Ann: Change of Director's Interest Notice, page-40

Client cash is a balancing act.

How much is your cash balance, how likely will you need to invest it into equities soon, and how much is your time worth for swapping it between accounts for some extra interest.

If your balance is $5000 and you plan to trade in a week, then you can get $3 if you withdraw it and re-deposit it. Not worth the time.
If you sold shares, have $20,000 cash, and plan to stay out of the market for 1 month, you can get $50 for your time if you withdraw it. Some people would.

The RBA raises would have pushed the balance more toward 'the interest is worth my time to withdraw it' for some people. It's not gonna happen that 100% of people withdraw 100% of their cash, but it could cause a 10-30% fall in cash. It has already started, but it may not have bottomed.


On Twitter today they said 'first 10 people to sign up with this link get $500. Next 15 get $200.'. Very generous promotion. People can make the account, deposit $1 and do nothing, and get the money. It comes across as a bit desperate, a bit like Stake's 'free trades for a year after transferring in' promotion.