Macquarie Succession: Australia Briefing

Good morning, it’s Amy in Melbourne with your Friday newsletter. We’re keeping an eye on bushfires burning in Victoria’s west, but first….

Today’s must-reads:
• Nick O’Kane’s successor
• RBA rates forecast
• Australia-UAE free-trade agreement

When one of the world’s highest-paid bankers unexpectedly quit Macquarie Group this month, the Australian financial giant moved quickly to temper expectations for Nick O’Kane’s successor. We take a closer look at Simon Wright, the veteran banker taking over the commodities and markets business that accounts for nearly half the firm’s profit.

Australia and the United Arab Emirates expect to conclude a free-trade agreement by year’s end, Trade Minister Don Farrell told Bloomberg in an interview, while suggesting talks with the European Union and India will remain on hold until after elections.

More airlines are being hit with delivery delays for new aircraft. Qantas and Air New Zealand are among those waiting as supply-chain dramas continue to roil the industry. Meanwhile, Qantas said first-half profit declined as airfares fell from its post-Covid spike.