I would now like to hand the conference over to Mr. Martin Barrett, Managing Director. Please go ahead. Thank you and good morning. Welcome to the presentation of Auswide Bank's interim results for the 2022 financial year. I'm Martin Barrett, MD of Auswide Bank, and joining me today is Bill Schafer, the Group CFO. During today's presentation, we'll be referring to the investor presentation, which was lodged on the ASX this morning. Last financial year was an exceptional year for Auswide Bank, and I'm pleased to confirm our strong momentum has continued into the first half. I think we're a rarity in banks in recent times, in that we are both a growth and a dividend yield stock. Our NPAT and our ROE continue to reach new highs as we grow our loan book by acquiring high-quality businesses. While achieving very strong growth, we are also calculating, growing profitably, and using capital wisely. We believe this ultimately achieves two things for shareholders. Firstly, we are low risk. Secondly, we provide superior returns. The challenge is, of course, that our stock remains tight. Those who are already shareholders are enjoying a dividend return of over 6%, fully franked, and have seen the bank advance from a return on equity of 6% to over 10%. Our Return on Equity measures sort of mixing it with the best of the Big Four. Our stock will remain tight, and returns will likely continue above peers. If, of course, a sensible acquisition presents itself, we continue to review opportunities for the yet to find value that we believe will advance our shareholder returns. In the meantime, the banking landscape has changed, and scale is no longer the advantage it once was. In fact, as we've seen in recent times, scale can have numerous disadvantages. We believe the best opportunity is at the small and often overlooked end of the banking chain, which is where we play. Last financial year broke many records for Auswide Bank, and the records are again being broken in our first half results of the financial year 2022. We are maintaining our position as one of Australia's fastest- growing listed banks. As I previously stated, I don't believe there's another listed bank that has improved its profitability as strongly and consistently as Auswide Bank has in recent times. Neither do I believe there is another regional ADI that can claim a return on equity that is double-digit and similar to the Big Four banks, something considered perhaps fanciful only six years ago. A strong performance reflects our deliberate focus on continually improving our attraction and delivery to customers, our private bank momentum, our approach to brokers and partnerships, and a desire to keep on improving, and as we say, demonstrating the power of small. Our first half represents yet another positive step change for Auswide, with very strong growth in lending and customer deposits and a strong interim profit result. Turning to slide five, I'm pleased to present the financial highlights for our first half. Our statutory NPAT was up 19.4% to AUD 13.7 million, compared to the prior corresponding period. That, in turn, was up 24% on the prior corresponding period of 2019. Over the past five corresponding periods, our NPAT has increased 63%, accelerating over the last three years. Our loan book increased by 8.68% annualized, about 1.2 x system growth, using RBA system growth numbers of 7.2%. This has been achieved in a highly competitive market. Our first half has seen loan settlements again lift to set new records on the numbers we achieved last year. Importantly, we have been consistent in our call out over the years of growing our loan book above system and ensuring it adds to the bottom line, reinforcing our dedication to profitable growth. Competition has been strong, and margins across the industry have been under pressure. Recent bank reporting bears witness to this. We were able to manage our margin to a 1 basis point reduction from June 2021 and a 2 basis point reduction on the prior corresponding period. We achieved this by carefully managing loan book pricing to be competitive but not at the front of the market and continuing to actively manage our funding costs. We are finding that in today's market, branches are holding a low- cost deposit strategic advantage for us in our regional locations, growing deposits strongly at costs lower than may be required via the online channels. Our customer deposit base grew by 7.9%. We have a very strong self-funding ratio of 75%, and a strong customer deposit support across branches, online, and strategic partnerships. This has allowed us to further reduce more expensive funding lines. Regional Queensland has continued to improve economically, and deposit growth has continued to be very strong. Our cost-to-income ratio continues to fall, and at 59.1%, it sets a new benchmark for what is possible in a smaller regional bank. We are outperforming much larger ADIs in this area while we continue to invest in our business. Earnings per share at AUD 0.318 per share were up AUD 0.048 per share. We have demonstrated consistent