The Coalition has unveiled a significant proposal to cut immigration, making it a central point of economic discourse today. This policy announcement coincides with notable developments in corporate governance and market restructuring. Financial giant Macquarie is undertaking a review of its board’s conflict of interest policy, a move prompted by an internal KPMG investigation. While the probe uncovered “culture issues” at the accounting firm, Macquarie has affirmed its support for directors Michelle Hinchliffe and Susan Lloyd-Hurwitz, who also serve on the KPMG board.
Concurrently, the digital infrastructure sector is experiencing a major shift as CDC signals the end of its $73 billion partnership with Firmus. The collaboration, which remains 97.5 percent incomplete, is dissolving as Firmus, a digital infrastructure company focused on providing essential digital backbone services, progresses towards an ASX listing. Firmus is also pivoting its strategy to develop its own network of data centres throughout Asia. CDC is also a digital infrastructure company.
On the Australian share market, overall gains were observed near noon AEDT, though tech stocks experienced a downturn. In contrast, the real estate sector rallied robustly. Specific company news saw LGI surge after acquiring new solar assets in Queensland, and SKS secured an impressive $38 million in new contracts. The evolving payments landscape is also garnering attention, with companies such as REA Group, Shell Energy, and Dicker Data introducing a “supplier trade fee.” This mechanism acts as a workaround to continue applying a charge to business customers, following the Reserve Bank’s halt to credit card surcharges. This regulatory change has similarly prompted private schools to abandon credit card payments, mirroring trends previously seen within the hospitality sector grappling with the same restrictions.
