This year's result season is proving to be an overwhelmingly subdued event.
Though companies such as Michael Hill, Briscoes Group and Restaurant Brands have announced pleasing results, most have been quick to signal their uncertainty about future earnings.
The head of private wealth research at Craigs Investment Partners, Mark Lister, says few companies seem willing to risk making overly-positive predictions.
He says the recovery is being described as cautious, fragile and patchy.
Mr Lister says though things are steady, the mood is still one of cautious optimism about the coming year, with most boards and management teams being conservative in making predictions about how their businesses will fare.