improvement in this metric over the last five years, with earnings per share improving by 64%. Previously, we've outlined our medium-term goal for return on net tangible assets of 10%. Our goal was to achieve this by June 2022. Last year, we advised that we had exceeded this goal. As of December 31st, 2021, our RONTA reached 12.9%. Up from 11.6% in the first half of 2021. For context, our RONTA in 2016 was 8.2%. We have achieved material improvement in this metric over the past six years, placing us in rare company as the industry has generally suffered declining RONTA or low performance over the last decade. In terms of return on equity, this has now exceeded 10%. I want to call out a couple of operational highlights on slide six. Our home loan settlements continue to increase, and we are now comfortably in a new annual range of up to AUD 1 billion. We expect that this will continue to increase. Our growth is driven by strong broker flows, improving lender volumes from regional Queensland, and, of course, our private bank. Also, I continue to increase its presence and capability in Southeast Queensland, New South Wales, and Victoria. Our loan growth has been achieved with a consistent and responsible approach to credit and very low arrears levels, which are among the best in the industry. We are continuing to invest and have further broker value chain enhancements that will assist our efficiency and speed of decision- making for brokers. These will be delivered by the end of the 2022 financial year. Turn to slide seven. The Queensland economy, where 70% of our loan book is located, is strong and growing faster than the national average. Queensland managed well throughout the pandemic. Housing activity remains strong across Southeast Queensland and regional Queensland, and is being buoyed by low interest rates, comparative affordability, and an increase in interstate migration. Additionally, Queensland is on the wave of substantial infrastructure investment, which is expected to continue with the 2032 Olympic Games in 10 years. Auswide Bank is well placed in what we anticipate will be one of the more resilient housing markets in Australia. Turn to slide eight. I'd like to make some observations on our progress over time. As Auswide has experienced a reduction in return on equity, margins and profits have been squeezed. Auswide Bank, however, has swam against this tide, and we have seen growth that has translated to improved EPS and ROA. Simply, this has been a determination of growing profitability. We have not offered cash back. We do not offer pricing below 2.09% when many were below 2%, and we have not raised deposits, at the very sharp end of pricing. We are trying to find the balance that leads to value for our customers and ongoing improvement for our shareholders. We've continued to invest in people, process improvement, and technology. We are selective and careful to invest where we believe that we can both achieve strong positive customer outcomes and demonstrate acceptable return on investment for shareholders. It has been a very strong start to our financial year. Now pass across to Bill for a more detailed review of our results. Thank you, Martin, and good morning. The financial overview on page 11 highlights the 19.4% increase in the bank's statutory NPAT to AUD 13.7 million, compared to AUD 11.47 million in the prior corresponding period. An underlying NPAT has been reported due to a non-recurring item relating to underclaimed tax credits. The underlying NPAT of AUD 13.07 million is a 14% increase on half of the financial year 2021. The NPAT is the result of Auswide's ongoing strategic approach to above system growth while managing funding lines and expenses to maintain a stable NIM and increasing profitability. The loan book was up 8.7% on an annualized basis across the half, resulting in an 8% lift in net interest revenue. The margin has remained stable with a single point loss to 199 basis points from 200 for the financial year 2021. The EPS is up AUD 0.048 on a statutory basis and AUD 0.034 on an underlying basis. The ROE of 10.5% or 10.1% on an underlying basis compares favorably with our peers, as the NPAT has continued to increase. The cost- to- income ratio of 59.1% has continued to trend downwards and remains below the 60% target. The waterfall chart on page 12 discloses the increase in net interest revenue, which was up AUD 3.05 million on PCP as a result of the above system growth, along with the strength of the NIM. Non-interest revenue, excluding the non-recurring item, was also up 5.4% across the half- year due to the increase in loan approvals, associated fees, and bad debts recovered. Employee benefits were up just over AUD 0.85 million across the half- year. In addition to annual reviews and CPI increases, there have been appointments of senior staff to drive the digital strategy, data governance, and project management. The bad and doubtful debts expenses, including those related to Auswide's funding of managed investment schemes, were down AUD 1.1 million, reflecting the strength