Why doesn't changing window style flags work?

Why does setting the wx.TE_READONLY flag (wx.TE_PASSWORD) for the 
wx.TextCtrl window not work?

If add the wx.TE_CENTRE flag, the text is aligned after self.text.Refresh().

import wx

class Frame(wx.Frame):

    def __init__(self):
        self.readonly = False
        super().__init__(None)

        vbox = wx.BoxSizer(wx.VERTICAL)

        self.text = wx.TextCtrl(self, -1, 'My text')
        vbox.Add(self.text, 0, wx.ALL, 10)

        btn = wx.Button(self, -1, 'Set readonly')
        btn.Bind(wx.EVT_BUTTON, self.OnBtn)
        vbox.Add(btn, 0, wx.ALL, 10)

        self.SetSizer(vbox)

    def OnBtn(self, event):
        self.readonly = not self.readonly

        if self.readonly:
            self.text.SetWindowStyleFlag(wx.TE_READONLY)
            self.text.Refresh()
        else:
            pass

app = wx.App()
Frame().Show()
app.MainLoop()



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