84 NOTEs TO THE FINANCIAL sTATEMENTs  14. INTANGIBLE AssETs (CONTINUED) discount rate (ii) iMPACT oF PoSSiBle CHAnGe in key ASSuMPTionS (iii) AlloCATion oF GoodWill, liCenCeS, MASTHeAdS And TRAdenAMeS To CGuS FAIRFAx MEDIA LIMITED AND CONTROLLED ENTITIES FOR THE PERIOD ENDED 30 JUNE 2013 The discount rate is an estimate of the post-tax rate that reflects current market assessment of the time value of money and  the risks specific to the CGU. The post-tax discount rates applied to the CGU Groups’ cash flow projections were in a range  producing a mid point of 11.0% for Australian and 10.9% for New Zealand Media (2012: Aust: 11.5%; NZ: 11.2%), 12.9% for Australian  Online (2012: 12.8%) and 12.7% for New Zealand Online (2012: 12.6%). Each of the above factors is subject to significant judgement about future economic conditions and the ongoing structure of  the publishing and digital industries. Specifically, the Directors note that the extent and duration of the current cyclical downturn  in advertising is difficult to predict. The Directors have applied their best estimates to each of these variables but cannot warrant  their outcome. To assess the impact of this significant uncertainty, and the range of possible outcomes, sensitivity analysis is  disclosed below. Holding all assumptions constant, if year 1 cash flow forecasts declined by 5%, an additional impairment in aggregate of $50  million would arise for the Regional, Metropolitan, Agricultural and New Zealand CGU Groups. If year 1 cash flow forecasts  increased by 5%, in aggregate, the impairment would be reduced by $34 million.  Holding all assumptions constant, if year 3 cash flow forecasts declined by 5%, an additional impairment in aggregate of $64  million would arise for the Regional, Metropolitan, Agricultural and New Zealand CGU Groups. If year 3 cash flow forecasts  increased by 5%, in aggregate, the impairment would be reduced by $21 million. Holding all assumptions constant, if the discount rate applied to the cash flow projections was increased by 0.5%, an additional  impairment of $59 million would arise for the Regional, Metropolitan, Agricultural and New Zealand CGU Groups. If the rate was  decreased by 0.5%, the impairment would be reduced by $25 million. Holding all assumptions constant, if terminal growth factors were reduced by a further 0.5% across all CGU’s then a further  impairment of $49 million would arise for the Regional, Metropolitan, Agricultural and New Zealand CGU Groups. If terminal  growth factors were increased by 0.5% across all CGU’s then the impairment would be reduced by $22 million. For the financial year ended 30 June 2013, goodwill, licences, mastheads and tradenames were allocated to the CGU Groups  below. The table below also indicates which operating segment each CGU Group belongs to. Operating segments are defined  at Note 1(W) and Note 37 with further disclosure on the results for each operating segment. At 30 June 2013 OPERATING SEGMENT GOODWILL  $’000 LICENCES, MASTHEADS AND TRADENAMES $’000  TOTAL  $’000 Allocation to CGu Groups Metropolitan Media Metropolitan Media  33,041   393,389   426,430  Australian Digital Transactions Metropolitan Media  205,159   18,739   223,898  Australian Regional Media Fairfax Regional Media  –   283,519   283,519  Agricultural Media  Fairfax Regional Media  –   122,333   122,333  Broadcasting Broadcasting  56,185   114,037   170,222  New Zealand Media New Zealand Media  –   148,243   148,243  Total goodwill, licences, mastheads and tradenames  294,385   1,080,260   1,374,645  At 24 June 2012 OPERATING SEGMENT GOODWILL  $’000 LICENCES, MASTHEADS AND TRADENAMES $’000  TOTAL  $’000 Allocation to CGu Groups Metropolitan Media Metropolitan Media  33,041   393,390   426,431  Australian Digital Transactions Metropolitan Media  192,057   23,750   215,807  Australian Regional Media Fairfax Regional Media  121,987   473,453   595,440  Agricultural Media  Fairfax Regional Media  31,861   232,747   264,608  Broadcasting Broadcasting  56,185   121,637   177,822  New Zealand Media New Zealand Media  –   137,790   137,790  Trade Me (discontinued operation) Trade Me  573,954   25,713   599,667  Total goodwill, licences, mastheads and tradenames  1,009,085  1,408,480   2,417,565