I likevyour analsis but actually I'm tossing up in my head...

I likevyour analsis but actually I'm tossing up in my head whether to sell.

I can't see why GMA should trade at a premium to NTA in future if it doesn't now given so many tailwinds that are going to give way. Over the coming year we will get closer to prescribed capital ratio which will constrain management's ability to return capital. A dividend of 53 cents per year and one of the largest buybacks on the ASX are not sustainable. New lending and transactions are also slowing.

That being said like you say unemployment is low, and most vintages would have only small ratios in negative equity, while there was an ABC article the other day that highlighted for me banks right now are being very
sensitive on pushing people to foreclose, so claims environment is very conducive to underwriting result.

So on balance I'm holding for now, but not looking to add.

https://amp.abc.net.au/article/102347672