Seema Shah

Global bond markets have sold off sharply in recent weeks, pushing long-end yields to multi-decade highs across major markets. U.S. 30-year yields hit their highest level since 2007, 30-year JGBs since their introduction in 1999, UK gilts since 1997, and German bunds since 2011.

This is not a series of isolated market moves. Rather, global bond markets are repricing a shared set of risks: stickier inflation, expansionary fiscal policy, and elevated geopolitical uncertainty with a prolonged closure of the Strait of Hormuz. Together, these forces, further reinforced by strong U.S. growth, are eroding confidence in the path towards policy easing and pushing yields higher globally.

Key market drivers

Rising inflation pressures

Higher energy prices are beginning to feed through into inflation. Headline U.S. CPI is running near 4% and producer price inflation near 6%, while rising freight costs suggest pipeline pressures have yet to peak. Importantly, although longer-term U.S. inflation expectations remain broadly anchored, early signs of strain are emerging. By contrast, inflation expectations in both Europe and the UK have already increased sharply.

Resilient U.S. growth

Growth remains robust. Consumer spending continues to hold up despite higher energy costs, while the capex cycle—supported in part by AI-related investment—continues to surprise to the upside. This resilience allows U.S. inflationary pressures to persist, sustaining upward pressure on yields.

Hawkish repricing of policy expectations

Markets have materially revised their outlook for central banks, shifting from expected rate cuts in 2026 to renewed tightening across several developed markets. In the U.S, stronger inflation data alongside firm growth has driven a significant shift in Fed expectations, with markets now assigning a material probability to a rate hike by year-end.

Fiscal concerns and rising term premia

Governments, including the U.S, are considering additional fiscal support to cushion the energy shock despite already stretched fiscal positions. This is contributing to higher term premia and reinforcing upward pressure on long-end yields.

Geopolitical risk premium

Markets are increasingly pricing in a prolonged Middle East conflict. The risk of sustained disruption to energy supply is embedding an additional geopolitical risk premium into yields.

Idiosyncratic factors

Local market dynamics, such as renewed UK political uncertainty over the possibility that Prime Minister Keir Starmer could be replaced by year-end, are adding to volatility. ¹

What could trigger a sustained bond rally?

A sustained reversal in the sell-off likely requires one of two developments:

• A meaningful slowdown in growth, sufficient to re-anchor expectations for policy easing; or
• A de-escalation in the Middle East, involving a reopening of the Strait of Hormuz and normalisation of oil flows.

With many investors positioned for further yield increases, a decisive geopolitical de-escalation could trigger a sharp rally in bonds, pulling both yields and oil prices lower and supporting risk assets. By contrast, a growth-driven decline in yields would likely come alongside weaker risk appetite.

Implications for equity markets

Equities have, so far, absorbed the rise in yields without too much damage. However, investors are increasingly concerned that rates are approaching levels that could challenge valuations. That said, the relationship between yields and equities is more nuanced than a simple “threshold” effect:

• The driver of yields matters: When yields rise on the back of stronger growth, equities tend to hold up well as earnings expectations improve. By contrast, supply-driven inflation, particularly via energy, pushes yields higher while compressing valuations, creating a more difficult backdrop for equities.
• The pace of the move matters: Even growth-driven increases can unsettle markets if they are too rapid.

Equities currently remain supported by strong earnings momentum. Global earnings-per-share expectations have been revised higher since the onset of the U.S./Iran conflict, reflecting continued strength in U.S. earnings and greater resilience in Europe than initially feared. This earnings cushion has so far enabled equities to absorb higher yields, contributing to the recent divergence between bonds and equities.

Looking ahead, U.S. equities should remain relatively resilient to rising rates, supported by strong earnings, the AI-led capex cycle, and lower direct exposure to higher energy costs. In Europe, by contrast, greater sensitivity to energy prices and weaker earnings momentum outside the energy sector leave equities more vulnerable to stagflation. That said, U.S. resilience should not be taken for granted: a further rise in energy prices—especially if it weakens growth and triggers a more hawkish Fed response—would put that relative strength to the test.

