Ann: Quarterly Appendix 4C and Activities Report, page-6

Good point, and this would concern me, but clearly the marketing ROI is working as you can see by the uptake of US investors and traders. I think it's a priority to continue to increase the spend and take more market share. Also the continued development / UX of the app is crucial to maintaining a competitive advantage over these smaller tech companies.

It looks like they also have some decent strategies in place to continue to grow traders and Cath is a smart appointment.