Author: MIL-OSI Publisher

Source: BusinessNZ

Treasury's Pre-election Economic and Fiscal Update (PREFU) confirms that New Zealand is on a pathway back to an operating surplus. But it also reinforces the central message of BusinessNZ's Election Priorities 2026: New Zealand needs stronger productivity growth, competitive tax settings, investment in infrastructure and skills, and a credible long-term approach to fiscal sustainability.

While the headline fiscal position improves over the forecast period, Treasury's projections show that significant structural pressures remain beneath the surface, including bracket creep. Treasury estimates that fiscal drag from unchanged personal income tax thresholds will add $3.2 billion to tax revenue by 2030/31.

That improves the Government's fiscal position, but it also means workers pay higher effective tax rates simply because wages and inflation rise over time.

BusinessNZ's Election Priorities 2026 calls for personal income tax thresholds to be indexed to inflation or wage growth so that changes in the tax burden are transparent and deliberate, rather than occurring automatically through inflation.

Treasury's forecasts also reinforce BusinessNZ's call for a long-term plan to address the fiscal consequences of population ageing. The cost of New Zealand Superannuation is projected to be $8.2 billion higher in 2030/31 than in 2025/26, while superannuation and debt-servicing costs consume an increasing share of GDP.

BusinessNZ's Election Priorities 2026 recommends progressively increasing the age of eligibility for NZ Superannuation in line with rising life expectancy to improve the sustainability of the retirement income system. Treasury's projections show why this issue can no longer be deferred indefinitely.

With the election on November 7, BusinessNZ encourages every party to cost its promises against these forecasts and to show how new spending fits within them.

The BusinessNZ Network including BusinessNZ, EMA, Business Central and Business South, represents and provides services to thousands of businesses, small and large, throughout New Zealand.

Source: The Co-operative Bank

The Co-operative Bank has been named Bank of the Year 2026 in the Roy Morgan New Zealand Customer Satisfaction Awards.

The awards recognise businesses delivering outstanding customer satisfaction, with more than 150 companies competing across 22 categories. The results are based on the experiences of more than 6,000 New Zealand consumers independently surveyed by Roy Morgan throughout the year.

The Co-operative Bank Chief Executive Mark Wilkshire said the award was especially meaningful because it reflected customers’ experiences.

“As a customer-owned bank, our customers are at the heart of what we do. When the Bank does well, that success is shared with them.

“Alongside five consecutive years at number one in the Consumer NZ Banking Survey for customer satisfaction, this award reflects our consistent focus on serving our customers.

“This recognition belongs to our people across the country for the care and commitment they show our customers every day, and to our customer-owners for the trust they place in us.”

Source: Exercise New Zealand

29 September 2026

Cardiovascular fitness has long been recognised as a powerful predictor of longevity. Now muscle power is attracting attention, with one study reporting roughly six- to seven-fold differences in mortality hazard between the lowest and highest-power groups. The findings put strength applied at speed firmly in the longevity conversation, although they do not yet establish whether power outperforms cardiovascular fitness.

For decades, cardiovascular fitness, commonly assessed through measures such as VO₂ max, has been central to our understanding of exercise and long-term health. Strength has increasingly become part of that conversation too. Emerging research highlights why we also need to distinguish between how much force someone can produce and how quickly they can apply it, also known as power.

A study published in Mayo Clinic Proceedings in 2025 followed 3,889 men and women aged 46 to 75 for a median of 10.8 years. Researchers found that muscle power relative to body weight was a much stronger predictor of mortality than relative handgrip strength.

Men in the lowest-power group had 5.88 times the mortality hazard of those in the highest-power group. For women, the equivalent figure was 6.90. These associations remained after adjustment for age and several other health factors. For context, a major cardiovascular fitness study reported approximately five times the mortality hazard among those with low fitness compared with elite fitness. The new power findings show an association with mortality of a broadly comparable magnitude, reinforcing why power deserves attention alongside cardiovascular fitness in the longevity conversation.

Exercise New Zealand Chief Executive Richard Beddie says the findings warrant greater attention to power in the way people exercise as they age.

“We’ve spent years telling people to stay fit and build strength as they age. Those messages remain important. Now we need to make sure power is part of the conversation too.”

Research published in Experimental Gerontology in 2026 adds to this evidence. The study examined 2,134 adults aged 65 and older, comparing sit-to-stand muscle power with handgrip strength and their relationships with physical function and mortality. Low sit-to-stand power was associated with poorer functional ability and higher all-cause mortality in both men and women. Among men, it also had a stronger association with slow walking speed than low handgrip strength.

Power, Falls and Maintaining Independence

Strength is the capacity to produce force. Power combines force with speed. Getting out of a chair, climbing stairs or taking a sudden step to regain balance all involve applying strength at speed.

