Australia is one of the only markets in the world where the...

Australia is one of the only markets in the world where the investors are infatuated by dividends. And this is largely a retail driven phenomena. Instos don’t care about dividends as you can easily create your own. It’s because a big chunk of the demographics retail investors in Australia are often boomers/retirees and they are the ones who benefit from franking credits and of course are also living off the income in retirement etc

There is no benefit in a company like PNV paying dividends right now given where they are in the growth journey as it would signal a lack of internal growth opportunities which is definitely not the case; but also their revenue is largely global (so taxed outside of oz) which means dividends don’t even have the benefits of franking credits.