despite their years of membership, had their holdings capped.

After all, everyone's done well out of the float. Like JPMorgan, which pockets "approximately" $10.9 million for doing the demutualisation.

Mallesons has been rewarded with $1.5 million for legals while PricewaterhouseCoopers scored more than $1 million. We only hope NIB's health policies cover the downer when the rush wears off.

Buying a Home

The Bank of Queensland boss David Liddy has heavier pockets this morning after offloading $2.2 million of the bananabending bank's shares.

Having recently missed out on the chance to buy a holiday home in Bendigo, Liddy might put the proceeds towards a new pad in Perth, where BoQ recently nabbed the West Australian building society Home.

And if that doesn't take his fancy perhaps Liddy will just buy some new holiday gear. We hear one of his favoured pastimes is moping about his Maroochydore holiday pad in a faded T-shirt and daggy shorts.

Access to all

Paul Fiani wasn't the only prominent Qantas deal breaker in the Macquarie marquee on Derby Day.

We're assured his partner in deal busting, Andrew Sisson from Balanced Equity, was also enjoying the canapes. We hear the money shot was more like Fiani chatting with Sisson in the Macquarie tent with James Packer, a Qantas director at the time, within earshot.

A bill before he goes

For those ambitious young things eyeing Phil Green's chair at Babcock & Brown, the big bloke dropped a large hint on when he might finally swap his seat for the retirees' stand at the Sydney Cricket Ground.

Talking at a business lunch yesterday, cricket-mad Phil said that he saw himself sticking around until B&B was making at least $1 billion in net profits a year.

Since listing just over three years ago, the group's deal-making whizz kids have being going for it, as last year's 62 per cent rise in earnings to $406 million proved.

Business has been so good since the start of this year that Phil is predicting that figure could top $550 million for 2007-08.

The only thing that might prompt an early departure would be if B&B followed the trend now being set by the major US investment banks, Merrill Lynch and Citigroup, whose chief executives, Stan O'Neal and Charles O. Prince III, have walked after their respective subprime loan disasters.

Still, Stan is said to have something northwards of $US200 million coming his way.

Phil, who earned $17 million last year, said: "I'd like to lose my job like that."