How to find full answers for every CEO survey response 2026
From the economy, energy and technology demands, explore the full responses from the nation’s most influential business leaders in The Australian’s exclusive CEO Survey.
From Australia’s economy, huge energy and technology demands, here is where to find individual responses to The Australian’s CEO Survey 2026, with key elements summarised below.
A co-ordinated approach to achieving net zero will foster economic growth and productivity, create new jobs and industries, and attract sustainable investment in Australia. The right policy backdrop for the energy transition will be essential. The key to putting downward pressure on energy prices is to also be addressing energy costs. Improvement in productivity settings, streamlining planning and approval processes, strong co-ordination nationally around planning to avoid duplication and inefficiency and ensuring stable and certain policy settings will be crucial foundations for companies like AGL to address energy costs.
Momentum is mixed. Australia is perfectly placed to lead in green industry and green energy, but approvals delays, lagging productivity and inconsistent energy policy are slowing us down.
Cost pressures remain across the sector, but we’re proud to have delivered the lowest C1 cost among our peers – proof that discipline and focus still cut through, even in a challenging environment.
There is considerable variation in growth prospects between the states. It is concerning that with a relatively weak national outlook and a still-high level of population increase, only Queensland among the large state economies grew on a per-capita basis during 2024-25. That underscores Australia’s chronic productivity problem, though we expect faster growth in Western Australia during next year as government stimulus towards industrial diversification and defence activity begins to take hold.
AI is an important part of the world we live in now and like all organisations, we’re learning how we can best leverage its benefits to improve the experience of both our customers and people. We’ve rolled out basic AI assistants for all our staff and have a range of more specific applications currently being trialled. As an operator of critical market infrastructure, data governance, risk and security around AI are always front of mind for us.
We also play a critical role in providing an efficient market for companies (including companies with exposure to AI) to raise capital to fund their growth and expansion.
Bank of Queensland’s Patrick Allaway
The Australian economy has gradually improved over the past 12-18 months. Consumer confidence has picked up, supported by rising household disposable incomes. A more confident consumer is currently boosting business conditions. Increasing global uncertainty and risks, combined with persistent domestic inflation, suggest a cautious outlook for the economy into 2026. Growing global financial imbalances, increasing government debt and strong credit growth and asset prices may result in a repricing of risk.
Bendigo Bank’s Richard Fennell
Australia’s economic growth has recovered from the tough conditions of fiscal 2024 amid unwelcome inflation. However, it remains an uneven economy and the global landscape will continue to be complex and challenging.
We still expect real economic growth in 2026 to pick up further to around 2 per cent and labour markets to remain relatively strong, but we may have seen the last of the RBA cash rate cuts this cycle.
Growth heading into 2026 is modest and uneven. Cost pressures in our Australian business are real, and wage pressures remain. On investment, we will remain disciplined and focus on spend where it drives productivity. Employment will be broadly steady, with targeted hiring in critical skills to support long-term growth. We’ll also continue to invest in high-quality growth options in future-facing commodities, while preserving flexibility to navigate volatility. With confidence in the right policy settings, we intend to invest in a significant expansion of our copper production in South Australia.
We have spent the past couple of years deploying AI in a targeted way. Perhaps most notably, machine learning has helped optimise transport routes, allowing us to recover assets more efficiently. We’ve also turned to AI to detect anomalies in customer declarations and orders, which both alleviates the manual burden for our customers and stops mistakes before they happen. These might appear to be individually small initiatives but, because we are operating in 60 countries, we are encouraged by the opportunity presented by scaling AI across the business.
We need strong reforms that ensure Australia does not fall behind in the global tech race. The Australian tech sector currently contributes~$167bn or 8.5 per cent of GDP per annum to the Australian economy and nearly a million jobs. If we were to match global peers such as Canada, our tech sector has the potential to contribute around $250bn to Australia’s GDP and employ 1.2 million people by 2030. As other nations focus on investing in AI, quantum computing, and advanced manufacturing, Australia needs to keep pace and this requires investment in programs that develop tech skills which can be leveraged across industries to enhance productivity, innovation and growth.
