Ann: Loyalty Option Issue to Shareholders, page-17

Pulling out to the macro view, the AUD is basically a bet on China trade. With 30% of China's GDP tied up in property and that sector imploding atm, the Libs blowing up national debt by handing out free money to everyone from QANTAS to Givenchy and the RBA's churlishness to raise rates while everyone else is, means I don't see much hope for the AUD in the near to mid-term future. This country is all-in on housing which produces nothing but mortgage debts and payment transfers from one person to another. '22 will be very interesting.