Good point, but the context is missing here. Australia is not as...

Good point, but the context is missing here. Australia is not as large of a market compared to say the US, which may affect cash reserves. Australia has had a different experience to the US with COVID, with the US equity markets surging. Lastly as well is that business borrowing is much stricter in Australia than the US with rates also being slightly higher, all pushing a company toward equity rather than debt. I don’t think investors are more naive in Australia, my experience is that they’re actually quite advanced, I think instead that it’s a combination of a lot of factors.