Australia’s economic recovery leading the world: Macquarie chief

  • May 04, 2021
  • Sydney Morning Herald

Despite Ms Wikramanayake’s optimism, she added there was a growing divergence in the health and economic outcomes being experienced in different nations, as many emerging countries suffered sharp rises in COVID-19 cases.

Macquarie is one of the world’s biggest players in infrastructure financing, including in renewable energy, and Ms Wikramanayake also welcomed the recent signs of increased global momentum towards cutting carbon emissions. She said businesses and the financial markets had a crucial role to play in the process.

“We can be confident that we know that the best approach to reaching the necessary targets is a strong partnership between the public and private sectors. Those of us in this virtual room hold many of the solutions to effect the vast scale of change that’s needed,” she said.

Macquarie will deliver its annual results on Friday, with markets expecting a profit of about $2.95 billion, close to its highest ever. The bank’s share price has doubled from its lows of last year, and was trading at $160.28 on Tuesday. National Australia Bank and ANZ Bank will also report their profits this week, with markets expecting a significant rise in dividends.

Ms Wikramanayake’s remarks on the economy highlight the optimism among senior bankers, after Westpac chief Peter King on Monday signalled the lender’s confidence by cutting bad debt provisions and sharply raising its dividend.