Investment considerations

Equities have so far been insulated from rising yields by strong earnings. However, the balance of risks is becoming increasingly finely poised, as higher rates, persistent inflation, and geopolitical uncertainty are beginning to challenge the durability of that support.

From a portfolio perspective, this environment argues for maintaining a more balanced and flexible stance:

• Stay selective in equities, favouring regions, sectors, and, importantly, companies with strong earnings visibility and pricing power, particularly those less exposed to energy shocks.
• Rebuild duration gradually, recognising that while near-term risks remain skewed to higher yields, higher starting yields are improving the medium-term case for bonds.
• Maintain exposure to inflation and geopolitical hedges, including energy and commodities, given the persistence of supply-side risks.
• Preserve optionality, as elevated uncertainty increases the likelihood of sharp, event-driven reversals across both rates and risk assets.

In this environment, portfolio resilience, rather than directional conviction, remains paramount.

 By Seema Shah, Chief Global Strategist

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Paul Stonham

The RBA and DFCRC released the findings of Project Acacia yesterday, and for anyone working in or around Australia’s wholesale financial markets, it warrants a close read.

The headline finding is this: tokenisation works. Across 20 real-world use cases, spanning multiple asset classes and the full asset lifecycle. From issuance through to settlement, the project demonstrated that tokenised assets, settled using wholesale CBDC, tokenised commercial bank deposits or stablecoins, can materially improve how wholesale market’s function. Faster settlement, reduced counterparty risk, better capital efficiency, automated asset servicing. These benefits were tested and observed, not modelled in a spreadsheet.

That matters. There has been no shortage of enthusiasm about tokenisation over the past several years. What has been in shorter supply is rigorous, regulator-backed validation. Project Acacia provides that.

The technology question has been answered, the coordination question hasn’t

What strikes me most in today’s release is the RBA’s candour about where the real challenges now sit. The report explicitly identifies “challenges to scaling” and the need for deeper regulatory and industry coordination. That’s an honest assessment, and an important one.

In my experience, this is exactly the pattern you see when financial market infrastructure matures. The capability gets proven. Then the hard work begins; getting regulators aligned, getting industry to agree on common frameworks, and making sure the underlying plumbing, in this case the RBA’s own settlement infrastructure, is fit for purpose.

The 11-point action plan released alongside the findings addresses all three. A regulatory sandbox for digital financial market infrastructure. A standing industry-regulator advisory group. Consultation on ESA access and RITS upgrades. Continued wholesale CBDC research. These aren’t vague intentions, they’re structured workstreams with named participants and clear scope.

Why market structure now becomes the central question

The RBA’s focus on wholesale markets and settlement infrastructure brings something important to the fore. When settlement becomes programmable and near instantaneous, the traditional boundaries between issuance, trading and settlement start to blur. That creates genuine opportunities for liquidity, price discovery and capital management. It also raises questions about how you maintain cohesive, well-functioning markets as the infrastructure shifts.

These are questions the industry needs to engage with seriously over the coming months, and I’ll be looking at them more closely as I work through the full report.

The number worth keeping in mind

The DFCRC estimates digital finance innovation could deliver $24 billion in annual economic gains for Australia. That number only becomes real if the regulatory and market structure work keeps pace with the capability that Project Acacia has now demonstrated.

Australia achieved genuine world firsts today, including the issuance of pilot wholesale CBDC onto both public and private distributed ledger infrastructure. The question now is whether the momentum from that achievement translates into real-world adoption.

I’ll be going deeper into the findings over the coming days. But the initial read is clear: the technology case has been made. The work ahead is about coordination, structure and infrastructure. That’s harder, but it’s also more tractable than it was twelve months ago.

By Paul Stonham, Chief Commercial Officer

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If you aren’t on top of your cyber resilience already, the time to act and prepare is right now.

