Sydney, June 11, 2026, 04:03 (AEST)
- Macquarie Group ended the session at A$237.47, slipping 0.24%. The S&P/ASX 200 rose 0.57%.
- The company’s latest filing focused on US$1.25 billion of 5.819% subordinated notes due 2037 meant to qualify as Tier 2 capital.
- KPMG’s audit scandal continues to hang over governance at Macquarie as the firm’s planned move to a new auditor still waits on both regulator and shareholder sign-off.
Macquarie Group shares fell Wednesday, finishing weaker as the Australian market posted gains. The stock ended at A$237.47, off A$0.57, or 0.24%. Macquarie traded between A$236.55 and A$240.00 as investors took in a new capital update and lingering audit and governance concerns. The S&P/ASX 200 closed up 0.57% at 8,653.30.
Macquarie didn’t make any big moves. That’s the story. The stock was close to the top of its 52-week range, and even a slight dip while the wider market rose pointed to investors shrugging off the day’s news as a reason to buy. According to Google Finance, shares traded below the A$249.49 52-week high, with market cap at about A$90.5 billion.
Macquarie Bank sold US$1.25 billion in 5.819% fixed-rate subordinated notes due June 10, 2037. Subordinated notes pay after senior debt if a bank runs into trouble. Macquarie said these will count as Tier 2 capital, helping shore up its loss-absorbing buffer.
Ordinary shareholders should note it’s not just about the coupon. The filing says these notes can convert into Macquarie Group ordinary shares, or be written off, if there’s a non-viability event. In other words, the instrument is set up to take losses in a severe stress event, instead of acting like standard corporate debt.
This isn’t a distress signal. Macquarie’s latest full-year numbers showed strong capital: FY26 net profit up 30% to A$4.847 billion, return on equity at 14.0%, and APRA Level 2 CET1 ratio for the Bank Group at 12.8%. CET1, or Common Equity Tier 1, is the highest-quality capital for a bank, acting as the main buffer against losses.
Macquarie CEO Shemara Wikramanayake said the result was about resilience. “Each of our businesses used its specialist expertise in navigating the current environment, identifying opportunities that support long-term growth and delivering positive outcomes for our clients and communities,” she said. The results showed net operating income up 13%, with international income making up 68% of total income. Macquarie is often valued more like a global financial platform than a domestic bank, and that mix helps explain why. Macquarie
Still, capital is getting more focus now after Macquarie pulled back on buybacks. In May, the company said it had bought back A$1.013 billion in ordinary shares at an average price of A$189.80, but hasn’t repurchased anything since announcing the buyback extension in November 2025. The board said there is “currently no expectation” of more purchases under the extended plan and decided to end the buyback. Macquarie
Macquarie in a separate Wednesday filing said it got relief from section 259C of the Corporations Act. That rule covers some share acquisitions by group companies. As of June 5, Macquarie or its controlled entities held power over voting or disposal rights for 6.53% of its voting shares, with 3.85% of that figure connected to staff share plans. Net economic exposure, not counting employee-incentive hedges, was at 0.00%.
KPMG is at the center of a governance issue after The Guardian said the firm’s Australian arm is under scrutiny. According to the report, KPMG Australia faces questions and executive departures linked to whistleblower claims about confidential client data. The allegations mention documents involving Macquarie Group, Westpac and Dexus. The Guardian said Macquarie did not answer its questions.
Macquarie’s audit shift is more than a detail. Earlier this week, Banking Day said Macquarie told the market in November 2025 it plans to move its audit from PwC to KPMG starting in FY28, if regulators and shareholders agree. Banking Day put the value of the audit at A$75 million a year.
Macquarie says it’s profitable and capitalised, but earnings still ride on market moves, global volatility, rates, regulation, taxes and when deals land. The company flagged all this in its short-term outlook. KPMG is a fresh governance risk on top, if investors get nervous about the upcoming audit change.
Macquarie is paying a A$4.20 final ordinary dividend, 35% franked, with the payout scheduled for July 2. That puts the FY26 ordinary dividend at A$7.00 per share. Franked dividends in Australia come with tax credits, which can be worth more to eligible local shareholders.
Macquarie investors may get a new spark even before the dividend hits. KPMG is set for parliamentary grilling on June 19, and markets will look out for any word from Macquarie’s board on the auditor change. The capital raise is already live; the audit situation is still up in the air.