Commonwealth Bank’s Matt Comyn
We are in a modest cyclical upswing after several years of weaker growth. Consumers are spending more, house prices are rising, and private demand is stronger. We expect growth to continue into 2026 and to be about 2.2 per cent a year by December 2026. That is a welcome improvement, but the picture is not without risks. Employment gains have been patchy, and recent monthly inflation surprises mean upside and downside outcomes are both possible. We continue to see a range of cost pressures across the business. These include technology vendor costs, meeting a range of new compliance obligations, continued wage growth and broader technology investments including AI.
A pivotal opportunity for Australia lies in unlocking the full benefits for retiring Australians of our $4.2 trillion superannuation system. For too long, the focus has been on building balances, we must now shift to focus on how those savings deliver real-time improvement to the quality of life to everyday Australians. We’re on the cusp of real change. APRA’s proposed capital reforms represent the most significant regulatory shift for retirement products in a generation. Alongside the government’s retirement income guidance, they lay the foundations for innovation, scale and long-term economic value.
Whichever way you look at it, our productivity is very weak and we must push harder to lift it if we want to grow Australia’s standard of living over time.The big policy changes we need, the ones that will have a material difference on productivity, and which are negatively impacting capital flows, are growing in urgency – tax reform at all levels of government, and putting in place the right regulatory and planning settings, including cutting red tape and expediting approvals.
The cost of inaction is high and growing. When more of the population is receiving revenue from governments than those that are paying revenue to governments via taxes, one wonders how that can be sustainable. The role that global capital plays in our economy, in growing our cities and in helping to build the nation we all want to live in, cannot be overstated.
The Australian economy will be challenged in 2026 by the competing forces of full employment and resurgent inflation. We have seen this year that the economy is close to full capacity in certain areas and that aggregate growth remains strong, meaning inflation is very sensitive to any additional stimulus added through either expansionary fiscal or monetary policy.
We are expecting GDP growth to accelerate to around 2.1 per cent in 2026. Household consumption should be the key driver of growth next year as consumers begin to feel positive wealth effects from the recent surge in housing. One headwind to growth is the labour market, with several industries in Australia still reporting labour shortages and measures of capacity utilisation increasing in recent months.
Australia needs an economic plan focused on lifting international competitiveness and driving productivity. One of the important levers is R&D investment, yet Australia’s performance significantly lags behind our global peers. This underperformance limits innovation and long-term growth.
Current R&D settings in Australia are not competitive: There is global competition for R&D intensive companies because they create high paying jobs and generate corporate tax revenue. However, current settings make local R&D 30 per cent less competitive than comparable countries.
We have the burning platform of productivity in Australia, and this is a moment that calls for ambition from government and the business sector.
At Coles, we advocate for reforms that prioritise investment in critical areas such as workforce training, cyber security, and technology, and which drive productivity and strengthen resilience. Streamlining regulations and reducing the compliance burden for businesses, such as duplication or inconsistencies across state borders, is essential to unlocking greater efficiency and promoting sustainable growth. Within our business, we are continually investing in technology to enhance productivity, including state-of-the-art automation in our supply chain through to new AI solutions.
Australia’s long-term competitiveness depends on fostering innovation, investing in skills and supporting advanced manufacturing. Australia should be an environment that encourages R&D, accelerates commercialisation and builds sovereign capabilities in health and science. This should include a sharper focus on skills and talent for the industries where Australia can genuinely lead – including biotech, medical research and advanced manufacturing. We support reforms that would drive productivity and position Australia as a leader in the global knowledge economy.
Deloitte Australia’s Joanne Gorton
Business optimism is improving, which should support greater investment, considered risk taking and profitability. We need a laser focus on building the capacity of our economy and lifting its run rate. This is all about investment and we need to challenge ourselves to get the economy running at more than 2 per cent. At the same time, we must be wary of the risks lurking in plain sight; geopolitical uncertainty is real and is a new variable business must take into account; technology and its implementation costs must be considered carefully; investing in people with the right skills is critical as we adapt to the opportunity of tech transformation.
