Ann: Notice of General Meeting/Proxy Form, page-7

If RBA raised 2%, SWF's interest income would change from 0.1%+0.8%=0.9%, to 2.1%+0.8%=2.9%. Tripling interest income. But minus a bit, since some would get passed onto clients, at around RBA 1.5%+. So call it 2.5x interest income.

This last quarter, trades per user were down, but client cash was up, meaning interest was increasing as a proportion of revenue.

I put interest at 29% of revenue last quarter, from a low of 17% during COVID, because trades were so high then (last quarter: $1.56m interest from $5.37m revenue vs $1.77m cash burn). So if you 2.5x the interest revenue, it would mean $2.34m more last quarter, which would have put them at a cash profit of $0.57m.

So RBA raising to 2% would be a big deal for SWF.

That assumes - RBA raising to about 2%, no more improvement to client numbers and cash balances held (or a fall), the subdued trading conditions continuing without rise or fall in trades per trader - puts them at $0.57m quarterly cash positive.