Or, let me put it this way. Over 4 decades investing in this...

Or, let me put it this way. Over 4 decades investing in this industry and aside from the odd exceptions, I have mostly witnessed an industry that constantly shoots itself in the foot. Whom either deliberately or most likely, incompetently, allow banks to dictate the the end game.
Decades of producers selling their product forward, much of the time selling it just before a major upside move.
We have situation now, with many sitting on vast cash holdings, at a time when inflation is eating away at any meagre (YES HC, meagre with an RE not an ER) returns the banks pay, whilst the banks use that capital to earn far more.
So, PRU are likely sitting on what, 750 - 800m AUD in cash and doing WHAT with it??????????