I am not an accountant, so can't explain this using the proper...

I am not an accountant, so can't explain this using the proper terminology, but the way I think about it is that taxable profit is often more than actual profit, as there are some expenses that are not tax deductible. Thus tax paid and the franking account can exceed the franking allowed on the retained profit.

The difference probably happened last financial year when there was a huge writedown of over 90m and a loss, but tax was still paid.

In the annual accounts the franking account has 70,352m in it, but retained earnings are 34,411 m. So it is pretty obvious franking exceeds what can be attached to the retained earnings. What we need is for programmed to have made a huge profit over the last 4 months, but that doesn't seem all that likely.

Anyway hopefully not too long until we actually know. I would love a large amount of franking, but it is not looking likely. Every bit is extra though