Ann: HKEx - Continuing Connected Transaction, page-4

In Dec 2019 Australian entity YAL was deep in debt of more than USD 3.5 billion and required support of major shareholders for bank guarantee and may be also paying management fee as well. The percentage of management fee is not disclosed. Major shareholders were charging a margin of 5 percentage on top of normal BG fee which is normally about 1 or 2 percentage.
This was understandable in 2019 due to YAL difficult financial situation, it required the support of major shareholders.
However in Dec 2022 YAL is in strong financial position. Most of the USD 3.5 billion debt has been paid and has huge net cash position. YAL should be able to get BG and other financial support from normal bank channels at normal prices. Surprisingly the board of directors have agreed to renew the term at that same high margin to the benefits of major shareholders.
These are some of the reasons when NSW Govt will use to raise royalties like QLD Govt in near future.
DYOR