of the loan book and arrears at record lows. The provisions have been reduced as the modeling takes account of a more optimistic economic outlook. The increase in fees and commissions reflected the uplift in loan approvals, with increases in broker fees. Bank fees were also up while the securitization expenses were down as a result of the fall in the balances in the trusts and the warehouses. General expenses included an uplift in professional fees as Auswide continued the program of compliance and regulatory work, as well as partnering in the digital banking area. The allocation of expenses to our IT investment also saw an increase across the half- year. Referring to page 13, there has been an annualized growth of 8.7% in the loan book. The highlight being the 10.1% annualized growth in home loans, which make up over 96% of the book. The strength of the home loan book reflects the strong broker flows and partnerships, as well as the momentum in the private bank. Business lending at a level of AUD 86 million reflects the pause in new lending announced in the prior financial year. Auswide continues to expand nationally, with the loan book outside of Queensland now at 30%, up from 28.6% at the end of the prior financial year. Southeast Queensland continues to present opportunities for the bank as the brand becomes better recognized and the services offered through the broker and private bank continue to expand. The distribution of the Auswide loan book is presented on page 14 and highlights the continued growth in Sydney and Melbourne, with increases of over 13% across 2021. Following the record AUD 1 billion of approvals in the financial year 2021, there has been a further 6.7% increase in PCP approvals and 6.5% increase in the corresponding settlements. As for page 15, arrears at AUD 7.3 million represent just 20 basis points of the total loan book. Importantly, arrears greater than 90 days are now at just 9 basis points of the book. This quality lending is a result of the bank's risk management while ensuring the return on assets is maintained in the stability of the NIM. In comparison to indexes for other banks at 81 basis points and regional banks at 109 basis points, Auswide's arrears are well below the average of our peers in the industry. Total provisions in GRCL, as disclosed on page 16, stand at AUD 7.9 million at the end of the half- year. The reduction in collective and specific provisions has resulted from the ongoing improvement in the bank's arrears and a more positive economic outlook. The board resolved to maintain the AUD 1 million COVID overlay as we move into the second half and will monitor economic progress across the remainder of the financial year. There is confidence that the provisions are adequate for any uncertainty or volatility that may arise in the period ahead. Referring to page 17, the NIM has declined by only 1 basis point from 200, from the 200 basis points reported for the financial year 2021. In comparison to half of the financial year 2021, the NIM is down 2 basis points from 201 to 199 basis points. Benefits have been received from the impact of lower customer deposits of 30 basis points and lower wholesale funding of 5 basis points. However, the impact of lower asset yields has been 19 basis points and a further 18 basis points from the growth in our interest-bearing assets. The funding mix on page 18 discloses the 7.9% growth in customer deposits, now at 75% of total funding. The highlight was a 26.9% annualized increase in lower- cost at- call savings accounts from AUD 1.44 billion to AUD 1.63 billion. The benefits of our branch network for the funding of the bank have continued, with branch deposits up AUD 138.5 million to AUD 2.267 billion across the half year. With continued management of more expensive funding lines, securitization now accounts for 7.5% of total funding, down from 8.6% in the prior period. The benefits of funding for the MBS portfolio have also been utilized during a period of historically low rates. As for page 19, the interim fully franked dividend of AUD 0.21 reflects the prudent capital management with the balance between an AUD 0.02 increase in dividends and the retention of capital for future growth. This represents a payout ratio of 66.4% of the statutory NPAT, or 69.6% of the underlying NPAT. The dividend, which is fully franked, represents a yield of 6.3% based on the share price at December 31. The return on equity of 10.5% or 10.1% underlying compares favorably with other regional banks and is comparable to the return of the larger banks. The dividend demonstrates the strength of the NPAT for the half year while conserving capital for further investment in the digital bank and customer services. Capital on page 20 remains at unquestionably strong levels and in excess of the board target at 13.2%. Total capital is down just 11 basis points across the half, with above system loan book growth supported by the retained earnings from strong operating results. The CET1 ratio was 10.84%. The board has retained a dividend reinvestment plan to contribute