Ann: Becoming a substantial holder, page-21

Because only retained profit can be paid as a dividend. To provide more you need to reduce capital (buy back). The ATO has moved a lot of its staff to jobkeeper/jobmaker, so there are large delays across the departments. The original time frame for a ruling was overly optimistic.

The have been murmurs about an equal access divdend/ capital reduction outside of management, as a more equitable solution than a selective buyback.

Cheers