The $3.5b buyback is a non-event for me. A boatload of new WBC are issued every year through things like employee incentive schemes and the dividend reinvestment plan (DRP). Last FY WBC issued ~57m new shares through the DRP alone, worth about $1.4b at current prices. Plus, there'll be equity raisings from time to time for whatever reason, e.g. WBC did a $2.5b equity raising in 2019 due to the Austrac fiasco. The buyback won't change the trajectory of total shares on issue in the long run, which will go up over time.
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