What happened to the Share Price, page-29

The Royal Commission has obviously had a really negative effect on sentiment towards inquiries, even Senate inquiries which rarely amount to much. However, when there was heat on the sector 2 or so years ago, there was a similar share price response.Subsequently from those enquires new regs were propsed but are still held up by the Coalition. Labor will surely implement these next year upon election. These new regs are aimed at consumer leases and SACCs, clearly no longer material for MNY.

And you're right, MNY is not nearly that exposed to SACCs and responsible lending issues as it was then, and even then MNY was not the subject of any enforcement action. The company has been pretty good at staying ahead of the curve, share price response seems irrational to me in the medium term.

Although, worth pointing out that a Labor gov will be more likely to move against the non-bank sector in general, and possibly tighten up standards, even more, that would eat into the addressable market. Which does makes sense given in the next couple of years there is likely to be big growth in the non-bank sector because the big banks appetite for risk has been smashed by the RC.