Always remember how Macquarie built its millionaires on outrageous tolls and charges | John Quiggin | Business

Category: Business
Published: Sunday, July 26, 2026 at 12:00 AM
Publisher: The Guardian Business

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The Guardian Business 1 day ago

Always remember how Macquarie built its millionaires on outrageous tolls and charges | John Quiggin

Quick Summary

As Shemara Wikramanayake retires with shares worth hundreds of millions, the public is left counting the cost of high prices for utilities, roads and airports Follow our Australia news live blog for latest updates Get our breaking news email , free app or daily news podcast The recent retirement of the Macquarie Group CEO, Shemara Wikramanayake, marks the culmination of a highly successful career. She is leaving the company with shares worth hundreds of millions of dollars after nearly 40 years at the Sydney-based institution. Under her leadership, the “millionaires’ factory” has increased its annual revenue by about 80% and nearly doubled its profit. Wikramanayake has also overseen and consolidated the group’s transition from a firm specialising in privatised infrastructure to a global merchant bank earning profits from commodity trading, specialist asset finance and wealth management. Its demise is also the consequence of the relentless application of a neo-liberal political philosophy that for years has elevated financial engineering above real engineering; off-balance-sheet finance above paying for things openly; and lauded the private sector above the public sector. Continue reading...