Rate Rises scenarios, page-2

That being a change from -$1.1m to +$0.1m in that scenario, on $5.5m revenue last quarter, while they're in the investment phase - investing in user growth and multiple IT teams.

By the time RBA get to raising, hopefully SWF is at a larger scale, with the staff to trades ratio improving, so the margins would be improved in other ways too, not only interest rates.

Here's client cash over time (right to left) -



That'd probably be higher in a year's time too, so multiplying the improvement in interest rates.