Macquarie Bank’s Rapid Growth: A Double-Edged Sword?
Macquarie Bank is currently experiencing a period of significant growth, but this success may harbour potential reputational risks. According to a recent quarterly trading update, the bank’s annualised growth in its deposit book over the last quarter of 2025 was 24%, while its home loan book saw a growth rate of 28%. Here
These figures suggest that Macquarie Bank is on a growth trajectory unparalleled in industry history. From being a disruptive challenger, the bank is now close to attaining major bank status. Its market share in deposits has doubled since 2020, standing currently at 6.3%. A similar trend is visible in its home loan market, with a market share of 6.8%.
Macquarie’s Success: A Customer-Driven Model
Macquarie Bank attributes its success to its customer-driven model. The bank noted in its recent trading update that 86% of its funding is supplied by customer deposits, making it a deposit-led franchise. This is complemented by a lower proportion of wholesale funding relative to the industry.
Macquarie Bank also highlighted the crucial role of brokers in sourcing new loans, which now constitute 63% of market flow.
However, amidst the bank’s flourishing growth, there are concerns related to transparency and accountability.
Demands for Transparency: The Suppressed Self-Assessment
Both Macquarie Group and Macquarie Bank have yet to disclose their Self-Assessment from 2019. This document, which was submitted to the Australian Prudential Regulation Authority (APRA), reportedly contains details about Macquarie Bank’s near-death experience during the global financial crisis nearly two decades ago.
Many industry observers and stakeholders, including Banking Day’s readers, are well aware of the bank’s close call during the crisis and the ensuing rescue operations. However, the full extent of the situation remains undisclosed due to the bank’s decision to suppress the Self-Assessment.
As calls for transparency grow louder, it is becoming increasingly important for Macquarie Group and Macquarie Bank to release the document. The potential humiliation associated with belated disclosure may be a bitter pill to swallow, but transparency is essential for maintaining trust and credibility in the eyes of stakeholders.
The Path Ahead: Transparency for Sustained Growth
While Macquarie Bank is currently on a tear, the suppression of their 2019 Self-Assessment could be a significant obstacle in their path. To safeguard their reputation and build on their success, transparency and accountability should be at the forefront of their strategy. The call from stakeholders is clear: publish and be damned.
By disclosing the details of their near-death experience and the subsequent rescue operations, Macquarie Bank can demonstrate their commitment to transparency and accountability. This can significantly enhance their credibility and trustworthiness, further bolstering their growth in the long term.
Macquarie chair Glenn Stevens
