Associate Director Private Equity and Acquisition Finance

Commonwealth Bank of Australia raised SGD 325 million and £1.00 billion through callable, subordinated Euro Medium-Term Notes with fixed and floating coupons maturing between 2027 and 2036. The issuance adds flexibility to CBA's capital structure and diversifies its funding currencies. The bank recently declared an A$2.70 fully franked final dividend for the six months to June 2026. CBA's narrative projects A$33.4 billion revenue and A$11.6 billion earnings by 2029, requiring 4.4% yearly revenue growth. The subordinated funding extends CBA's funding curve but does not alter near-term focus on margin pressure and housing exposure. Investors continue to weigh the bank's concentration in Australian housing and ongoing technology investment against earnings resilience amid potential economic shifts.

Qantas doubles points, status ahead of credit card changes. August 26, 2026 - 12:25am Qantas is dangling a fresh loyalty offer weeks before new rules are expected to put a dampener on consumers' frequent flyer activity. From Wednesday until September 2, Qantas frequent flyers will be given double points, or double status credits, for any marketed flight. Dedicated frequent flyers can also earn double status credits, which allow members to scale the frequent flyer tiers (bronze, silver, gold, platinum) faster, giving access to lounges and other perks. The offer comes just over a month before October 1 regulations by the Reserve Bank kick in. Already, the rules are prompting banks to offer fewer points on credit card sign-ups or on spending. (Banks typically purchase the points from airlines, funded in part by transaction fees which the RBA is eliminating). Some Qantas frequent flyers wait for these specials, which happen once or twice a year, and make multiple bookings, allowing them to lock in their status credits (300 for silver, 700 for gold). The double points can also be applied to Qantas Hotel and Holiday bookings, providing an extra boost for those planning their next getaway, the airline said. Loyalty strategist Adele Eliseo, of The Champagne Mile, said the offer comes right on the back of an aggressive Qantas domestic airfare sale. "Since double status promos usually land during full-fare periods (designed to drive full-fare forward bookings), travellers do need to do the maths to determine if paying full fare for the extra status credits makes more sense than waiting for another sale." Eliseo noted that the special comes just before Qantas announces its annual results on Thursday. "I think we will see a few additional loyalty initiatives timed for release on financial results day," she said. With the cost-of-living crisis and a sustained appetite for travel, loyalty programs have become an area of intense competition, both as a way to drive consumer engagement with brands, and encourage shoppers' behaviour. In February, at Qantas' half-year results, the company announced a change to its loyalty program to allow members to earn status credits by shopping, rather than just flying. From our partners. Eliseo said it's possible Qantas will reveal the start date for the change at the full-year results. RBA changes are expected to alter the loyalty industry playing field further, spurring more activity at the retail level. Last week, CommBank unveiled its Yello rewards scheme, where points are earned from every-day spend and redeemed across a range of products, like shopping, gift cards and points transfers to airlines. CommBank's partner is Virgin's Velocity program. David Parsons, the chief executive of customer loyalty program consultancy Ellipsis, described the loyalty devaluations triggered by the RBA as "the biggest modern reset" of credit card and airline loyalty schemes. Parsons envisions a split in the market with smaller merchants retaining savings from not paying merchants fees, while Woolworths' and Coles' retail programs "keep investing and absorb the attention and spend that will depart from credit card loyalty". At the same time, "the airlines lose the daily reinforcement of a co-branded card tap". Chris Zappone is a senior reporter covering aviation and business. He is former digital foreign editor.Connect via X, Facebook or email. SMH RECOMMENDS

Commonwealth Bank has launched PaidIt, a platform designed to help organisations manage payouts such as settlements and refunds. The release comes ahead of Australia's planned end to cheque use in 2028, prompting organisations to review payment processes where recipient information is missing or outdated. PaidIt combines recipient verification, communications and payment delivery in one system. It includes a recipient matching engine using identity and account checks to determine which payments can proceed automatically. The platform uses Australia's payments infrastructure, including the new payments platform, PayID and ConnectID. The bank reports the median time from a recipient starting a claim to receiving funds is under two minutes. Developed by x15ventures, CBA's venture scaling arm, PaidIt will be rolled out to more CBA business units and corporate clients in coming months.