Time to hit the growth button

The earnings season revealed a market where dividends have become too important and revenue growth has a low priority.

Summary: Capital management and a rising dividend payout ratio have been the central themes this reporting season, with the amount of cash distributed to shareholders reaching the national debate for the first time. Investors face a market offering negligible capital growth and an average 5% dividend yield for an ordinary one-year total potential return of 5.8%. This makes the All Ordinaries, at current levels, a yield market.

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