Penfolds Wine Maker Is Planning for a World That’s Drinking Less

Good morning and happy Friday! Westpac just released its first-quarter numbers this morning showing that profits are up partly thanks to home loans. But those mortgage holders might not be too happy with Michele Bullock’s warning yesterday, that the RBA is ready to hike interest rates again if inflation is persistent. Meanwhile, the ASX earnings season has kicked off with a bang: an exodus from the top rungs of a string of companies made for a volatile start. Ahead of its results next week, Treasury Wine Estates’ new boss is rolling out a turnaround plan that focuses on fewer premium brands and new alternatives. Oh, and it looks like we have a new leader of the opposition in Canberra. - Sharon Klyne, private credit reporter

Westpac’s first-quarter profit rose thanks to gains in home loans and strong growth in institutional lending. Following results from ANZ and CBA this week, the lender’s net profit came in at A$1.9 billion in the last three months of 2025. That’s up about 5% on the second-half average of last year.

Sam Fischer, the new boss of Treasury Wine Estates, is set to present a sharp drop in earnings on Monday, after a year that saw the Australian winemaker’s stock fall the most since a 2011 listing. But the former Diageo executive has a turnaround plan that will focus on fewer premium brands.