Everything will get smashed in a recession. MNY takes bad debt charges upfront and could absorb a lot higher rate before it becomes terminal. I don't buy the nasty recession narrative anyways, perhaps more a 'growth recession' which in other words means we have a couple of lean years but still expand. Bottom line is, Government debt is relatively low, there is room to lower interest rates and relax lending regulations, likely incoming Labor government will be more inclined to spend and especially in the target population group of MNY customers. This may include cash hand outs similar to the GFC payment that helps retail, and/or infrastructure that supports construction, both key customer demographics. And let's face it, even if the new reactionary Liberal party holds on it will spend as well, although perhaps more indirectly through tax cuts and direct payments to just pensioners and 'small business', which apparently is the only type of business that is politically viable to support.
