Hammered for the risk

AXL are playing in the highest risk sectors of the equipment finance game. Transport (enough said), and fit out funding to the hospitality industry (solely against equipment & personal guarantees). Great when the consumer is spending, not so if rates move upward, or you're in the wrong part of the market (even Zumbo collapsed).
Finance arrears are based on whether clients are making payments on time, someone was querying the terms of trade they offer, but in this case it's clients missing their monthly payments that increase the arrears numbers. And they don't read well, on a % basis they're too high for a new finance book that's still growing.