Expectations. In things financial they are very high these days. No wonder pollies have such a hard time managing them. And boards.

Take dividends. They are very high for many blue chip companies at the moment. And they keep going up each year so shareholders and the market expect them to keep doing so.

Into the never never apparently. Or they will punish said company.

Some even talk about borrowing to fund the expectations.

Why not tell them the hard truth – "enjoy it while you can because circumstances change and nothing is guaranteed in this world".

Interest rates, same thing.

They are historically low at the moment so there it is not just an expectation they will never rise again but an implied threat that anyone who dares lift them will be punished.

Even if it is not their fault. Politicians who claim credit for low rates need remember they will be blamed when they rise.

Better to manage expectations perhaps and tell them they are lucky they are so low now but it cannot last forever. Be prepared.

Of course when the two expectations clash as we're seeing currently over who should pay for the new bank capital adequacy rules, well there is a recipe for disaster.

Mortgage holders were whacked early to save shareholder returns but that can't last.

Or, as RBA chief Glenn Stevens so sensible warned yesterday returns are not "a constant of the universe".

Nothing is really in the world of finance. Remember that.

And of course all this applies, on steroids, to the whole tax debate. Low taxes are not just an expectation for pollies to manage but have now become some kind of god given right.

Or as Mr Stevens would say "a constant of the universe".