“Everyday life doesn’t happen slowly. If you stumble, you need to react quickly,” says Beddie.

Related research published in the Journal of Sport and Health Science, involving 1,876 adults aged 65 and older, linked low sit-to-stand power with a history of falls and fractures in men and hip fractures in women.

Low power also predicted hospitalisation in women and was associated with longer hospital stays and higher all-cause mortality in both sexes.

Beddie says these findings underline the practical importance of maintaining physical capability through middle and older age, from managing stairs to continuing recreational activities.

“Exercise for longevity is also about maintaining the physical capacity to keep doing the things that make life worth living.”

What Does This Mean When You Go to the Gym?

The studies establish associations between muscle power and survival. They do not prove that power training itself extends lifespan or that it should take priority over cardiovascular exercise.

Exercise New Zealand encourages people to develop power alongside cardiovascular fitness and strength.

For the average gym-goer, this can mean building a foundation of strength and movement skills, then learning to move with appropriate resistance more quickly while maintaining good technique. The approach should reflect each person’s age, ability, experience and health.

A registered exercise professional can help people incorporate suitable power exercises into their programme and progress them appropriately.

Beddie says the research clearly shows the need to broaden how people think about staying physically capable as they age.

“The message for New Zealanders is simple: don’t just train to stay strong, train to stay powerful.”

Source: Public Service Association Te Pūkenga Here Tikanga Mahi

Women must come first.

With today's update showing a slightly improving fiscal picture, there is no excuse for Opposition parties not to commit to a pay equity settlement for care and support workers that is real, meaningful and fully in line with the current claim, delivered within 100 days of taking office.

“The books are in better shape than the Government has been telling us. That removes any excuse for delay.

“The 65,000 mostly women care and support workers need a settlement that delivers everything in their claim,” said Fleur Fitzsimons, National Secretary for the Public Service Association Te Pūkenga Here Tikanga Mahi.

New PSA analysis shows what settling the claim would mean for workers. A 30 percent pay equity uplift based on work on comparators completed last year (see below) would put $350 a week in the pocket of a full-time care and support worker. The average worker, who works 62 percent of full-time hours, would get $220 a week more.

“That's life-changing money for women workers who care for our most vulnerable, many of whom are back on the minimum wage because of the failure to update their previous settlement,” said Fitzsimons.

“We welcome Chris Hipkins' statement last night that reversing this government's outrageous pay equity law change is a priority straight away. Now Labour needs to take the next step and commit to a quick settlement for care and support workers.

“The work on their claim is done. The evidence shows they are underpaid by up to 38 percent because they are women. The settlement is ready to go. These workers shouldn't have to wait any longer.

“Today's numbers show there is room to move, particularly with net debt coming down. Let’s be clear the real cost of pay equity is far lower than the headline figure. Treasury's own modelling shows settling the claims this Government cancelled would grow the economy by $13.5 billion and create 13,000 jobs over four years. It would also bring in an extra $5 billion in tax.

“That brings the net cost down to around $1.5 billion a year, a return of $2.25 for every dollar spent. That's better value than the Government's own flagship growth policies.

“Low-paid women spend what they earn in their local communities, supporting local shops and local jobs. That's good for workers, good for families and good for the economy. And with an ageing population it has never been more important to retain and grow this critical workforce. We can’t afford not to do this.

“Voters get it. Our polling shows people would rather push out the surplus target than keep making women wait. Politicians need to listen. We want a firm commitment, with funding in opposition parties’ fiscal plans, before 7 November,” said Fitzsimons.

Statement re undervaluation of care and support workers

29 September Opening of books must force Opposition parties to commit to pay equity

The PSA and the NZ Nurses Organisation reveal publicly the precise historic undervaluation of care and support workers showing they have been underpaid by between 24 percent and 38 percent.

Pay equity poll

26 September Pay equity poll: voters say make the fiscals wait, not women!

PSA analysis of economic and fiscal upside to restoring pay equity

9 September Restoring pay equity would boost income of 91,000 families by $300/week – PSA analysis

23 August Govt’s axing of pay equity cost jobs & GDP growth – PSA analysis

The Public Service Association Te Pūkenga Here Tikanga Mahi is Aotearoa New Zealand's largest trade union, representing and supporting more than 95,000 workers across central government, state-owned enterprises, local councils, health boards and community groups.

Source: I Am Hope

29 September 2026

August was another strong month for Gumboot Friday, with 3,505 free counselling sessions delivered to young New Zealanders aged 5–25.

Sessions are free, no referral is required, and young people choose who they want to talk to from Gumboot Friday’s network of registered counsellors.

