Ann: Release of Spenda AR v1.1 to support growth in payments flow, page-31

What is good about this?

1. This is an increase in payments flow. Some of us were concerned that the focus was entirely on leading. Here we are told of a substantial increase in payments flow. So this is in addition to any DW coming up.
2. This is an addition (in march). It says "In March... has added A$150m per annum in new payments business across various customers, of which Spenda’s average fee range is 1.25 - 1.4%" This is an addition and will show up in the July 4c.
3. It does take time to on-board. It says in the ann "with the most significant growth coming in March 2022 following the completion and scale-out of various pilots." Like it or not, should it go quicker or not, it takes a good 6 months to scale.
4. Growth has come from retail, soft furnishings and agriculture sectors. Why is this important? Because it seems that what AF has been saying is consistent.
5. Further growth in next quarter... "Further expansion in Agricultural payment flows is expected through the June quarter with forecast growth of a further A$100m in annual payment flows."

This is all good, since it is all in-line and constant with the content of what AF has been saying. I think the timelines have been a bit optimistic. But we see an increase in payments flow, a substantial scale out time, growth from the right sectors and further growth to come. This is consistent with steady Q on Q growth.

Conclusion
We will not see rockets from this, nor from the next 4C (perhaps there will be another fall - since some numbers may nto be in there), but steady growth that is continual, will eventually accumulate and push us up.