Macquarie ANZ Essentials - Sep 07 2026

Research evidence excerpt

Macquarie Equity Research – Essentials

07 September 2026

ANZ Essentials

Australian Banks

Pick a card, any card (just not that one)

3

Carlos Cacho

• Ahead of interchange cuts, banks have reduced credit-card benefits, cutting rewards points

earning potential and increasing costs.

• NAB has made the largest cuts to ongoing earnings potential, while ANZ's have reduced the new

customer value the most.

• The changes have materially reduced the value of many bank cards, and left Amex as the clear

leader offering 2x the value of major banks cards.

Listed Property Sector

For whom the bell tolls: The great hedge rollover

4

Callum Bramah

• A poor August has exacerbated AREIT sector underperformance CYTD versus the broader ASX

300 Index to -16.7ppts.

• Comparable income growth via contracted rent escalation is not enough to offset the rising

weighted average cost of debt as legacy hedges roll off.

• Our preferred AREIT exposures remain skewed to quality and growth at a reasonable price:

+GMG, +MGR, +SGP and +CHC.

Australian Consumer

Pitting for inters

5

Caleb Wheatley

• Challenging reporting season, with Discretionary index trading down ~10% and Staples flat; we

revised earnings down marginally.

• Key themes: Cost management, weakening housing signals, digital integration and health of the

consumer.

• FY27E outlook unchanged as conditions likely to worsen. Most preferred: COL, SIG, WES. Least

preferred: EDV, DMP, WOW.

High Frequency Consumer Data

A fork in the road

6

Caleb Wheatley

• Pharma & Groceries seeing positive momentum; supported by structural tailwinds and trade-in,

respectively.

• Furniture shows bifurcation of consumer cohorts' spending patterns; evidence of two-speed

economy across categories.

• Key picks: COL (defensive top-line and cost execution); SIG (Health & Beauty); We remain

cautious on top-line/cost headwinds for EDV.

ASX Tech & Telcos: The AI Doldrums

August Reporting Season Wrap: Price-implied metrics & catalysts

7

Andrew Gillies

• Aussie AI Doldrums. AI Infra isn't working in Australia; neither is Software, though US reporting

shows AI monetisation can drive re-rate.

research/disclosures