Depends on how much the portfolio had been affected by interest rate increases - even though any mark-to-market losses will wash out as the bonds mature, there will still be a short term hit to the P+L. Also, GMA has a track record of being conservative in its provisioning (at times excessively so IMHO) and I don't expect that to change.
Even so, 12 cents is a floor and, quite frankly, I'd be very disappointed if we don't get at least another couple of cents on top of that. All fully franked of course.
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