ASIC is calling on all licensees and market participants to urgently strengthen their cyber resilience measures, as frontier artificial intelligence (AI) intensifies the global cyber risk environment.

While cyber risk has always existed, misuse of frontier AI models such as Anthropic’s Claude Mythos could expose cyber security vulnerabilities at an unprecedented speed, scale, and sophistication.

In an open letter to Industry ASIC has urged entities to act now and not wait for advanced AI tools to uplift their cyber security fundamentals and ensure their systems can withstand AI-accelerated threats.

The letter, issued by ASIC Commissioner Simone Constant, emphasises the need for urgent, focused action using a principles-based, model-agnostic approach, reminding industry that cyber resilience must be treated as a core licensing obligation, not simply an IT issue.

Commissioner Constant said, ‘Cyber risk has entered a new era. The advent of frontier AI models creates opportunity, but also materially increases risk, with the ability to expose vulnerabilities far faster than many realise.

‘In this new world, weaknesses that once seemed isolated can now have a system-wide domino-effect, enabling new forms of exploitation that were previously out of reach for most malicious actors.’

Today’s letter follows ASIC’s recent court outcome against FIIG Securities Limited (26-021MR), which reinforced the legal case for cyber risk management controls to be demonstrably effective and proportionate to the size, nature and complexity of a business.

Ms Constant continued, ‘Entities need to have robust incident response plans. Whether an entity faces a basic phishing attempt or a more sophisticated cyber attack, the underlying cyber risk management principles of govern, protect, detect, respond remain the same.

‘Appropriate cyber risk management starts at the leadership of licensees and participants. Boards and executives must ensure systems are tested, weaknesses are addressed early and that action is taken before threats can be exploited.

‘The clock is at a minute to midnight – if you aren’t on top of your cyber resilience already, the time to act and prepare is right now.’

ASIC is urging entities to take the following steps now:

• reassess your cyber plans and refocus efforts on the most critical risks in today’s threat environment
• confirm your cyber risk, governance and overall risk and decision-making frameworks consider the cumulative impact of interrelated vulnerabilities and facilitate clear decision making and escalation at the pace necessary to manage risk
• identify and protect critical assets and systems, with a clear understanding of what matters most to your business and customers
• strengthen cyber security fundamentals by regularly reviewing and validating core controls
• minimise attack surfaces by reducing exposure of systems and services to untrusted networks
• regularly review user access and reassess privileges, to protect against unauthorised access Insider threats are increasing and entities should monitor for warning signs and act to restrict access where concerns are identified
• patch systems promptly, recognising that AI is accelerating vulnerability discovery and exploitation
• review and strengthen patch management processes, considering challenges daily patching may present to identification, testing, and governance of critical updates
• implement layered, defence-in-depth architectures that assume breach and restrict lateral movement
• prepare for incident response by maintaining and exercising incident response plans and playbooks including business continuity plans and identification of highest priority services, channels and platforms
• actively manage third-party risks, particularly where services introduce concentration or systemic exposure
• use AI for defensive purposes, where appropriate, including identifying vulnerabilities and securing software before release.

Entities are required to table the letter at their ultimate board and risk governance committees.

All ASIC-regulated entities should use practical guidance from trusted sources to strengthen cyber defences, including the Australian Signals Directorate (ASD).

ASIC also encourages the use of the Australian Government’s free and anonymous Cyber Health Check, which provides a tailored action plan with simple, actionable steps to improve cyber security.

ASIC will continue to work closely with other regulators, agencies and industry to monitor cyber risks and promote consistent expectations across the financial system.

Downloads

Letter to industry

Background

ASIC is working closely with other regulators – including global peers – to monitor developments in AI, assess impacts on the local market and proactively address emerging vulnerabilities.

ASIC’s regulatory resources include further information about cyber security and cyber resilience:

• Cyber resilience good practices
• Cyber risk: Be prepared
• Resources on cyber resilience

Entities may wish to also refer to APRA’s  recent letter to industry on Artificial Intelligence (AI).

