December 23, 2025 • 6 mins
The demise of CBA & CSL's share prices, the Aussie miners surge, and corporate governance flares up again - Sean Aylmer, Michael Thompson and Adam Lang each nominate their top local corporate story from the year, and choose a winner.
This is Fear & Greed's summer series - all-new short episodes every day, with regular news back from January 12.
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Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Speaker 1 (00:04):
Welcome to the Fear and Greed Summer series. I'm Michael Thompson,
and good morning, Sean Aylmer. Morning Michael, and good morning
to you. Adam Lang.
Speaker 2 (00:12):
Good morning Michael.
Speaker 1 (00:13):
Today we are looking back at of twenty twenty five
the best local corporate stories and there are a few
to choose from, and I have chosen the biggest, the
biggest company specifically at the demise in the share price
of Commonwealth Bank and also the demise and the share
price of CSL. There's a vastly different reasons for these
(00:35):
two companies Commonwealth Bank, so I'm just jumping straight into
this today. I've started up going first. Comwealth Bank has
been a victim of its own success. Really, it's been
trading at a hefty premium to the other bank's price
for perfection. For much of this year, it's been the
most expensive bank in the world. I think that's a
stat that we've referred to many, many times. It means
even solid numbers on home lending and deposits and margins
(00:57):
haven't been enough to keep the share at those levels.
Analysts have been calling this out for a long time,
saying CBA is so so expensive and we're predicting it
to dip, and at last they were right. CSL's weakness
more fundamental bit of trouble, A lot of trouble in
the US, in particular with kind of things like higher
plasma collection costs and a lot of ongoing margin pressure,
(01:20):
Slower than hope to recovery across certain parts of the business.
There were some guidance downgrades. Investors' confidence was shaken significantly.
But these are two of the biggest companies on the ASX.
Commonwealth Bank is the biggest, and CSL held that mantle
about five years ago. This has been an extraordinary year
(01:42):
for these two behemoths. I just think it's a It
is quite a remarkable local corporate story.
Speaker 3 (01:47):
Sure, I agree, I agree. My offering for this category
is corporate governance again Wise Tech Global Richard White, he
was supposed to be moved on while he became executive
chair earlier in the year of that company. He founded
the company, of course, and all corporate governments seemed to
have gone out the window on that one. Mineral Resources
(02:09):
Chris Ellison, he's supposed to be stepping down in April. Well,
that's not going to happen now they've changed their minds
on that am Z issued a record fat was issued
a record fine after admitting to multiple forms of misconduct
around bond trading. Been a bit of a hurry year
for a z ed. When it comes to corporate governance,
there was a collapse of Shield and Guardian master trusts
that put platforms under pressure. There's a bunch of those platforms,
(02:30):
one called Diversa, for example, is being sued by ASSEK.
At the moment, Mcquarie has a platform. It ended up
paying out investors more than three hundred million dollars and
took a much closer look at who was on its platform.
Big issue there. Mcquarie's also under the gun relegations of
misreporting of short selling trades ax Its performance is under scrutiny,
(02:50):
with the Reserve Bank and ase the corporate regulator now
undertaking inquiries into it. The ASEX just can't seem to
put a foot right. At the moment, there was a
bunch of greenwashing fines against super funds. You would think
that corporate Australia by now would understand that really you've
got to do the right thing. Well apparently not. Unfortunately.
(03:14):
Once again, the big local corporate story for mine for
twenty twenty five corporate governance.
Speaker 1 (03:21):
Yeah, that's quite the shopping list. That's extraordinary.
Speaker 2 (03:24):
Yeah, they're both awesome, So let me propose one more.
While banks and healthcare wobbled, Australian mining surged back into
focus in twenty twenty five, lead by the big three miners,
Gold and Critical Minerals. Gold was obviously the headline act,
with prices smashing through US forty two hundred ounce, driving
(03:44):
record profits and renewed investment into local producers. Northern Star Evolution, Newmont,
Genesis Persius dominated the performance tables and powered gold to
become the best performing sector on the ASX. Iron Ore
proved very resilient, perhaps more than COF this year, with BHP,
Rio Tinto and ford es Q maintaining very strong cash
flows despite softer Chinese demand. Critical minerals have moved from
(04:09):
niche to national priority with Pilgrim Minerals Alcome Linetown Resources Linus,
where it's drawn into global supply chain politics, government backed projects,
defense side supply chains demanded local inputs, and capital followed
security of supply over short term price cycles. In a
year of anxiety around capital allocation, Mining's big three, Gold
(04:34):
and Critical minerals all reminded investors why Australia remains a
resource of superpower with real geopolitical leverage the lucky country.
Speaker 1 (04:44):
Oh, Sean, I think you are best placed to decide
this one as a as a business journalist of many,
many decades that you have just put you watched closely
for the big local corporate store. Sorry, so what was it?
Speaker 3 (05:01):
Which one was the I think the biggest has to
be the rise of mining companies. Really, I mean they're back, Adam,
is your last comment about you know why Australia remains
a resource of superpower with real JEO political leverage. So true.
But then number two I think has to be CBO
and at CSL simply be there is the big, big companies,
so many shareholders out there. So gold to Adam ondas
(05:26):
silver to Michael on CBAZL and a very meritorious bronze
something on corporate governance. But there's so much corporate governance.
It's again and again and again, so we're all going
to a bit tired of. It's a bit like Donald Trump,
isn't it.
Speaker 2 (05:40):
But it's awesome.
Speaker 3 (05:42):
Thank you very much, Sean, Thanks Michael, Thanks Adam, Thank.
Speaker 2 (05:45):
You Adam Thank you Michael, Thank you Sean.
