CEO INSIGHTS – Week Ending 17 October 2025

Financial Markets & Listing Processes

“Taking a step back, there is no question that there is a fair amount of investor exuberance at the moment.” David Solomon, CEO, Goldman Sachs Group Inc.

“I don’t think there’s one silver bullet to make it easier to list or be listed. It needs ongoing continuous improvement. Both us and the regulators are getting the feedback from listed companies." Helen Lofthouse, CEO, ASX Ltd

Banking

“Banking in Australia and New Zealand, it's highly competitive with a 30% decline in returns across the major banks over the last decades. The Australian market, in particular, is operating in a highly commoditised way…It also has a much higher reliance on net interest income at more than 80% of the industry bank's operating income compared, for example, with 50% of the major banks in the U.K. or Canada. There is also a high reliance on third-party distributors relative to many other markets.” Nuno Matos, CEO, ANZ Banking Group Ltd

Corporate Spending & Consultancy

“Lingering uncertainties in the broader economic environment continue to remain a key challenge. Companies are keeping a tight control over their discretionary budgets.” K. Krithivasan, CEO, Tata Consultancy Services Ltd

Luxury Goods & Alcohol

“It's always coming to the management of scarcity, that is key for us.” Benedetto Vigna, CEO, Ferrari N.V.

“Often in downward cycles, some people tend to cut investments so that they can protect margin. It can work in the short term. It's probably not the right call for the long-term and sustainable performance. So for us, it's very clear in the cycle, ups or downs, we need to continue to make sure that we invest the right amount of focus and money behind the brands.” Cecile Cabanis, CFO, LVMH Moët Hennessy

“As part of its F25 results announcement on 13 August, TWE noted that in China there had been softness in depletions throughout June and July as a result of evolving consumption dynamics within the alcohol sector, with large-scale banqueting occasions particularly impacted…[September] preliminary data indicates that depletions remain weak relative to plan.” Market Statement, Treasury Wine Estates Ltd

Sports & Data

“So one very unique thing about professional soccer is that outside of maybe the top 50, 100 elite teams, the remaining 95% of professional soccer teams are primarily generating their revenue from trading players either through buying or selling.” Will Lopes, CEO, Catapult Sports Ltd

Building Materials & Lighting

“The quarterly volumes show that there were further declines in trading volumes and ongoing pressure on margins amid subdued market conditions during the first quarter. The principal drivers for the softer performance were continued weak demand across key markets and heightened competitive activity, particularly in the New Zealand market.” Andrew Reding, CEO, Fletcher Building Ltd

"The company store sales momentum from the early part of the new financial year has moderated through late August and into September." Market Statement, Beacon Lighting Group Ltd

Industrials

“Our competitors are pushing through price [increases]. The marketplace is pushing through price [increases].” Daniel Florness, CEO, Fastenal Co. [major global distributor of industrial & construction supplies]

Venture Capital

“Investors reported valuations rising at every stage. Feedback from the market matches this, with anecdotes of hot pricing in specific pockets, especially anything involving AI. The centre of gravity of valuations has shifted up, and founders with clear AI angles are raising faster and often at valuations reminiscent of the 2021 era.”  Market Statement, Cut Through Venture [Australia V.C. industry quarterly publication]

Copper & Iron Ore

“The copper concentrate market remains exceptionally tight due to excess smelting capacity. Spot treatment and refining charges continue to trade in negative territory as a result.” Market Statement, Rio Tinto Ltd

“What I can and will say is that our relationship with China and the iron ore sector is one that goes back decades and decades, and indeed, we’ve got decades of strong business in front of us." Geraldine Slattery, President, BHP Group Ltd

6G Mobile & Network Quality

“6G will most likely be defined in the next few years, with first commercial sales, everybody talks about 2030, I think it will be a bit earlier than that.”  Borje Ekholm, CEO, Ericsson

“It is an issue we see across particularly CBDs. If I look at Melbourne and Sydney, in particular, wherever there's big construction going on, the landscape can change pretty fast. And as you'd appreciate with mobile signals, once you have structures in between, it can interfere with the signal quality that you receive in your specific location.” Vicki Brady, CEO, Telstra Group Ltd.

Marine Infrastructure

“It's the lifeblood of Australia's trade economy. The reality is marine infrastructure is capital intensive. It's aging infrastructure. It's obviously in very corrosive environments. Australia is the largest island in the world...And there's a lot of government investment, particularly coming up in marine infrastructure.” David Macgeorge, CEO, SRG Ltd

Private Credit

"Private credit has evolved from niche to mainstream financing, particularly for property development and is reshaping Australia’s property finance landscape. This isn't a temporary shift – it represents a structural and permanent change in Australia's lending market with established alternative financing partners like Qualitas set to benefit." Andrew Schwartz, CEO, Qualitas Ltd