ASIC recommends organisations and investors to consider advice from the ASD’s Australian Cyber Security Centre, subscribe to ASD alerts and consider the ASD partnership program where appropriate.

The ASD provides easy to understand advice about what to do when organisations and investors suffer a data breach via their Report and recover webpage.

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Måns Carlsson

Ausbil Investment Management Limited (Ausbil) has announced the launch of the Ausbil Active Sustainable Equity Fund (Fund) as an exchange‑traded fund (ETF), expanding investor access to Ausbil’s established sustainable investment capability through the convenience and liquidity of the ASX.

ASUS provides exposure to an actively managed portfolio of predominantly Australian‑listed equities, selected primarily from the S&P/ASX 200 Index, that meet Ausbil’s sustainability approach. ASUS aims to deliver consistent, risk‑controlled outperformance of its benchmark over the long term. It generally holds between 30‑45 Australian‑listed companies and seeks to identify opportunities across market cycles and conditions.

Måns Carlsson OAM, Head of ESG and Co‑Portfolio manager, said the launch reflects the growing demand for sustainable investment solutions that go beyond exclusion screens.

“ASUS brings our active, research‑driven approach to sustainability to the ASX AQUA market, giving investors easier access to a portfolio built around companies which Ausbil believe have relatively good sustainability profiles and are ranked highly by Ausbil on ESG and positioned for long term growth. We believe ESG factors can be a powerful driver of long‑term performance, and ASUS is designed to capture that opportunity.”

Nicholas Condoleon, Portfolio Manager and Deputy Head of Equities, Long Only, highlighted the potential benefits of the active ETF structure for a broader range of investors.

“Quoting the Fund as an Active ETF allows investors to tap into Ausbil’s sustainable investment expertise with the convenience of trading on the exchange. Our process focuses on identifying quality businesses with strong fundamentals and sustainable competitive advantages, and we’re excited to offer this strategy in a format that enhances accessibility and transparency.”

Ausbil’s sustainability approach applies the Fund’s Controversial Activity Exclusion Policy and integrates proprietary environmental, social and corporate governance research. Companies are assessed on both what they do and how they manage ESG factors, resulting in a sustainability profile and score. Only those determined by Ausbil to have good sustainability profiles are considered for inclusion in the Portfolio.

“We are extremely pleased to launch ASUS as an active ETF, our fifth to be listed on the ASX,” said Mark Knight, Chief Executive Officer of Ausbil. “This expands access to Ausbil’s investment capability, enabling a broader range of investors, including retail and advised clients, to invest in a sustainable strategy with a strong track record.”

Since inception (31 January 2018), the Fund has generated a net return of 9.22% pa, compared to the S&P/ASX 200 Accumulation Index return of 8.36% pa, delivering an outperformance of +0.86% pa to 31 March 2026. The Fund has been rated ‘Highly Recommended’ and ‘Recommended’ by Lonsec and Zenith, respectively. The Fund was launched in 2018 and has A$394 million of funds under management as of 31 March 2026.

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Kevin Hogan

The FAAA congratulates Hon Kevin Hogan MP, the Federal member for Page in Northern NSW, on his appointment as shadow assistant treasurer and minister for financial services.

Sarah Abood, CEO of the FAAA, says Mr Hogan’s professional background in financial services will give him insight into Australians’ financial advice needs as well as those of the financial advice community.

“Our priority is to ensure bi-partisan support for key priorities such as growing the financial advice profession, fixing the Compensation Scheme of Last Resort, and improving the accessibility and affordability of advice.

“We look forward to engaging with Mr Hogan as we continue to work towards a stronger and more sustainable financial advice framework, ensuring more Australians are able to achieve financial wellbeing.

“In Mr Hogan’s electorate of Page, FAAA members support over 3,000 clients.  The region also has an ageing population, so we know that issues around retirement and financial security are front of mind.

