"....once the 70% to 80% vaccination process happens...then we...

"....once the 70% to 80% vaccination process happens...then we would shoot up to at a guess .22 to .24 for an annual div "

I think the days of 22c to 24c dividends are gone.

The per share free cash flow backing of the dividends over the period to Fy2019 (so pre-Covid) were as follows:

FY2015 = 11.2c
FY2016 = 7.1c
FY2017 = 10.1c
FY2018 = 9.0c
FY2019 = 17.6c

So the 22c pa dividends over those years were underfunded and were manufactured via increasing borrowings ... borrowings that arose from a 26% increase in property valuations (from $27.7bn in FY2015 to $34.9bn in FY2019)

But over that same time Property Revenue rose by only 2% (from $2.23bn to $2.16bn).

Clearly that divergence of Property Revenue and Valuation was never going to be sustained.

The dividend was always going to have to be re-based a lot lower.

But I'm afraid back to 22c it ain't going.

.