Dhukka,
On the topic of dividends in general maybe you should consider many investors invest for income and franked dividends pay a tax free income for many people (even give cash rebates for super funds). Franking credits are useless to the company. These investors don't want to have to sell a portion of shares and pay capital gains tax each time they have bills to pay, that would be cheating themselves.
So rather than management being incompetent for paying dividends maybe they are just trying to please everyone to a certain extent.
You are also assuming a business can keep re-investing earnings and maintaining the same high ROE into perpetuity. Not possible
2012 guidance, page-12
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