Hi Pioupiou... I really appreciate your posting and valuable...

Hi Pioupiou... I really appreciate your posting and valuable insights, but fear the regulatory risk is not as entirely benign as you deduce. That is  while the premise that TGAs business is primarily consumer contract based not consumer leasing is correct, your the conclusion that is therefore largely immune from the outcome of the current SACC review is not so cut and dried , imho.

TGA in it submisssion that you have referred to, describes itself as one of Australia's largest providers of consumer leases. If I were TGA I wouldn't be writing that in a submission to a review that could curtail the activities of consumer leasing, if in fact that wasnt true (at least for the purposes of the review). My information is that for all intents and purposes this review will include even those leases defined as financial leases. In other words the "regulatory arbritage" will not exist, at least for the outcomes of the current review.

While the review is not likely to impact in a necessarily a big way, there is a a fair chance (I believe) that small changes to the cap will occur and have some material impact on TGAs earnings.

My understanding is that TGA is highly regarded by those involved in the review (helped by the input of hired lobbyists) and that an outcome that drives out unscrupulous operators is likely, but that will come at some cost to TGA. It will however, as you have alluded to, have the experience, skills and resources to fine tune it business in  way to satisfactorily cope with whatever the outcomes are.

Pioupiou, I hope you might email me on [email protected]. cheers