Ann: SWF 1H FY2023 Half Year Announcement, page-2

looking back to October , prior to the Q1 quarterly report, i had penciled in 9.08m in interest revenues:

https://hotcopper.com.au/threads/interest-increase.6783578/page-112?post_id=64037256

Following the Q2 quarterly report, which includes the quarterly client cash number, i updated that forecast to 9.63M. Actual interest revenues came in at 9.68M which means the model is pretty good!!!

However if client cash continues to fall - i've budgeted $450m by March and then flatline to June - then interest revenues will be fairly flat for H2 assuming also there will be only one further rate increase. The key is how much cash continues to leave as there is increasing incentive to move it out, whether it is to outside bank accounts or ETF cash products like AAA or BILL.