“We also thank outgoing shadow minister Pat Conaghan and his staff for their engagement and interest in the issues affecting our profession,” Abood says. “Pat’s real understanding of a complex portfolio and commitment to engaging with the wide range of stakeholders in financial services ensured he worked effectively across the Parliament to progress reform.”

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Phil commenced with Infocus on 2 March and will lead the firm’s Professional Standards function, supporting advisers across the Infocus network to uphold strong governance, compliance and operational practices.

Working alongside Annika Coutts, Head of Risk and Compliance, Phil will oversee adviser audits, quality advice coaching, business health checks and adviser support, helping ensure Infocus’ governance framework remains both robust and practical for advisers running high-quality advice businesses.

Phil brings more than two decades of experience across financial services governance, audit and regulatory compliance.

He joins Infocus from Count Limited, where he served as Head of Professional Standards and was responsible for governance, risk and compliance oversight across multiple Australian Financial Services Licences (AFSLs), supervising almost 600 authorised representatives.

Prior to Count, Phil spent 16 years at IOOF Limited (now Insignia Financial) leading national compliance and adviser oversight functions, with responsibility for monitoring and supervision of more than 700 financial planners and overseeing audit, risk and remediation programs across the advice network.

Darren Steinhardt, Founder and Managing Director of Infocus, said: “Infocus exists to support advisers in running high-quality businesses so they can focus on delivering the best outcomes for their clients.

“Strong governance and oversight are fundamental to that. Phil’s deep experience across compliance, risk and adviser supervision will further strengthen the guidance and support we provide across the Infocus community.

“Phil’s perspective and leadership will be valuable as we continue building the frameworks and support that help advisers across our community succeed,” Steinhardt concluded.

Commenting on his new role, Phil said: “The advice sector has been through significant change over the past decade, and advisers are operating in a far more complex regulatory environment than they once were. Getting the balance right between clear governance expectations and practical support for advisers is really important.

“What appealed to me about Infocus is the focus on helping advisers run strong, well-governed businesses while maintaining high standards of advice. That combination of oversight and genuine adviser support is critical for the long-term health of the profession,” he continued.

“I’m looking forward to working with the team and getting to know advisers across the expanded network.”

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Georgina Crof

The Digital Health Cooperative Research Centre (DHCRC), University of Sydney, TAL and Workcom have collaborated to improve the experience and recovery outcomes of Australians making income protection claims for a mental health condition.

Led by researchers from the University’s Central Clinical School, the Pathways project will co-design and develop a new digital platform to support people throughout their claim and recovery. The project

focuses on understanding what people need for their recovery, and how tools can be designed with customers to better support navigation, choice and engagement.

Drawing on lived experience and industry insights, the platform will be developed with customers and frontline teams and will incorporate research-informed frameworks and tools to help people set meaningful goals and connect with the right support at the right time.

The partners developed the initiative in response to feedback that people want a voice, clearer information and a greater choice during their recovery journey. Life insurer TAL and its recovery partner Workcom say supporting people early in their claim with consistent and structured information may improve their recovery experience.

Annette Schmeide, DHCRC CEO, said the project responds to a clear and growing need to better support people during what can be a stressful and uncertain period.

“The rising prevalence of mental illness in the community is reflected in income protection claims, with life insurers seeing more – and more complex – claims than ever before.

“The Pathways project is designed to find a better way to support people with these claims. Applying behavioural science, evidence-based goal setting and decision-aid models we hope to find new ways to put people at the centre of their own recovery – and avoid the ‘solution overload’ and trial-and-error referrals that can occur,” Ms Schmiede said.

Dr Elizabeth Stratton, Research Fellow at The University of Sydney’s Central Clinical School, said the project helps bridge the gap between how recovery is experienced during a claim journey and how recovery systems are currently designed.

“By working directly with customers, clinicians and claims teams to understand what is missing and what genuinely helps people navigate recovery, Pathways aims to help people exercise choice and maintain a sense of control during the claims process.

