Anthony Macdonald
Anthony Macdonald examines corporate Australia through the lens of banks, markets and major corporate transactions, using a deals-focused perspective to explain what is happening in the wider economy. He writes the Chanticleer column at The Australian Financial Review, focusing on finance, financial markets and business leaders rather than general news. He brings more than a decade of business reporting experience and earlier work auditing and advising financial services companies to his commentary, which emphasises how balance sheets, deal structures and policy decisions translate into gains and risks for investors and households.
Chanticleer columns on banks, markets and the economy
Macdonald’s core work in Chanticleer centres on how lenders and listed financial institutions reflect the state of the economy.
In his column on Judo Bank’s plunging share price, he links rising loan losses at a business-focused lender to a rapid deterioration in economic conditions, showing how credit quality and provisioning signal stress beyond headline growth figures. Across his Chanticleer output he returns to themes of banking resilience, funding costs, and the way shifts in risk appetite flow through to business investment and employment.
His commentary often connects movements in equity and debt markets with decisions inside boardrooms and regulators, turning market reactions into grounded narratives about corporate strategy and economic momentum.
He also uses the column to explore how global politics and national policy reverberate through Australian markets. In work that looks at US political dynamics “having a field day” and hitting Australian markets, he tracks how overseas sentiment and legislation move capital and shape valuations at home rather than treating international events as abstract noise. His coverage of Australia’s artificial intelligence plan takes a similarly pointed approach, arguing that a weak or confused policy response undermines confidence among technology investors and executives and risks leaving local companies exposed to better-prepared competitors. When he writes about interest rate increases, he focuses on the implications for households and companies, linking the Reserve Bank’s messaging and decisions to pressure on pay, margins and investment plans rather than treating monetary policy as a distant technical exercise.
Capital markets deals and corporate transactions
Macdonald’s reporting and commentary are grounded in long experience covering capital markets and corporate deals. He previously co-edited the Financial Review’s Street Talk column, where he specialised in breaking news on transactions and capital raisings and then writing analysis pieces that unpacked the winners, losers and strategic logic behind them. That background is visible in current work such as his coverage of Carsales’ $500 million rights issue to increase its stake in Webmotors, which examines not only the mechanics of the raising but also investor appetite, balance sheet implications and the competitive rationale for consolidating ownership.
His deal coverage pays close attention to pricing, underwriting, cornerstone investors and syndicate composition, giving readers insight into how capital is being allocated and who is driving the terms.
Earlier Street Talk reporting includes scoops on takeover approaches and private equity bids, such as the column that revealed Johns Lyng Group was in exclusive talks with a buyout firm and unprepared for the sudden shift in its status as a target. He has also written on infrastructure and telecommunications deals, including Superloop’s move to acquire ASX-listed Bigair Group, using these transactions to show how changing technology, regulation and funding conditions are reshaping the asset mix on the local market.
This history gives his current finance coverage a distinctive flavour: he treats every major corporate action, from capital raisings to contested takeovers, as both a financial event and a signal of broader trends in risk, valuation and sector outlook.
Podcast and summit analysis of business and policy trends
Beyond the written column, Macdonald extends his analysis into audio and live-event formats. As a Chanticleer podcast host alongside James Thomson, he dissects interest rate decisions, investor conferences and the federal budget, translating dense policy material into concrete consequences for companies and markets. Episodes that focus on another Reserve Bank rate increase and lessons from Macquarie use case studies and market data to show how changing cash rates and regulatory expectations alter banks’ funding strategies, housing affordability and corporate borrowing.
His commentary at the Financial Review’s Business Summit takes a similar approach, unpacking discussions on subjects such as Iran, inflation and economic reform and highlighting which risks and opportunities senior executives are paying attention to.
This work reinforces a through-line in his coverage: Macdonald treats macro themes as something that must be understood through the decisions of real businesses and investors. Whether he is talking to summit speakers or reviewing the week’s trading and corporate announcements on the podcast, he connects high-level narratives to sector-specific implications, including banks, real estate, infrastructure and technology. That makes his audio and event work an extension of Chanticleer rather than a separate product, with the same focus on finance, capital markets and leadership decisions driving outcomes in corporate Australia.
Business leaders, corporate culture and ESG
Alongside hard finance reporting, Macdonald writes features that explore the people and culture shaping corporate decisions.
His contribution to pieces on what top chief executives read, watched and listened to in 2023 examines how cultural influences, books and media shape the thinking of senior leaders, adding texture to otherwise numbers-heavy coverage of listed companies. He regularly profiles or references prominent business figures in banking, property and funds management, using their decisions and viewpoints to illustrate shifts in strategy, governance and market expectations. ESG considerations appear in his work as part of the mainstream investment story: he looks at how environmental and social issues enter boardroom conversations and influence capital flows rather than treating them as a separate niche.
Across these strands, Macdonald’s coverage of finance stands out for its combination of deal detail, market structure and narrative clarity. He writes for readers who follow equity and debt markets closely, but he keeps the focus on why each transaction, policy decision or leadership move matters for the future of corporate Australia and the broader economy.
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