The following is excerpted from the question-and-answer section of the transcript.
(Questions from industry analysts are provided in full, but answers are omitted - download the transcript to see the full question-and-answer session)
Question: Nicholas McGarrigle - Barrenjoey Markets Pty Limited, Research Division - Analyst
: Just a question around that cash product that you're talking about. Is the view that you cannot have that be a bank guaranteed product, given it's
got a bit of a lockup and it's more of a fund as opposed to an account? So therefore the spread can be reasonably good because you can take a bit
more risk on the investment side of that?
Question: Nicholas McGarrigle - Barrenjoey Markets Pty Limited, Research Division - Analyst
: So what's the advantage of offering that lockup? Is it you're getting -- the higher rate for the client is attractive and keep them out of the TD?
Question: Nicholas McGarrigle - Barrenjoey Markets Pty Limited, Research Division - Analyst
: And just to clarify, around the newly sort of redesigned core products, the expectation is margins overall will be at or above the existing level for
that same product. And I assume that the offset of that is lower admin fees, but more integrated FUM style margins to offset the lower admin.
Question: Nicholas McGarrigle - Barrenjoey Markets Pty Limited, Research Division - Analyst
: Yes. Okay. And then just Grant, you mentioned costs. I mean I think previously you've given kind of an exit rate in terms of new hires and the way
to think about that, I guess, we can obviously annualize the second half. But there's a run rate from the hires that you've made and the roles getting
filled. I'm not sure if you can provide us any of that style of commentary at this result.
Question: Nicholas McGarrigle - Barrenjoey Markets Pty Limited, Research Division - Analyst
: Yes. Fair enough. And I mean in terms of the tech road map that you got for this year, would you describe it as more intensive than the road map
that you had last year? Or is it sort of those investments can be maybe in the envelope of the existing kind of tech team? And then I guess as a
stage 2 to that question, there was $4.9 million of sort of external IT build costs, how should we think about those cash flow items going forward?
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