Double whammy of attempting to offset the economic...

Double whammy of attempting to offset the economic risk:


Provisions up, Equifax Scores up.



Means shutting the least efficient / least profitable businesses, and redirecting the funding capacity to the stronger businesses (Autopay)?


$2m of SocietyOne integration costs were included in the FY. Might reduce further?


Credit score tool might be helping to keep marketing costs down.



There is an increase of people in stages 2 and 3. But I guess that makes sense 1 year after slowing down the high growth, and the provisions seem to account for it. Though the 88% provisioning for stage 3 seems to have been reduced to 83.6%, so I guess there's some possibility of it being underestimated, but not by a lot unless the 2.4% for Stage 1 was wrong.

Provisioning increased from 6.1% to 6.6% because: more people are in stages 2 and 3 now (maybe because of slowing the growth, and/or IRs or the economy). The rate of provisioning for each stage was actually reduced. Does that mean something? Possibly due to the 'secured' and 'higher equifax scores' making it justified.


Secured appears to have fewer in stage 2 & 3. Maybe that's why the provisioning for stage 1 was reduced to 2.4%.