“This project is not about testing a single solution. It is about co-designing tools with customers and learning from their experiences to ensure future processes are designed to support autonomy, informed decision-making and active participation in recovery. There is a clear gap in the industry for recovery tools shaped by lived experience and real-world claim journeys, and Pathways seeks to help address that,” Dr Stratton said.

Workcom and TAL will lead the Pathways’ platform design, development and roll-out to TAL customers.

Georgina Croft, Chief Claims Officer at TAL, said Pathways delivers on TAL’s commitment to collaborate with industry experts on initiatives that make a difference for its customers.

“We support customers during some of life’s most difficult challenges. We want to help them feel more connected and supported throughout their claim and recovery. Pathways will give our customers more clarity and control of the recovery journey, and provide their claim support team more information about how best to support them and when.”

John Mellors, Managing Director at Workcom, said Pathways reflects the organisation’s belief that strong recovery outcomes are built on expert, compassionate human care, supported by thoughtfully designed digital tools.

“Pathways is about giving people practical tools shaped by human-centred design, so they can more actively and optimally participate in their recovery from the very outset. We’re excited to explore whether involving people experiencing mental ill-health in a more structured and intentional way in their goal-setting and recovery journey leads to stronger and more sustainable outcomes,” Mr Mellors said.

A collaborative research project, Pathways, is supported by DHCRC. The DHCRC is funded under the Australian Commonwealth’s Cooperative Research Centres (CRC) Program.

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Leigh Quade

Wealth Architects Head of Strategic Partnerships Leigh Quade has confirmed the successful transition of Wealth Architects to the Bombora Advice AFSL.

Commenting further, Leigh Quade said the benefits of operating under the Bombora AFSL were pivotal for the financial service group’s long-term strategic business and growth objectives – in particular, for providing the foundation for innovative adviser and client offerings, service and access to new alliance, JV and acquisition opportunities.

Leigh Quade is also confident that the Bombora connection and marketplace reputation will provide an incentive for life insurance specialists to consider operating under the Wealth Architects banner or alliance framework.

Founded in 2013, Wealth Architects began as a privately-owned boutique financial advisory practice.  From inception, its philosophy and culture has applied an ‘architectural mindset’ of designing, building and implementing personalised financial strategies that align with the protection, wealth creation and commercial goals of personal and business owner clients added Leigh Quade.

From a single-office practice, Wealth Architects steadily expanded its footprint and today operates from offices across Queensland, New South Wales and Victoria.  In addition, the group operates in New Zealand from offices in Auckland and Christchurch.

Leigh Quade continued, “Following the acquisition and integration of Fitzpatrick Financial Services, we undertook an extensive review of Wealth Architects and looked to the future for the organisation, advice and client service offering.

“It was agreed it was time to position Wealth Architects for the long term in a modern connected economy and rapidly evolving life insurance / financial services marketplace”.

“Fitzpatrick’s existing relationship and AFSL with Bombora – and Bombora’s risk specialisation, boutique approach, collegiate environment and infrastructure was a compelling offer that literally ‘ticked all the boxes’”.

Luke Considine, Wealth Architects Head of Life Insurance said though self-licensing was considered, operating under the Bombora AFSL meant we could focus all our resources on the business – and the benefits were immediate.

“Looking to the future, Wealth Architects is a financial planning and life insurance business with immense potential to grow organically and through acquisition.

“In the short-term, we are currently in the final stages of a number of exciting acquisitions.

“However, in the long-term we see the biggest potential for organic growth being from life insurance via alliances and JVs with professional advisory businesses seeking access to our risk specialists.”

Responding on behalf of Bombora, Managing Director Niall McConville said “The appointment by Wealth Architects is both a privilege and acknowledgement of Bombora’s reputation and compelling marketplace offering.

“We are looking forward with immense excitement to working in partnership with Wealth Architects to position the organisation for continued success and growth in the future.”

