You are entrusted to evaluate your company's portfolio, which consists of 50% in Australian stocks and the remaining 50% in the rest of the world. Annualized expected returns are 7% and 9% for the Australian stocks and the rest of the world, respectively. You also know that the standard deviation in the Australian stocks, σ_AU is 14% and the standard deviation in the rest of the world, σ_WORLD  is 16% and the correlation between the Australian stocks and the rest of the world, r_AU,WORLD is 0.40.

Calculate the risk and return of this portfolio.