Even with poor results on PCP given macro conditions and a ~40%...

Even with poor results on PCP given macro conditions and a ~40% rise in bad loans it still gives an 8% FF dividend return if FY results are conservative and also payout a 5c dividend. Rise in bad loans would no doubt be attributable to rising cost of living. Rent being the main culprit and variable home loan customers who also hold SVR loans likely defaulting and relinquishing their valuables held under SVR loans. May see an evening out process as the wheat separates itself from the chaff. Wages slowly catch up with costs and irresponsible lending on historic low rates is wringed out. Could we see a loss half/year before stability is back? Tax cuts may provide additional borrowing appetite, it is a form of stimulus.

Overdoing QE and QT is a natural inclination. QE was overdone, now will QT be overdone too? I say it will, but not by much. Stimulus will be come, but when? Then there is the flip side, lower cash on hand and rising costs push one to borrow. But, if SVR attains a large chunk of revenue from leisure lending, that may not be the case. Many variables with their impact, and gauging individual impact and how one variable affects another is the challenge. Overall economy is strong. Budget surplus on a dynamic economy will facilitate stimulus when inflation melts away. Which, given propensity to overcook the chook, may even push inflation below target band and cause a mad scramble to stimulate. Although I doubt it will be to the extent of COVID stimulus. Tax cuts are a start, but are they the end?

Question at the end of the day, has SP fallen excessively in comparison to the economic and real situation? It would seem so. Heavy discount to NTA and going forward on a 10% FF yield gives one a sizeable cushion for landing even if the parachute doesn't open! Those in financial need and hardship, who are rejected by prime lenders, would arguable be up on previous periods. Are they comfortable enough to go lending? Do the bougee who are short on funds ready to live that life again? Is the fear induction coming to an end, and has there been enough time to heal the recession mongering end of days rhetoric?