As we have implemented AI in our business, our focus has been around the culture of technology and change. As AI tools continue to rapidly change and evolve, it is important we evolve our culture to be more adaptable, curious and open to and finding better ways while balancing risk. In 2026, we will see some business cost benefits, but the real focus for us during the year is to shift the mindset to revenue and where we can create a competitive advantage.
We anticipate GDP to be at the long-term average of around 2 per cent. We’re cautious about the recent uptick in consumer confidence given ongoing cost-of-living pressures and uncertainty on interest rate relief in the context of inflationary pressure. While we anticipate markets to generally remain soft, 75 per cent of our business is in the renovation and repair of existing homes and gardens, and we expect this core market to remain relatively resilient. We expect cost pressures, particularly around inputs such as raw materials and costs related to freight, distribution and energy, to remain. We don’t anticipate any material change to our investment spend or employment levels.
Dyno Nobel’s Mauro Neves de Moraes
Australia’s pathway to renewables is ambitious, and it must be managed in a way that also ensures reliability, affordability, and competitiveness for industry. Continued investment in grid infrastructure, storage, and emerging technologies is critical, and at Dyno Nobel, I’m proud we are doing our part, by investing in R&D to drive sustainability, productivity and decarbonisation. Dyno Nobel’s climate change and greenhouse gas reduction targets are ambitious, and they should be.
Evolution Mining’s Lawrie Conway
Yes, there are concerns about Australia’s pathway to renewables. The absence of a clear, detailed energy road map creates uncertainty for industry and investors. Current policy is increasing the cost of energy and reducing reliability of supply. This is eroding business confidence. Energy costs and reliability are both a critical factor in long-term planning. It should be a concern for government that major centres such as the WA Goldfields are experiencing power supply issues, particularly when so much of the country’s tax revenue is generated by the resources sector.
Momentum is mixed. Australia is perfectly placed to lead in green industry and green energy, but approvals delays, lagging productivity and inconsistent energy policy are slowing us down. Cost pressures remain across the sector, but we’re proud to have delivered the lowest C1 cost among our peers – proof that discipline and focus still cut through, even in a challenging environment.
It’s all about productivity where the Australian economy is concerned – we need a productivity kickstart and that’s through investment in infrastructure, technology and skills. In our own business, we’re handling cost pressures well. We’re using technology to increase efficiency and make sure we can scale up our business in a cost-effective way. We’re increasing our investment both in Australia and overseas – with about 70 per cent of our earnings and most of our growth offshore. While our hiring is focused on the data centre space.
Energy costs are a growing factor in our long-term planning, and clear, flexible policy settings will be critical for unlocking investment in renewable fuels and other technologies that reduce emissions across the supply chain. GrainCorp has set science-based emissions targets, and we recognise the essential role renewables will play, not only for our own business but across the broader agriculture sector. Transitioning to cleaner energy is a strategic opportunity for Australian agribusiness. Inadequate planning and inconsistent consultation around energy infrastructure risk undermining both the social licence and the economic viability of major investments. Regional communities need clarity, certainty and genuine engagement.
Productivity growth is key to better living standards for all Australians, so we’re seeking opportunities to invest in businesses that can deliver strong risk-adjusted returns while also boosting productivity across the whole economy. It’s no secret the costs of doing business are rising, presenting complex decisions for businesses. Right now, in Australia – we have an enormous opportunity to drive productivity and spark meaningful innovation through clearer, more refined regulationthat enables organisations to move forward with confidence and purpose, as well as improved efficiency and effectiveness.
As Australia’s largest insurer, we see first-hand the costs and delays caused by skills shortages and regulatory barriers in the building sector, and the impact these have on communities. To keep insurance accessible for everyone, we need streamlined approval processes for new builds and rebuilds, and stronger incentives and pathways to grow the supply of skilled labour. Bolder reforms in these areas could also help Australia address intergenerational challenges around home ownership and strengthen proactive responses to future climate risks.
