The Age Of Earnings: Australia Macro+ Week Ahead | Asia Pacific

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The Age Of Earnings: Australia Macro+ Week Ahead | Asia Pacific

Idea

July 19, 2026 09:00 PM GMT

Morgan Stanley Australia Limited+MAustralia Macro+ Week Ahead | Asia Pacific Chris Nicol

Equity Strategist

The Age Of Earnings Chris.Nicol@morganstanley.comChris Read +61 3 9256-8909

Equity Strategist and Australia Economist

Chris.Read@morganstanley.com +61 2 9770-1513

FY26 results season looms with geopolitical risks still elevated Antony Conte

and materially altered policy settings influencing outlook vs EquityAntony.Conte@morganstanley.comStrategist +61 2 9770-1544

YAGO. Despite significant change since February, the age of Isabel Black

earnings is high and in addition dispersion between estimates Isabel.Black@morganstanley.com +61 2 9775-2519

widened, setting up another volatile season ahead.

What's Topical? How Old You Are: Another earnings season is about to start. At

the aggregate there has been some recent pullback in earnings levels but growth

rates have remained at 13.0% (FY26e). We see building risks to earnings and

outlooks for domestic facing equities in particular Banks, Housing linked, and

Consumer facing. When looking at the micro structure of the earnings pulse, one Exhibit 1 : Macro catalysts for the week

flag we like to test for is the age distribution and dispersion of earnings estimates. ahead

Dispersion levels are 10.6 and there has been a clear sustaining of stale estimates MondayRelease20 July Period MSe Consensus Prev.

for the market with circa 27% stocks having an age of 80-days or more in earnings Tuesday 21 July

NZ CPI 2Q -- 1.5%Q, 4.0%Y 0.9%Q, 3.1%Y

age and circa 50 companies with an age of 100 days or more. Real Estate, Wednesday 22 July