to Tier 1 capital and support growth. The DRP will operate with a 2.5% discount. We're proud to announce that Auswide has returned a statutory NPAT of AUD 13.7 million for the half year by growing a quality loan book while maintaining a stable NIM and controlling operating expenses. The board declared an AUD 0.21 interim dividend with DRP balanced in capital conservation for investment, with the AUD 0.02 per share increase in the shareholder returns. Thank you. Back to you, Martin. Yeah, thank you, Bill. Our strategic plan is being successfully implemented and is delivering positive outcomes for our customers, partners, and, we believe, shareholders. Slide 22 highlights our ongoing ESG journey. A few key points I'd like to make. Firstly, we continue to review opportunities for green products and have introduced our eco card. We are considering a range of opportunities to support customers with their journey to more efficient homes and transport. Secondly, we've established an internal team to assist our future journey in this important area as we continue to make strides in the ESG support area of our business. Slide 23, our private bank. It's an exciting growth area for us, with annualized loan growth exceeding 60%. We're anticipating that our private bank loan book will exceed AUD 400 million by the end of the calendar year. The pipeline is very strong, and we continue to win new business from the majors and from large regional banks. Turning our focus to our digital strategy, slides 24 and 25 highlight our digital roadmap for the organization. Our technology journey is constantly under review, and we will continue to focus and invest in the following initiatives. Firstly, partnering with those who have made the investment and can assist us with our digital distribution. Secondly, technology that assists us in being more efficient in the back office. Importantly, this includes continuing to reduce the processing cost per loan while providing very good turnaround times consistently. Third, deliver to customers what they want and need to improve their experience with us. In recent times, we have successfully completed a core banking system upgrade, converted to a new mobile app and internet banking offer, introduced robotic and AI capability across our back office, and have a range of new initiatives and enhancements rolling out across this year. We have built a data analytics team that is building out improved reporting, data insights, and intelligence for use across our organization. Finally, I'll turn to the outlook on slide 26. We are especially pleased to have surpassed our three-year strategic targets for cost- to- income ratio, net interest margin, return on net tangible assets, and loan growth in just 18 months. It is a credit to our team and their commitment to our customers and the communities we serve. Two and a half years into our three-year strategy has seen us continue to distance these targets with our cost- to- income ratio at 59.1%, our Return on Net Tangible Assets at 12.9%, and our Return on Equity at 10.5. Our loan book continues to grow above system, and our net interest margin remains tightly managed. We expect to remain above 10% return on equity and below 60% cost- to- income. We've had an excellent start to the second half with strong growth of flows and private bank momentum. Above system loan growth, we believe, should continue. Fundamental changes have occurred in the banking landscape over recent years, and smaller banks with the right strategy and capability have significant growth opportunities. Auswide Bank has built and will continue to build more capability as we focus on our customers to deliver strong, profitable growth. Finally, on outlook, we have extended our successful partnership with the Queensland Rugby League and the Queensland Maroons through to the 2023 series. Our outlook for the State of Origin is that the mighty Maroons will win both series. I will now hand back to the operator to open up for questions. Thank you. Thank you. If you wish to ask a question, please press star one on your telephone and wait for your name to be announced. If you wish to cancel your request, please press star two. If you're on speakerphone, please pick up the handset to ask your question. Your first question comes from Glenn Welling from MST Financial. Please go ahead. Good day, guys. Well done on a great result. I was particularly pleased with all the numbers. I wasn't so pleased with the mighty Maroons comment, but apart from that, it's all been pretty good. I suppose just trying to help me do my job, I mean, now that you've got a cost- to- income of 59.1 and a NIM of 1.99, both those numbers are about as good as it gets, and particularly in the light of other bank results. Fantastic effort. How stable are those numbers going forward? I know you say you can keep cost- to- income under 60%, but you can't really improve it much from here in terms of the short-term outlook. I'll respond to the comment on cost-to-income, and then I'll pass it on to Bill on the net interest margin. I think