CEO INSIGHTS – Week Ending 19 December 2025

Mining & Regulation

“Approvals processes remain cumbersome and at times difficult to navigate. The relatively short election cycles versus the life cycle of developing resource projects means the rules can change multiple times for companies and erode confidence in Australia as an investment destination of choice for global flows of capital.” Stuart Tonkin, CEO, Northern Star Ltd

Flu & Vaccines

“Coming into November, we’ve had more than 36,000 cases, and so far in December, we’ve already seen over 16,000 cases. That is unusual…We’re diagnosing more cases of the flu than ever, and it is concerning that our vaccination rates have been falling year on year for the past few years.” Michael Wright, President, Royal Australian College of General Practitioners

Lubricants

“As some old uses fade away, people around the world keep discovering new ones, whether it's in emerging areas like robotics, drone technology, wind and solar energy or creative applications in more traditional spaces like protecting tools and machinery during monsoon season. Usage innovation is a big driver of growth for our core product.” Steven Brass, CEO, WD-40 Co.

Customer Convenience

“Most importantly, for our category within oil changes, the customers are prioritising convenience…If you had told my 16-year-old self, working at Taco Bell for my first job, that people would spend as much on DoorDash delivery [fees] as they spend on their tacos, I never would have believed it. But the reality is convenience. Customers want quick, easy service without a hassle.” Lori Flees, CEO, Valvoline Inc.

Global Inflation

“Overall, inflation remained relatively consistent with recent quarters. Fresh food and sundries saw higher inflation in commodities such as beef, seafood and coffee, but this was offset by lower inflation in eggs, cheese, butter and produce. In non-foods, we saw low single-digit inflation for the third consecutive quarter, primarily driven by gold and imported goods.” Gary Millerchip, CFO, Costco Wholesale Corp.

Semiconductors

“Well, on the non-AI semiconductor…we see stability. We don't see a sharp recovery that is sustainable yet.” Hock Tan, CEO, Broadcom Inc.

Consumers

“We're seeing a little bit in terms of how they're responding to the promotional activity in the marketplace today, and they're definitely looking for ways in which they can save in value. And it's behaviour we've seen throughout the year and continued into Q3[CY25].” Calvin McDonald, CEO, Lululemon Athletica Inc.

Drones & Defence

“I mean, you can't read a headline without the current readiness for the Defence industrial base and what modern warfare and what drones or unmanned systems, what part they have in the future, and that's a great backdrop for us. In terms of TAM, we've sized it at roughly $3 billion. It's going to, we expect, double in the next 4 to 5 years.” Jason Winkler, CFO, Motorola Solutions Inc.

AI Projects & Corporate Sector

“If you look at the corpus of AI projects out there in the market…you see that there is an extraordinarily high failure rate of AI projects, north of 80%, depending on the research that you study and if you pick apart the reasons why, some of it is classic tech to business, misalignment with business goals. Others are tied back to sort of the disorganisation of data in the enterprise…And then if you poke further, it's down to not having the right kind of AI development tools that allow researchers to become productive in an environment.” Judson Althoff, CEO, Microsoft Commercial Business

Utes/Pickup Trucks

“Instead of ploughing billions into the future knowing these large EVs will never make money, we are pivoting [towards building hybrids].” Jim Farley, CEO, Ford Motor Corp.

Industrials

“Demand for blasting technology, speciality mining chemicals and digital solutions remain very strong.” Sanjeev Gandhi, CEO, Orica Ltd

Retirement

“A strong retirement system is one of Australia’s greatest economic assets, but the settings around the retirement phase haven’t kept pace with super’s scale or the ageing population. We know from behavioural science that financial certainty in retirement gives people confidence, and that confidence means people can spend. Our challenge is that Australia’s current retirement system doesn’t give all Australians the financial confidence they need.”  Nick Hamilton, CEO, Challenger Ltd

Premium Wine

“The ultra-luxury tiers, while in growth globally, are performing below expectations, reflecting recent weakness in global fine wine markets.” Market Statement, Treasury Wine Estates Ltd

Property Development

"Western Australia and Queensland continue to experience very favourable conditions. South Australia’s conditions are steady, and Victoria is experiencing improved enquiry and sales levels. Overall, enquiry and sales volumes are at historically elevated levels for the Company." Market Statement, Cedar Woods Properties Ltd

Grains & Seeds

“Prevailing commodity prices are resulting in less grain being brought to market and, together with near-record international grain and oilseed production, are continuing to place pressure on margins for grain handlers.” Market Statement, GrainCorp Ltd

Buy Now Pay Later

“Most of our competitive set is pretty focused on Pay in 4, which is really a 6-week loan product, and while Pay in 4 is great for certain purchases, as you go out on the average order value spectrum into bigger tickets, we think that consumers need longer terms and more cash flow smoothing.” Rob O’Hare, CFO, Affirm Holdings Inc.‍