Respectively, a lot of people assume the $70m debt was added in...

Respectively, a lot of people assume the $70m debt was added in Jun-15 because it is the first time it was seen on the balance sheet at balance date.

Go through the historical cash flows and you'll see debt was being used before then - it was just being repaid before balance date.

Westpac had provided $82m facilities in Jun-14 (likely refinancing a smaller facility from GE) then appears to have been refinanced out by NAB/HSBC in Jun-15 with a $135m facility. What we don't know is what the debt position started to look like from the Dec-14 balance date through to the Jun-15 accounts and the reasons why the WBC facility was refinanced.