Ann: Q1 FY24 Results - Zip achieves positive Group cash EBTDA, page-1969

Thanks tutor, unfortunately this site can be dominated by benign influences and while they all call me a downramper (as I have been in respect of the BNPL business), it is playing out as I had always believed it would and as set out earlier I think there is a likelihood that once the cards settle there will be some significant rationalisation in the BNPL industry, with larger outside players posturing to get a foothold in a new funky, broad based style of consumer lending encompassing a range of lending services. Perhaps that is what is being done now, but I still would not be counting on anything profound happening in the near future.

I think the catalyst will be some pain in the community resulting in strangled revenues, increased bad debt, higher costs and constraints on income from new regulations. Afterpay's Australian revenues from late fees in the 12 months to June 2021 were $87 mil, then $211 mil in 18 months - despite the disparity in the time, it is a huge jump and I don't think Afterpay should be counting on that again once the new regulations are framed.