As we move into 2026, we expect a continued economic recovery, with consumer spending, business conditions, and confidenceindicators all moving in the right direction. Buoyed by earlier interest rate cuts, rising asset prices and ongoing stability in the labour market, our latest customerresearch shows a resilient SME sector that is reporting a rise in balance sheet health and renewed confidence.
The rising cost of living is impacting Australians, and addressing this challenge will require some bold reforms, particularly around the cost of energy and housing affordability. The challenge for the government is engaging with Australians and getting their buy-in on the changes that need to be made.
The Australian economy is slow, with growth running well below trend and not anticipated to kick-up for some time. We believe the economy needs a stronger policy platform to encourage business investment, to not only help boost the economy in the immediate term, but to also provide the basis for growing productivity in the medium and longer term. Overall, KPMG anticipates holding our investment and headcount steady over the next 12 months. KPMG has an ongoing program to invest in technology and people, including our $80m spend on innovation focused on developing new technology for the firm and our clients. We will also continue to invest in ethical leadership and culture for our people, and in audit quality.
A meaningful, productivity-focused reform agenda should start with tax. Further optimising the tax system to encourage business investment and innovation is likely to deliver tangible, long-term benefits. Equally important are measures that strengthen competition, ensuring markets remain efficient and dynamic and that companies of all sizes can effectively innovate and scale to compete domestically and internationally.
The global shift to a low-carbon economy is already underway and while Australia’s policy settings are improving, we need to see change at speed to give businesses the certainty needed to accelerate investment in decarbonisation.
In our business, we set our own decarbonisation targets in 2020, and this year achieved net zero across scope 1 and 2 emissions, and we’re procuring 100 per cent renewable electricity across our whole business. This strategy has been endorsed by our capital partners and investors, and it’s also a point of difference with our customers, including tenants.
Macquarie Bank’s Shemara Wikramanayake
We are optimistic about the momentum of the Australian economy, as growth has improved over the course of 2025, and the latest indicators suggest that momentum should remain as we head into 2026. We see a consumer-led recovery extending into next year, with business investment and housing construction also likely to contribute positively. There are also signs of improving momentum in the global economy, albeit inflation has the ability to impact all markets. In our own business, we have established diversified income streams that complement each other to position us well through different market cycles.
While Australia is doing well compared to other similar nations across the globe, cost of living pressures shows few signs of easing. Our economy is uneven; unemployment is relatively low, but productivity has stagnated, including in health, and inflation is climbing again and continues to be outpaced by rising healthcare costs. Investing in the health and wellbeing of our country is important as it supports the overall economy. Over the last decade, we’ve invested over $300m to better support millions of people who continue prioritising their health and wellbeing and to grow as a health company, and we expect that growth to continue in 2026.
National Australia Bank’s Andrew Irvine
Australia can only grow as fast as it is expected to in 2026 without more productivity. As a whole, I do think the economy is doing well. We had a soft landing and employment levels are good. Three interest rate cuts brought welcome relief this year, but it’s important now to keep inflation in check. There’s no doubt that businesses are having to adapt to higher operating costs. The focus for NAB is growing revenue faster than increasing costs and spending every dollar well. Our strategy remains focused on delivering progress in our three priorities – growing business banking, driving deposit growth and strengthening proprietary home lending.
The government should use the confidence gained from its historic majority to be bold in decision-making to set up Australia, so coming generations benefit from the high living standards that earlier generations of Australians have enjoyed. We cannot afford to accept decisions that leave future generations with a lower standing of living.We are a smart country, but the challenges of the pandemic years have seen governments adopt safe, short-term, approaches. Now is the time for us to get back to making decisions that are smarter and innovative.
NIB is actively implementing AI across the business, with some areas already scaled. Over 50 AI and machine learning initiatives are now in production, supporting both operational efficiency and customer experience. This includes advanced tools like nibGPT and AI-powered summaries, which are used by more than 500 call centre agents, reducing after-call work by 60 per cent and improving onboarding. Our AI chatbot, nibby, has handled over 5 million customer interactions.
