Inside the rise and rise of Westpac's polarising new retail bank boss
It's a long way for the Queenslander, who has little retail banking experience despite her dozen years at Westpac. McCann's first major gig was at Insurance Australia Group, where she worked in communications and investor relations before joining Westpac in 2013. For the next five years, under then chief executives Gail Kelly and Brian Hartzer, she oversaw communication efforts before joining the company's executive leadership.
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Sydney Morning Herald
10 hours ago
- Sydney Morning Herald
Fresh ASX record high approaches 9000 milestone; Ampol surges on $1.1b deal; Baby Bunting soars
Welcome to your five-minute recap of the trading day. The numbers The Australian sharemarket hit a fresh record high every day this week and is closing in on the 9000 milestone, with Friday's session carried by energy, banking, and mining giants. The S&P/ASX 200 gained 64.8 points, or 0.7 per cent, to close at 8938.6, with each day this week finishing higher than the last. Friday's gains came despite a middling session on Wall Street driven by a disappointing report that said US inflation at the wholesale level was worse last month than economists expected. The lifters Financials were one of the best-performing sectors of the day, climbing nearly 1.1 per cent. The big banks, which were mixed earlier in the day, all finished higher: Westpac gained 2.1 per cent, ANZ Bank rose 1.8 per cent, NAB added 0.8 per cent and even the Commonwealth Bank rose 0.6 per cent. Mining was another outperforming sector, finishing 1.1 per cent higher. Rio Tinto gained 1.4 per cent and Fortescue rose 1.3 per cent, while BHP lifted 1.1 per cent. Loading Energy stocks also rose (1.1 per cent). Santos added 1.8 per cent and Woodside added 0.2 per cent. Petrol and diesel supplier Ampol jumped 7.7 per cent after announcing a major expansion plan with the acquisition of British fuel giant EG Group's Australian petrol station network. If the $1.1 billion deal gains regulatory approval, Ampol, formerly known as Caltex Australia, would add EG's 500 fuel sites to its business, enabling it to fast-track the roll-out unstaffed, self-service petrol stations under its U-GO brand.
Perth Now
10 hours ago
- Perth Now
Hidden issue fueling Aussie crisis
Jim Chalmers says it's 'not surprising' Australia's birth rate has slowed given the 'financial pressures' on families, however, he has rejected calls to bring back the Costello-era $3000 baby bonus in favour of 'better, more enduring ways to support parents'. The comments come ahead of Labor's highly anticipated Economic Reform Roundtable, which will bring business and unions groups to Canberra for three days of intensive discussions on how to lift Australia's sluggish productivity rate. 'It's not surprising that the birth rate has slowed given the pressures on people, including financial pressures,' he told NewsWire. 'We want to make it easier for them to make that choice. If they want to have more kids, we want to make it easier for them to do that, and that's what motivates a lot of our changes.' NED-14018-How-Australias-birth-rate-has-fallen However, as Australia struggles to boost the economy, and in turn raise wages and living standards, it's also contending with a sluggish birth rate of 1.5 births per woman, which is under the 2.1 figure needed to sustain population growth. Boosting productivity was also essential to ensuring that Australia's ageing population could weather economic headwinds, the Treasurer said. 'Now, the reason why the productivity challenge is important to this is because our society is ageing, and over time, there will be fewer workers for every person who's retired,' he said. 'We need to make sure that our economy is as productive as it can be, as strong as it can be to withstand that demographic change, which is going to be big and consequential.' Treasurer Jim Chalmers said boosting productivity was essential to help Australia weather an ageing population. NewsWire/ Martin Ollman Credit: News Corp Australia Mr Chalmers also spurned calls from former Liberal prime minister John Howard to resurrect the $3000 baby bonus cash incentive bought in by his treasurer Peter Costello in 2004. The Queenslander's parliamentary colleagues have advocated for other measures to spur a baby boom, including Nationals senator Matt Canavan's proposed $100,000 loans for first-time parents to buy their first home. Parliament's maverick father of the house Bob Katter also proposed incoming splitting for parents so they paid less overall tax. For example, a household where two parents earn a combined income of $150,000 pays about $10,000 less tax than a household with a single worker pulling in $150,000. Instead, Mr Chalmers said Labor's supports were 'more enduring,' pointing to policies like guaranteeing three days of subsidised child care for families earning less than $533,280, increasing paid parental leave to 25 weeks, and paying super on government-funded parental leave to tackle the gender superannuation gap. The decline in birth rate. Source: Supplied Credit: Supplied 'That policy from a couple of decades ago was a one-off payment, and we found ways to support parents which is meaningful and enduring, not one off. That's the main difference,' he said. 'Our political opponents … haven't said how they would fund that, how they would pay for that, whereas we've been carefully budgeting all this help for parents in our budgets and providing that in an ongoing way. 