Yes they may have paid $5 plus franking credits but paid for by capital raising and sale of businesses what a brilliant model,no growth look at MQG growing the business and growing dividends.
10 years ago my SMSF had 40% local banks yes good dividends but no growth I trimmed that back to 8% now and I bought into growth businesses like FPH,RMD,ALL MQG,BKW and GMG.
It took me a while to wake up to the yield trap but growth with smaller dividends has has made my SMSF grow much faster than if I had kept 40% in local banks and their performance will come under more pressure as they get their grass cut by brokers,BNPL and larger fintechs coming in to competition with them.
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