Well what matters with MQG is the tier 1 & surplus capital it...

Well what matters with MQG is the tier 1 & surplus capital it holds which is far in excess of regulatory requirements. MQG in a way is a bit of a black box as well and it's hard to understand what exactly all of the debt on its balance sheet is for, but it's likely a combination of liabilities from its banking operation (i.e. home loans), asset financing, and it itself buying large unlisted assets/businesses on the market. MQG I don't think has any type of serviceability issue.

Also debt in and of itself isn't a ticking time bomb. It's the relative amounts and serviceability that's the issues. MQG would appear to be very healthy on both fronts. Simplistically if somebody has $2 million in debt, but $1 million in income, that's an extremely low debt and high serviceability. If somebody has $2 million in debt an $100k in income, oh boy, I would not want to be that person.

See snapshot from their 2023 report here - all pretty great metrics at a high level.