Ann: FY23 Q3 Update - Investor Presentation, page-6

While it'll be a temporary situation that will at some stage improve, this report by Bridget Carter of 'The Australian's' Data Room section may not be assisting AND SP accretion:

"Australian investment banking fees have fallen 50 per cent in the first half of this year compared to the same period in 2022 amid a period of uncertainty about the economy.

Figures from a preliminary half year report provided by Refinitiv show activities from Australian investment banks generated $US953.1m in fees down 50 per cent compared to the previous corresponding period, with equity capital markets (ECM) underwriting fees accounting for 20 per cent, or $US192.3m of the Australian investment banking fee pool, according to Refinitiv.

This was a 16 per cent decline in ECM activity compared to the first half last year.

Completed mergers and acquisitions advisory fees amounted to $US267.1m, down 62 per cent from a year ago..."