As a relatively young business, Northern Star is proactively looking for opportunities to deploy AI. The obvious area is around supporting our technical teams, from plant operations and maintenance to geology, where we are dealing with massive data sets. The opportunity is there, though we won’t rush into it because we want to make sure any AI application supports our teams in a sustainable, value-adding way. And hopefully make it easier and cheaper for our teams to find more gold!
Energy policy needs adaptability to reflect technological progress and market realities. Energy costs are a major factor in our strategic planning and investment decisions. Long-term capital decisions for our assets are increasingly influenced by shifting market dynamics and regulatory frameworks. We carefully assess investment opportunities to ensure cost competitiveness, resilience and future growth, factoring in sustainability, technological advancements, and evolving consumer demands. This approach helps safeguard asset value and supports our commitment to operational excellence.
Origin Energy’s Frank Calabria
We have achieved a lot of progress in the transition, but the low-hanging fruit is gone. The focus is very much on execution, and there is no doubt delivering large scale wind farms and transmission is taking longer and costing more than anyone would have thought only a few years ago. The view at the household level is more positive, and we have seen electrification take off in the areas of rooftop solar, home batteries and EV adoption. Looking ahead, collaboration across industry and government will be critical to achieving timely progress on projects and keeping the costs of the transition down.
There’s broad consensus that the energy transition is essential, and renewable energy presents a compelling long-term economic and environmental case for Australia. Businesses need clarity and practical implementation pathways.
In the Pilbara, industry has been moving ahead on decarbonisation, and we are keen to see government play a stronger coordinating role to accelerate shared infrastructure and low-cost renewable power. What matters most now is collaborating to deliver systems that are reliable, affordable and scalable, rather than continuing the debate. With clear policy signals and coordinated investment, Australia can manage this transition with confidence.
Productivity is Australia’s biggest challenge, and there’s no quick fix. The path forward requires commitment to smart, targeted moves where benefits are modelled and impacts managed. Practical steps matter – such as enhancing school and university curriculums to support the talent pipeline and target areas such as quantum computing and agentic services. Of course there’s AI which offers enormous potential, but trust is critical and many Australians are sceptical. People need to be at the centre of every AI solution, making sure decisions are transparent and systems are monitored for fairness and accuracy.
REA has been investing in and harnessing the power of AI for over a decade. It is scaled across our business, and we are seeing the benefits from both an experience perspective on our platforms, along with productivity benefits for our teams. Our capability has rapidly accelerated in recent years, and the pace we’re developing AI-powered products will genuinely transform the property experience for buyers, sellers and renters, and for Australia’s real estate agents.
We need industry, state and federal governments to continue to work together on the best way to bring competitively priced energy solutions, including wind and solar. As we continue to have those discussions, we remain hopeful a solution can be delivered which helps Australia to maintain its heavy industry. Without a doubt, securing internationally competitive energy prices is crucial for the survival of our east coast aluminium operations.
The reality is that Australia is the most important energy-producing nation in the Asia Pacific, and that importance has only increased since the war in Ukraine effectively upended the global energy supply chain. While our own energy security must be assured, our role in regional energy security and in turn, the social, economic and geopolitical stability of our region, is absolutely critical. Which is why it’s so important that we continue to support energy and national security in our region by honouring existing long term export contracts and avoid impacting our nation’s reputation a trusted and reliable partner – and our nation’s security.
Like any business, the amount of red tape we encounter can be a handbrake on productivity, especially when it comes to leasing space in our centres. Depending on the location, services available, usage permitted, planning overlay, hours a tenant is able to operate, every arrangement is different – that can be a significant impost when you multiply it across every space and all our destinations. This can discourage tomorrow’s business entrepreneurs from creating economic activity through new business formation.
Momentum in the economy has slowed and remains a key focus. With marginal economic growth and negative GDP growth per capita, this can create something akin to a ‘felt recession’ in the perspective of consumers. Positively, unemployment is still low. The question to look through in the employment data is the type of jobs being created, which are increasingly in government roles. Given the private sector is the main driver of productivity and long-term growth, it speaks to the structural health of our economy.