'We're always in the market for ideas about ways to support families. We've got all this cost-of-living help rolling out, (like) all the childcare changes. All of that, I think, demonstrate a willingness on our part to support families (in making) decisions about whether they want to have kids or have more kids.' Mr Chalmers says the 'generational anxiety' plaguing Australia youth simultaneously contending with rising house prices and inflation will also be a touchstone ahead of the economic reform roundtable, which at one point was called the productivity roundtable before it was quietly changed. He concedes productivity can 'sound like a cold lifeless piece of economic jargon' but explains the metric is 'about efficiency' and 'about how we make our economy stronger to deliver for more people so that they can earn more and get ahead and be better off'. Australia's birthrate has fallen below the 2.1 births needed to sustain Australia's population. Jason Edwards/ NewsWire Credit: News Corp Australia Generational equality has also fuelled some of the roundtable's more controversial submissions, including the Australian Council of Trade Unions' call to limit negative gearing and capital gains tax concessions on just one property by the next five years, and teal Wentworth MP Allegra Spender's overhaul of the tax system that she says is overly reliant on income taxes. The ACTU has also reiterated calls for a four-day work week, while the Productivity Commission irked business bodies with calls for a new 5 per cent cash flow tax and a road user charge to ensure EV drivers, who skip the fuel excise, also contribute to road upgrades. How to best handle the opportunities posed by artificial intelligence, while mitigating the risks and job losses, will also be debated on day two; however, Mr Chalmers is quietly optimistic. 'I think one of the big challenges, broadly, but especially for young people, is how they adapt and adopt technology, so a big focus will be how do we skill people up to use artificial intelligence so that it's it works for them, not against them, particularly in the workplace,' he said. Mr Chalmers will use talks to create consensus on what he says is the 'most transformative influence on our economy and our lifetime', and while he doesn't want to pre-empt decisions, education settings and regulation will likely be immediate action points once talks end on Thursday. '(AI) has to change the way we think about skills and capabilities, and I'll work closely with colleagues in the education portfolios, the industry portfolio and elsewhere to make sure that we've got the settings right,' he said. 'Whether it's regulation, whether it's education, in a whole bunch of areas, governments have to catch up and keep up with the accelerating pace of technological change.'
News.com.au
15 hours ago
- News.com.au
‘Results have been good': ASX jumps on strong start to reporting season
Australia's sharemarket continued its strong gains, setting a new record high for the fifth straight session as a strong start to reporting season outweighed weakness out of China. The benchmark ASX200 continued its march higher during Friday afternoon's trading, closing up 64.80 points or 0.73 per cent to 8,938.60, while the broader All Ordinaries finished the day up 63 points or 0.69 per cent to 9,212.10. Australia's dollar also traded 0.13 per cent higher and at the time of writing was buying 65.03 US cents. In a broad market rally, nine of the 11 sectors traded higher with only consumer staples and technology finishing lower. The big four all gained, led by Westpac which jumped 2.14 per cent to $36.81 after announcing strong quarterly results on Thursday. ANZ also had a strong day up 1.78 per cent to $33.08, while NAB finished 0.80 per cent higher to $39.19 and Commonwealth Bank traded 0.57 per cent higher to $168.17. The materials sector helped lift the market with BHP shares up 1.08 per cent to $41.96, Rio Tinto jumped 1.41 per cent to $115.05 and Fortescue closed 1.28 per cent higher at $19.84. The rise in the materials sector came despite weakness out of China which could impact Australia's major resources sector. AMP chief economist and head of investment strategy Shane Oliver said Chinese economic data for July was soft. 'Retail sales, industrial production and investment all rose less than expected and residential property investment and sales are continuing to fall as are home prices,' Dr Oliver said. 'Unemployment rose slightly although this possibly due to grad and typhoon season.' The market ignored pressures from China, focusing on reporting season which so far has been better than expected. 'Results have been good with more upside than downside surprises, although most results have been in line, and a big increase in the number of companies reporting profits or dividends up on a year ago than in the December half reporting season,' Dr Oliver said. 'Just bear in mind though that it was much like this at the start of the last reporting season as there is a tendency for companies with good results to report early so results may soften over the next couple of weeks.' He also said consensus earnings expectations are for overall business profits to fall 1.7 per cent. If the results show this, it would be the third year in a row corporate earnings shrunk. In company news, shares in hearing implant maker Cochlear gained 0.99 per cent to $309.03 after announcing a 1 per cent increase in underlying net profits to $392m, while revenue was up 4 per cent. Cochlear said it aimed to help more than 60,000 people to hear using one of its devices over the next year, up from 53,000 in the last financial year. Shares in Amcor sank 9.70 per cent to $13.60 after announcing its fourth-quarter results showing weakness out of its North American businesses. Baby Bunting soared 40.54 to $2.60 on its latest earnings with the business aiming to double its store network. According to its results until June 29 sales grew by 4.7 per cent to $521.9m, while margins increased and underlying net profit under tax soared 228 per cent to $12.1m.