Leigh Quade concluded, “Wealth Architects is now positioned for a strong growth trajectory as both a standalone business, backed by strength and scale with diverse capabilities to support and empower advisers to deliver lasting value for their clients.

“We are also actively pursuing strategic financial planning and life risk acquisitions – confident Wealth Architects can be the solution for practice owners seeking administrative support and a partner with scale, capacity, resources and succession options”.

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Navin Hingorani

Emerging markets remain well positioned for continued outperformance in 2026, supported by attractive valuations, a weaker US dollar and easing monetary policy in the region, according to Eastspring Investments’ portfolio manager, Navin Hingorani.

Hingorani says the tailwinds that drove emerging markets (EM) to outperform the S&P 500 by around 16 per cent in 2025, remain intact for this year.

“The US dollar remains weak and dropped to its lowest point in four years at the end of January. This is a positive tailwind for EMs.

“EMs in general have higher real rates compared to developed markets, and they have potential to lower rates. A weaker US dollar encourages EMs to ease monetary policy further. Contained inflation and lower rates provide strong tailwinds for domestic demand in those markets.

He says the valuation gap remains compelling in EMs. “Even after a strong year, emerging markets are still trading at around a 60 per cent discount on a price-to-book basis relative to the US.

“With a universe of more than 3,000 stocks and significantly less analyst coverage than developed markets, this offers investors greater opportunity to take advantage of price inefficiencies,” he says.

Hingorani says a ‘value’ investing approach works well in EMs.

“Investors are able to buy stocks where the price does not reflect future earning potential providing investors with good potential to outperform the index,” says Hingorani.

Korea is an example of how value can be unlocked quickly in previously overlooked markets, says Hingorani.

“Korea was unloved going into last year, but was up 100 per cent at the end of 2025. It was one of the top performing markets and it’s already up considerably this year.

“We think there is still further opportunity for investors in Korea. It is home to a lot of companies producing high bandwidth memory that goes into a lot of the AI infrastructure build-out. There has also been improvement in corporate governance under the government’s Corporate Value-Up Program, which has supported Korea’s re-rating.”

Hingorani says emerging markets now represent one of the most compelling opportunities for relative outperformance in many years.

“There are strong valuations, supportive policy settings and improving fundamentals. All the combined together should signal to investors not to ignore this market,” says Hingorani.

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Kate Vidgden

Macquarie Technology Group Limited (ASX: MAQ) is pleased to announce that Kate Vidgen will join the Company’s board as an Independent Non-executive Director following the release of the Company’s FY26 half-year results.

Kate will bring more than 30 years’ experience to the company as a senior finance executive and non-executive director with a demonstrated history of working across a range of sectors, particularly energy, mining, and infrastructure.

In addition to 26 years in executive roles at Macquarie Group, Kate has also had more than a decade of experience across the spectrum of board roles – private and institutional equity, large listed, government and not-for-profits. This includes prior roles as a Non-Executive Director at Aurizon Holdings Ltd, the Chair of Quadrant Energy Pty Limited, a member of the Clean Energy Regulator and a National Board Member of Chief Executive Women. Kate currently sits on the Board of Bond University and consults as an Operating Partner to Macquarie Asset Management.

Chairman Peter James said, “On behalf of the Board of Macquarie Technology, I’m delighted that Kate will join the Board later this month. Kate fills the vacancy left by long-standing director Adelle Howse and will bring significant relevant skills to our Board at such an important time in the Company’s growth.”

Kate Vidgen said, “I’m looking forward to working with Macquarie Technology and to assist with its clear growth trajectory. The company’s strong track record as a technology partner as well as its diversified operating businesses and development pipeline provide strong building blocks to support this growth. I look forward to bringing both my Australian and offshore experience in energy, development, and capital markets to help manage risk, opportunities and optimise the sourcing and allocation of capital.”

Approved for release by the Board of Directors of Macquarie Technology Group Limited.

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