Australia’s shift to renewables has passed the point of no return, but the transition is complex, and the challenges are understated. Energy policy settings need to be anchored in reality rather than ideology and consider the real world challenges of the energy transition and the likely implications. Rising energy costs are already affecting parts of our portfolio, and we factor this into long-term planning. Our approach is to invest across the energy spectrum and back businesses with the governance and balance-sheet strength to adapt through the transition.
Energy costs in Australia have been rising faster than in some other parts of the world, and in some of those places the desire for renewable energy can be more easily and cheaply met, especially where they have large hydroelectric generation. The uncertainty in energy supply, energy costs and carbon costs is making investment decisions more challenging, particularly given the typically long-term nature of these decisions in our industry.
The near-term momentum of the Australian economy will be determined by the forward direction of monetary policy, and this is less clear today than it was six months ago. While reinsurance input costs have moderated, insurance inflation remains elevated relative to CPI. This will continue to be a key challenge in 2026, and we remain alert to the impact insurance premiums have on cost-of-living pressures.
In recent years, the nature of claims has changed significantly, with mental health conditions representing the primary cause of claim at TAL for the fourth consecutive year. This is a theme across the wider life insurance industry, as well as in workers’ compensation schemes. Most concerning is the increase in permanent disability claims for mental ill-health, meaning these individuals are unlikely to return to the workforce. This represents a significant personal toll on those affected and their families, and it also represents a loss of skilled, experienced workers from our economy. We need a thriving workforce, and we think workplaces can play an integral role in supporting recovery.
Driving great economic outcomes is a tricky balancing act, but staying focused on improving our productivity will be key to our success. The focus on productivity in 2025 built great momentum and collaboration on important topics such as removing barriers to greater business investment and taking more of a pro-growth mindset to better regulation. The focus now needs to be turning words into actions with urgency. There are absolutely areas of cost pressure in our business. Cloud compute and software are a couple of examples. Our focus is on achieving positive operating leverage – where we grow our revenue faster than any increase in our costs.
Treasury Wine Estates’ Sam Fischer
Strengthening our trade and export environment, through modern free-trade agreements and streamlined regulation, remains critical for Australia’s global competitiveness. For Treasury Wine Estates, the focus is on positioning Australia as a trade partner of choice, balancing and strengthening existing relationships while also exploring new opportunities as markets evolve. This is central to ensuring Australian wine continues to compete effectively on the global stage.
Productivity must be the priority, and the government is right to focus here. Australia needs to look at our state and federal planning laws, and federally, so we can more quickly deliver the benefits from infrastructure investments. The delivery of major projects can be incredibly slow in Australia. Western Sydney Airport is a great example. It’s been decades since the first feasibility study for a second Sydney airport was conducted and it’s finally going to open next year. Compare that to Dubai, where they are creating the largest airport in the world down the highway from the existing airport, in a fraction of the time.
UBS Australia and New Zealand co-country head’s Greg Peirce
Despite various headwinds, the Australian economy is in reasonable shape. Real GDP growth continues to be solid and the economy is recovering but not rebounding as we head into 2026. Sticky inflation continues to put pressure on the cash rate, but the longer term bond rate has been relatively stable. Clients have confirmed that labour cost pressures have moderated (but remain challenging) and CEOs are feeling more willing to make investment decisions, however productivity remains a significant concern for longer-term economic performance.
Virgin Australia’s Dave Emerson
Our top policy priority is ensuring a level and competitive playing field in aviation. Virgin Australia plays a critical role in providing strong competitive tension to the dominant carrier, and that drives better outcomes for consumers and supports innovation and a more efficient, productive aviation sector. We encourage reforms that are proportionate and tailored to different airline business models, that avoid unnecessary compliance costs or duplication of regulatory functions, and protect against the abuse of monopoly power. Ultimately, this would ensure policy objectives are met without adding complexity or cost pressures that could affect consumers.