being able to get to a cost-to-income ratio below 60% for an organization of our scale does take some doing. It's a careful balance of where you're spending your money, where you're investing your money, and trying to avoid making any kind of mistakes and having a longish view about the return on the investment. I think from our perspective in the world of such heightened regulatory and compliance obligations with the requirements for us to continue to invest for the long term in terms of technology and other capabilities across the organization, I don't think Glenn, outside of a successful kind of acquisition, that we'd have too much opportunity to squeeze that down. I do anticipate that you know we'll be operating in the region of kind of sub-60% through to kind of 57% kind of, probably in that kind of range. Yeah. Thanks, Glenn. Needless to say, we were pretty happy with the strong win across the half. We're realistic about the situation going forward. We are feeling the pressure, obviously from the front book, and there continues to be some pressure there and some retention pressure. Also, with deposit rates the way they are, there's not very much further they can go in a lot of instances. Two months in, I think, we can pretty safely say that we're not going to see our NIM eroded materially. Across this half, we would expect there might be a few points of loss. As I said, at this stage, it's not looking to be anything material or major, and we'll be continuing to realign our funding lines where we can do that. Also, we've already seen the movement across the industry with higher fixed interest rates to a large degree. You know, it has been a challenging couple of months, but we've weathered the storm, and we will still be aiming, as we have always done, to keep that NIM as stable as possible. Great. Thanks for that. Just a question on IT, if I may. Obviously, you never finish with IT development spend, et cetera, et cetera. How far on the journey of transforming the business are you with IT, in terms of what you've already spent and how much is to go? Yeah. Our fundamentals are strong, Glenn, because we've got the most modern operating system. That has kind of been installed. That then requires a kind of further investment just for things like API connectivity and so forth, and any kind of upgrades, enhancements. We've got the most modern core of the system there. We are spending a little bit more money on the lending system to provide a little bit more upgrade there. I should kind of bring it around, I think, to where we kind of see the realistic sort of strategic opportunity for us in terms of technology. We're lender- driven. By that, what I mean is that our strategy is not about spending a lot of money on tech, particularly in the customer front and stuff, and then trying to sort of compete aggressively on a price to bring people into our digital kind of channels, because that would require an enormous amount of marketing spend on our behalf, and it would require kind of frankly, in a world of sameness in terms of technology, a lot of hope to believe that that's actually going to give you any particular kind of return on investment. Very much our approach has been about concentrating our efforts on giving customers what they really need, the major stuff that they need from a tech perspective, but concentrating a fair bit of our effort on improving the whole back office of the organization to be as efficient as we can be. That flows through to being as efficient as we can be and as attractive as we can be with turnaround times, et cetera, in terms of home lending, winning customers through on those major events, and then wrapping our arms around them in terms of the technology offerings that we have on all the other sorts of stuff. We're not an organization. I don't think you're gonna see us coming out and suggesting that we've grown our customer base by, you know, 30% or something. Because what we are focusing on is trying to ensure that the customers that we bring on board are what we sort of see as being valuable customers for the organization and longer-term customers for the organization. Our investment will continue, but I don't think, Glenn, you should expect to see any substantial increases in our cost base off the back of our technology spend. As Bill reminds us regularly, we always have some technology assets that are effectively rolling off in terms of the amortized cost. We have a strong view and a strong kind of projection on that as well, so that we can kind of ensure that those costs don't become a substantial hindrance for us. Great. Thanks for that. Just one final question regarding the potential return to securitization funding following the end of the RBA's Term Funding Facility. We'll see. You know, we've run our securitization down substantially. You know, we were an organization that had over 20% of our funding from securitization. It provides, you know, some positive kind of capital relief. We also identified a few years ago that securitization, in fact, is our most expensive form of