Ann: Appendix 4E and Annual Report 30 June 2022, page-8

Agree, the cost's have grown disproportionately to revenue growth. Sales and marketing costs in FY22 were a roughly 14.6 million for revenue of 18.6 million revenue compared to FY 21 with 7.7 million for 13.4 million revenue. The diminishing return leaves less room to increase cost in other aspects of the business which is what has happened.So they are taking some 'swings' which is fine as you need to grow but they haven't hit a home run. Maybe the increase in advertising spend will start to show its impacts in this half year which could especially be the case if the general market sentiment improves.

I think the Aussie side of the business has good metrics per the slide posted by @awalk above, but the worry is that customer growth is near/at the point of diminishing returns where the increasing customer acquisition costs start to hurt prospects of profitability.

Superannuation could be a key driver of growth in the near term. Asia looks good in terms of customers but looks likely to be a slow burn in terms of contributing meaningful revenue.