Australia’s economy remains resilient, supported by strong exports, a growing population and low unemployment. However, cost pressures, sluggish productivity and supply side constraints present challenges that are constraining economic growth. Costs of imported goods and raw materials have moderated in recent years, while domestic costs are the key areas of inflation. This includes rising energy costs, domestic supply chain and transportation, wages, rents, construction and the costs of compliance. These domestic cost pressures have been around for a while, and Wesfarmers’ businesses have been accelerating strategies to reduce costs and leverage technology to enhance productivity.
Australia’s economy remains strong and is showing signs of improvement. It has done and continues to do very well in the face of global uncertainty. Recent interest rate relief has provided welcome support to households and contributed to an improvement in consumer sentiment. Inflation remains a challenge, so the next 12 months will be finely balanced. We need to see more private sector investment and activity in lieu of public sector if we are going to see inflation targets reached and productivity improvements realised.
Larger businesses are reporting improved trading conditions. However, small and medium-sized enterprises continue to face challenges, especially around the availability and cost of labour.
We need strong reforms that ensure Australia does not fall behind in the global tech race. The Australian tech sector currently contributes~$167bn or 8.5 per cent of GDP per annum to the Australian economy and nearly a million jobs. If we were to match global peers such as Canada, our tech sector has the potential to contribute around $250bn to Australia’s GDP and employ 1.2 million people by 2030. As other nations focus on investing in AI, quantum computing, and advanced manufacturing, Australia needs to keep pace and this requires investment in programs that develop tech skills which can be leveraged across industries to enhance productivity, innovation and growth.
There are clear signs the Australian economy is under pressure, with public sector employment growth outstripping the private sector; GDP per capita falling; and housing costs and energy bills rising steeply. Energy cost increases are straining businesses and households, which in turn threatens jobs and prosperity. As a leading Australian gas producer, Woodside knows the important part we play in providing affordable and reliable energy and we’re committed to investing to bring new supplies to market. That’s the key to easing those energy cost pressures and helping unleash the private sector investment that drives the economy.
Our data tells us that consumer optimism is the highest it’s been since 2023, but cost-of-living pressures continue to feature strongly in household budgets. So, there’s more confidence in the economy, but it’s reasonably fragile at the moment. Heading into Christmas, customers are sharing with us that they are ready to celebrate, but two-thirds say they plan to keep Christmas simple and half of them want to spend less than last Christmas. And we are acutely aware of this pressure. As a low-margin retailer, our focus is on running our business more efficiently and more productively so we can invest where it matters most for our customers through delivering the best possible value to keep their budgets on track.
The ambition is clear, but delivery is the challenge. Grid bottlenecks, permitting delays, skills shortages and social acceptance risk slowing progress. The path to net zero is possible, but the reality is that the pace of change needs to accelerate dramatically if Australia is to reach this goal by mid-century. Achieving it requires a radical reimagining of how we deliver infrastructure at speed and scale. Australia is well-placed to lead the energy transition. It has abundant clean energy resources, supportive government policies, and proximity to major energy consumers. But no one company or government can do it alone.
At Zeller we’ve been very consistent with our flexible work policy and remain strong believers in the power of in-person communication, collaboration and connection. The extra boost we get in productivity and positive culture from an in-person work environment is undeniable, so we haven’t made any material changes to our preference for in-person collaboration since the tumultuous Covid era.
The ability for staff to collaborate, problem solve, share information, connect and motivate each other via in-person work is one of the primary, critical factors to get right in a start-up. While remote work has its benefits and may be the chosen strategy of larger tech companies having to source global talent pools, the vast majority of early stage founders I have spoken to unequivocally cite in-person work and collaboration as one of the most important factors in creating an optimised, high-performance work culture.
We’re optimistic about the resilience of the Australian economy and excited about the opportunities for Zip ahead. We have a highly engaged customer base – representing around 10 per cent of the Australian adult population – and the flexibilityand breadth of our offering positions us well to perform through different economic cycles. For the first quarter of fiscal 2026, we saw continued accelerated momentum, with total transaction volume in Australia and New Zealand increasing 11.1 per cent year-on-year. We also saw an increase in spending across all age cohorts in Australiaas compared to the first quarter of fiscal 2025. Our business settings are positioned for growth and we’ll continue to invest for profitable growth.
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