funding. We've been able to attract deposits elsewhere and able to continue to kind of run that securitization pool down. We have a substantial opportunity to draw it back up. That always kind of sits there. Unless we actually sort of see that the capital benefits outweigh the expense benefits and we have any chance that relates to our success in drawing deposits in the door, then I don't see any time in the short term to kind of maybe medium-term, you know, we'll be going back in any aggressive way into the securitization markets. Great. Thanks for that, and thanks again, and great result, guys. Yes. Thank you. Thanks. Thank you. Your next question comes from Nick Ghali from Hanslow. Please go ahead. Hi, boys. Hi, Nick. Just quickly, that one-off, did you put that in the non-interest income line? Yes, that's right. All right. Because it looks like 30% growth in non-interest income. That's right. Still reasonable. Even if you strip that out, it still reads okay, I mean, in terms of non-interest income, whereas everybody else seems to be going backwards. Yeah. If you strip it out, Nick, we went up just over 5%. Yeah. You know, as you would know, there's a lot of pressure on lots of the fee lines and so forth. With the increase in our loan book, the natural fees that are flowing from those increases have seen it just tick along increasing. We had a few extra bad debts recovered. Even without the one-off, we were up 5% across the half. Have you calculated your CTI base without that? We have a CTI that's 59.1% on the statutory basis and 59.9% if you strip out that one-off. Right. Okay. Okay. Have you noticed any interest in M&A terms? Has there been any shift in the reluctance of mutuals to come to the table? I think we're hearing some kind of rumblings, and there have been some more conversations, where you know, it's more along the lines of kind of mutuals kind of considering what their options might actually be without committing to taking any particular option. I think that will become more significant. Now, I've said that for quite some time. I think it will become more significant because what we're seeing is, you know, many of these mutuals, particularly the sub-AUD 1 billion asset-based mutuals, are really kind of struggling to be able to kind of build the capital levels that they need for any kind of material kind of growth. You know, they're just plodding along, kind of doing the same old thing, and struggling also to kind of invest where they need to from a technology perspective. We'll continue to be out there and continue to kind of have conversations, Nick. But for the other thing, we're also very mindful of. We're growing well organically. You know, there's risk associated with M&A, and we're not gonna play above the odds. We've seen some opportunities in recent times where, you know, the price and the risk just don't make a great deal of sense for us. We're more than happy to walk away from those types of opportunities if they, you know, if they really look like they're gonna be really hard work to try to prove up a better outcome for shareholders. Thanks, and well done. Thank you. Thank you. Once again, if you wish to ask a question, please press star one on your telephone and wait for your name to be announced. Your next question comes from Alex Hay from E.L. & C. Baillieu. Please go ahead. Hi, guys. Again, great result. Yeah. Two quick questions. One, is the infrastructure able to continue the same sort of level of growth in the loan book, and/or how far can you stretch it? Second, assume later this year, we may have a few rate increases. What will the book or the company look like if we increase rates by 1%? I mean, what impact would that have on your kind of loan growth and net margins, et cetera? Thanks. Yeah, okay. Again, Bill, are you okay grabbing the second one? I might just need to clarify. I missed some of that. Yeah. Yeah. Can you clarify? Yeah, just the second part. Let's go forward to Christmas. Interest rates may have increased, let's say, 1%. How would that look for the profitability of the business if you have a 1% increase in rates? Yeah. Okay. 0.5%. I mean, I'm guided by you. Yeah. Right. Just in terms of our kind of current infrastructure, we really operate two systems. It's a fairly simple kind of setup. We're not reliant upon loads and loads of different systems all having to sort of interconnect with each other. We effectively have two. We have our core operating system, and then we have a lending system. The two are connected via an API and kind of share data. Both of those systems are pretty modern, and both of those systems have substantial capacity in them, Alex. We do have a couple of partners that we also rely upon. In the broker world, there's... The big player is NextGen, and NextGen connects to our systems, as well. Now we've got some enhancements happening over the course of the next month, with NextGen, where we will again be improving the efficiency of brokers in terms of the input of the data. And we'll be improving things like the identification processes and so