Macquarie Group has become a successful infrastructure funder worldwide.

Poor tax policy penalises success

Treasurer Scott Morrison may have found Australia’s leading banks easy pickings for a special new levy, but I am among those who consider this the thin edge of the wedge – taxing success unfairly is wrong.


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Total Shareholder Return as at 30/06/16

1 year TSR5 year TSR
156thNewcrest Mining76%-8%
249thRamsay Health Care38%36%
296thSonic Healthcare25%19%
499thMacquarie Group-11%24%
711 WA (and selected non WA) listed companies ranked by 1 year TSR relative to other companies with similar revenue
Source: Morningstar


17th-Macquarie Group$9,368.0m
18th↑Ramsay Health Care$8,690.5m
24th↑Sonic Healthcare$5,048.4m
25th↑Newcrest Mining$4,476.2m
77 listed non wa companies ranked by revenue.
Source: Morningstar

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