One of the entertaining tidbits in the annual report is the...

One of the entertaining tidbits in the annual report is the amount of money they make subletting their lease. So they obviously bought into a bigger lease than they turned out to need, somewhere (I suspect Sydney), and made $A1.8M in FY2022 subletting it.

FLN has too many staff in general and in high cost geos in particular. They don't need to move offices in Australia, they need to halve the staff costs. The headcount is there to make Matt feel important. Too many pet projects, acquisitions outside their core area, etc. They should move engineering to a low cost geo, which would save money, escape FLN's reputation as a toxic employer (ever wondered why FLN has so few employees on the tech side who have ever worked anywhere significant? answer: they are an employer of last resort, like Aristocrat), and help insulate engineering from Matt's frequent brainwaves.

Of course, FLN engineers are no doubt breathing a sigh of relief now that MB is busy solving the problems of the Australian economy.