forth. Some material things are there, I think that will make it easier for us to do business with. The world of lending, it would be wrong to think of lending in a highly compliance-driven world as being one that can be completely automated or one that can be completely removed of the requirement for a substantial number of people to be involved in the process. Our other area of success here has been the fact that over the last number of years, we've built a dynamic workforce in that loan processing area. We've got quite a bit of flex. When volumes are not as great, we can shrink down, and when volumes are greater, we can kind of expand out. We've got kind of a flexible cost base around that. That, along with the technology spend and the technology capability, has given us a great deal of capacity. We believe that we've got quite a bit more capacity in the engine yet, Alex. It won't be that there will be any determinant or limiter for us in terms of lending. Our lending growth is purely a function of our dogmatic approach to ensuring we get the right balance between net interest margin and volume. We could grow our book 2 x what we're currently growing it at, if we were willing to go heavier at pricing and just win new business. The business is out there to be done. We've got the capability in our systems and people to be able to do it, but we don't see any logic in doing that. Yeah, that's a question we could spend a couple of hours on, as you know, Alex. You'd have to be realistic and say that it's likely that we'll see some sort of interest rate movement this year. Modeling it is a question for the ages, of course. If you look at the moving parts, we have a significant term deposit book, of course, which would offer us some opportunities, because those rates will stay fixed. On the flip side, of course, we have fixed loans, which are the same, and we would need to see them run their course. The third aspect that will affect it, of course, is that we are followers in the market. To a degree, we have to be part of the pack when it comes to loan pricing and term deposit, and just our core savings. But what we can say is that we have continued to adjust our funding, both the mix and the pricing, to aim at that stability of the NIM. Everything we're looking at now through our modeling and assumptions assumes that we shall be able to continue to do the same. Obviously, we'd need to be followers, as the cash rate increases, to a degree in how much we increase the loan pricing and so forth. But we haven't seen anything in our modeling that indicates that we wouldn't be too badly disadvantaged. We, of course, have watched our interest rate risk, and we have ratios and parameters in place to ensure it doesn't get out of control. As we move forward, we believe that we should be able to monitor and control our funding to continue to aim for that stable NIM, albeit, as I've already said, we do allow for the fact that across this half, we might lose a few points. There's nothing that indicates whether there's going to be any falling off a cliff. By the same token, it's unlikely that we'll suddenly make huge leaps forward. I think stability will continue to be our best modeling guess and continue to be the goal for the bank. There is an argument, perhaps, that we've weathered the worst of it. Because if you go back over the last sort of 12 months in particular, with the Term Funding Facility, there were AUD billions on offer for the big banks. Most of the smaller players used up their portions very quickly. There was a surplus of money effectively available for the big players. That assisted them in driving their fixed rate pricing down to be the most aggressive in the marketplace. It's been, well, I can't recall a time when the big players, the big banks, have been the most aggressive in the marketplace. They were not only offering incredibly low fixed rate pricing, but also with cash back. Since the Term Funding Facility has expired, you've seen them very, very quickly change direction in terms of their fixed rate pricing. No longer are they the price leaders in terms of the home loan game. That's kind of fallen away to some others. I think in that respect, you know, the last 12 months have probably been weathered by Auswide. Now we're starting to sort of see some of that fixed- rate pricing that Bill mentioned. It's starting to sort of push up again. There is a little bit of relief in that, and a bit of protection for us in that, in terms of our net interest margin, we believe. Thank you. Thank you. There are no further questions at this time. I'll now hand back to Mr. Barrett for closing remarks. All right. Well, thank you. Thank you, everybody, for joining. It's been a pleasing start to our half- year. The momentum continues. We look forward to seeing some of you, maybe all of you, over the roadshow to come, and talking to you a bit more about the results and the direction of Auswide. Thank you, enjoy the rest of the day. Bye. That does conclude our conference for today. Thank you for participating. You may now disconnect.