Dividends and future profits

Looks like dividend payout ratios aren't on the increase. If you take dividends as a signal of future profitability, then that's not great news. John Durie (I can't find the article online; page 35 of the 24-25 Aug Weekend Oz) notes that in the current reporting period EPS is up on average 14.6%, sales growth up 9.4%, but payout ratios down to 64.5% (average in the last 8 years at 71%).