Outlook

Current domestic market conditions are exceptionally favourable and international market conditions are favourable, with high volumes in most markets. There is also markedly improved investor confidence, improving corporate confidence and continuing good credit quality.

In the current year, the Bank expects to continue to benefit from these positive conditions and anticipates the second half will be significantly up on the prior corresponding period, but, as usual, below the first half due to the timing of performance fees.

Over the medium-term, Macquarie expects to benefit from growth initiatives across our businesses and international growth is expected to continue. However, the Bank will continue to be influenced by market conditions and therefore caution should be exercised in extrapolating from the current year.