It’s been a quarter to remember, my first here at Midlands. While the Official Cash Rate declined dramatically to 1.00% on August 7th, I am very pleased to announce that the distribution rate at Midlands will remain at 5.20%* for this last quarter. This is a fantastic result for our investors.
We can maintain our rate, while also equally important to maintain the quality of our loans, through a number of closely managed factors. Also, importantly, because of the tightening on banking lending criteria, we have a large demand for loans in our sector. With carefully managed in areas such as lending ratios and duration of loans, we ensure a regular maturity allowing for distributions. As we hold cash in scheme as well, lower interest rates challenge us as well.