Speaker 1 (05:48):
Don't forget to follow on the podcast. New episodes every
day during our summer series and regular shows are back
from January twelve. I'm Michael Thompson and this is Fear
and Great
Welcome to the Fear and Greed Summer series. I'm Michael Thompson,
and good morning, Sean Aylmer. Morning Michael, and good morning
to you. Adam Lang.
Speaker 2 (00:12):
Good morning Michael.
Speaker 1 (00:13):
Today we are looking back at of twenty twenty five
the best local corporate stories and there are a few
to choose from, and I have chosen the biggest, the
biggest company specifically at the demise in the share price
of Commonwealth Bank and also the demise and the share
price of CSL. There's a vastly different reasons for these
(00:35):
two companies Commonwealth Bank, so I'm just jumping straight into
this today. I've started up going first. Comwealth Bank has
been a victim of its own success. Really, it's been
trading at a hefty premium to the other bank's price
for perfection. For much of this year, it's been the
most expensive bank in the world. I think that's a
stat that we've referred to many, many times. It means
even solid numbers on home lending and deposits and margins
(00:57):
haven't been enough to keep the share at those levels.
Analysts have been calling this out for a long time,
saying CBA is so so expensive and we're predicting it
to dip, and at last they were right. CSL's weakness
more fundamental bit of trouble, A lot of trouble in
the US, in particular with kind of things like higher
plasma collection costs and a lot of ongoing margin pressure,
(01:20):
Slower than hope to recovery across certain parts of the business.
There were some guidance downgrades. Investors' confidence was shaken significantly.
But these are two of the biggest companies on the ASX.
Commonwealth Bank is the biggest, and CSL held that mantle
about five years ago. This has been an extraordinary year
(01:42):
for these two behemoths. I just think it's a It
is quite a remarkable local corporate story.
Speaker 3 (01:47):
Sure, I agree, I agree. My offering for this category
is corporate governance again Wise Tech Global Richard White, he
was supposed to be moved on while he became executive
chair earlier in the year of that company. He founded
the company, of course, and all corporate governments seemed to
have gone out the window on that one. Mineral Resources
(02:09):
Chris Ellison, he's supposed to be stepping down in April. Well,
that's not going to happen now they've changed their minds
on that am Z issued a record fat was issued
a record fine after admitting to multiple forms of misconduct
around bond trading. Been a bit of a hurry year
for a z ed. When it comes to corporate governance,
there was a collapse of Shield and Guardian master trusts
that put platforms under pressure. There's a bunch of those platforms,
(02:30):
one called Diversa, for example, is being sued by ASSEK.
At the moment, Mcquarie has a platform. It ended up
paying out investors more than three hundred million dollars and
took a much closer look at who was on its platform.
Big issue there. Mcquarie's also under the gun relegations of
misreporting of short selling trades ax Its performance is under scrutiny,
(02:50):
with the Reserve Bank and ase the corporate regulator now
undertaking inquiries into it. The ASEX just can't seem to
put a foot right. At the moment, there was a
bunch of greenwashing fines against super funds. You would think
that corporate Australia by now would understand that really you've
got to do the right thing. Well apparently not. Unfortunately.
(03:14):
Once again, the big local corporate story for mine for
twenty twenty five corporate governance.
Speaker 1 (03:21):
Yeah, that's quite the shopping list. That's extraordinary.
Speaker 2 (03:24):
Yeah, they're both awesome, So let me propose one more.
While banks and healthcare wobbled, Australian mining surged back into
focus in twenty twenty five, lead by the big three miners,
Gold and Critical Minerals. Gold was obviously the headline act,
with prices smashing through US forty two hundred ounce, driving
(03:44):
record profits and renewed investment into local producers. Northern Star Evolution, Newmont,
Genesis Persius dominated the performance tables and powered gold to
become the best performing sector on the ASX. Iron Ore
proved very resilient, perhaps more than COF this year, with BHP,
Rio Tinto and ford es Q maintaining very strong cash
flows despite softer Chinese demand. Critical minerals have moved from
(04:09):
niche to national priority with Pilgrim Minerals Alcome Linetown Resources Linus,
where it's drawn into global supply chain politics, government backed projects,
defense side supply chains demanded local inputs, and capital followed
security of supply over short term price cycles. In a
year of anxiety around capital allocation, Mining's big three, Gold
(04:34):
and Critical minerals all reminded investors why Australia remains a
resource of superpower with real geopolitical leverage the lucky country.
Speaker 1 (04:44):
Oh, Sean, I think you are best placed to decide
this one as a as a business journalist of many,
many decades that you have just put you watched closely
for the big local corporate store. Sorry, so what was it?
Speaker 3 (05:01):
Which one was the I think the biggest has to
be the rise of mining companies. Really, I mean they're back, Adam,
is your last comment about you know why Australia remains
a resource of superpower with real JEO political leverage. So true.
But then number two I think has to be CBO
and at CSL simply be there is the big, big companies,
so many shareholders out there. So gold to Adam ondas
(05:26):
silver to Michael on CBAZL and a very meritorious bronze
something on corporate governance. But there's so much corporate governance.
It's again and again and again, so we're all going
to a bit tired of. It's a bit like Donald Trump,
isn't it.
Speaker 2 (05:40):
But it's awesome.
Speaker 3 (05:42):
Thank you very much, Sean, Thanks Michael, Thanks Adam, Thank.
Speaker 2 (05:45):
You Adam Thank you Michael, Thank you Sean.
Speaker 1 (05:48):
Don't forget to follow on the podcast. New episodes every
day during our summer series and regular shows are back
from January twelve. I'm Michael Thompson and this is Fear
and Great
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