“Our pendulum has swung to downside protection because we’re comfortable, we’re trying to protect that, and I think regulation reflects that here,” says Wikramanayake, who will hand the Macquarie baton to successor Greg Ward at midnight on Friday night.“What’s the pathway for the country? What are the industries of the future? How do we make the party bigger?” she asks, wishing Australia knew the answer. She admires how Canadian Prime Minister Mark Carney has used the threat of US tariffs, a bully move by Canada’s biggest trading partner, to galvanise his population and wipe out complacency.
Wikramanayake says, like Canada, we’re blessed with land, resources and geopolitical stability. The big artificial intelligence companies want to come to Australia to build data centres, but we’re a bit too unsure about jobs and income for Australia to jump in with both feet. “It’s really, what is the plan?” she says.
“We tend not to be a very top-down country in saying these are our industries. We tend to give a level open playing field and let entrepreneurs respond. But at the moment approval times, permitting – if you talk to any chief executives – they’ll tell you that here they are relatively slower than the rest of the world because we haven’t got that empowering environment to the same extent as other countries.
“I’m not saying we shouldn’t have the downside protections, but I’m saying the balance, the pendulum feels like it’s in a situation where it’s swung to more downside protection.”
It is evolve or die for Australia – just as it is at Wikramanayake’s Macquarie. The company has evolved from big cash management trustee to stockbroker and currency trader, to investment bank, infrastructure investor, asset manager and commodities house globally as well as Australia’s fifth-biggest retail bank, after capitalising on Australia’s 30 years of strong economic growth and the rise of the $4.8 trillion superannuation savings system.
Wikramanayake’s been there for most of it. She joined what would become Macquarie Capital from law firm Blake Dawson Waldron, now Ashurst, as a slight and softly spoken 26-year-old in 1987. She finishes as Macquarie chief executive on Friday, the sixth person to hold the role, but won’t formally leave the bank until next July.
Her Darwinism “evolve or die” advice for Australia, delivered in her final sit-down interview with The Australian Financial Review, befits her career and partly explains how she rose to head a $96 billion bank and one of Australia’s biggest global companies.