Breakdown by age group:

• 657 young people aged 5–11 (29%)
• 697 young people aged 12–17 (31%)
• 910 young people aged 18–25 (40%)

Each of those 3,505 sessions represents a young person having time with a counsellor to talk through whatever was happening in their world at the time.

Since 2019, Gumboot Friday has funded 171,334 free counselling sessions for young New Zealanders as at August 2026.

“August was another busy month for us. Thousands of counselling sessions, thousands of conversations, and young people getting someone in their corner when they needed to be heard,” says I Am Hope founder Mike King.

“Gumboot Friday makes it simple for our rangatahi to say, ‘I need someone to talk to’ and actually get someone to talk to. We’ve built a service that gets our kids through the door without cost or a GP referral standing in the way.”

“With all the negative mental health trends, it is also important to take note of all the good that is getting done every single month, and we want to keep it going,” King says.

“With Gumboot Friday coming up in November, we’re asking New Zealanders to get behind it again. Every fundraiser, every business that gets involved, every community that gets together and every person who puts on a pair of gumboots helps us keep this kaupapa moving and make sure young people know there is somewhere they can turn.”

Government support helps pay for counselling sessions, while community support helps fund the platform, the people who keep it running, counsellor support, compliance, awareness, school programmes, community outreach and prevention work.

Gumboot Friday returns on Friday 6 November, with communities, businesses, schools, sports teams and whānau across Aotearoa encouraged to get involved and raise funds for I Am Hope.

Every donation, fundraiser, shared post and gumboot sold helps keep Gumboot Friday moving and helps young people connect with free counselling when they need it.

If you or someone you know is 25 or under and needs someone to talk to, visit Gumboot Friday to book a free counsellor today — no referral needed.

To donate, fundraise, or get involved with I Am Hope, head to I Am Hope or text HOPE to 469 for a $3 donation.

Source: Royal Forest and Bird Protection Society of New Zealand

In a recent win for the Denniston Plateau: Bathurst Resources’ Fast-track application to mine this extraordinary place has been rejected as incomplete.

Now, we’d love you to join Forest & Bird and 350 Aotearoa for a webinar to hear what this decision means, why Denniston is so important, and what comes next in the fight to protect it.

Register for the webinar.

West Coast green gecko Naultinus tuberculatus (Denniston Bioblitz 2026). Image: Scott Burnett.

This is an important win, but Denniston isn’t safe yet.

Bathurst will attempt to address the gaps and submit a new application soon. But doing so won’t change the fundamental problem with its proposal: open-cast coal mining would cause permanent damage to the unique and irreplaceable ecosystems of the Buller Plateaux.

This setback for Bathurst gives us valuable time to prepare for the next stage of the fight.

Come along to celebrate this win, learn more about what’s at stake, and find out how together we can keep working towards permanent protection for Denniston.

Protecting Denniston webinar: Unpacking Bathurst’s Fast-Track Coal Mine Proposal

Wednesday 21 October, 6:00 pm – 7:30 pm

At the webinar, you'll hear from:

• Scott Burnett, Forest & Bird Denniston spokesperson
• Adam Curie, 350 Aotearoa campaigner
• Sally Gepp KC, Resource management and environmental law barrister
• Suzanne Hills, Forest & Bird West Coast branch chair

What we’ll cover:

• An overview of Bathurst's open-cast mining application and the specific ecological values on the line.
• The Fast-track process: How the current Fast-track legislation operates and a walk-through of the timeline of this application.
• The major environmental concerns: The severe impacts on indigenous biodiversity, freshwater systems, and climate.
• Taking action: Clear, effective steps you can take right now to object to the proposal and activate your community.

This webinar will be of relevance to you whether you are coming to this issue afresh or have been following it closely for some time.

Register for the webinar.

Deep Stream, part of Bathhurst Resource's Mt Frederick South mine expansion. Image: Scott Burnett.

Take action now

Are you heading along to any political candidates' meetings? These are the perfect places to raise awareness for Denniston by asking politicians what they'll do to save this amazing place. You could ask:

• Will your party repeal or strengthen the Fast-track Approvals Act so major projects can't bypass public scrutiny and environmental safeguards?
• Over 30,000 people have called for the Denniston Plateau to become a Scientific Reserve. Will your party support permanent protection for this unique landscape?
• If mining goes ahead, will you require the company to fully fund long-term water treatment and monitoring so taxpayers aren't left with the bill?
• Will your party strengthen mining laws to ensure companies pay the full cost of environmental cleanup and rehabilitation?
• What will your party do to create sustainable, long-term jobs on the West Coast without expanding coal mining?

Ask these questions and help put Denniston's future on the agenda.

Join us online on 21 October.

More information about Denniston.

Source: Health Coalition Aotearoa

Media are invited to cover an upcoming webinar, where politicians from across the political spectrum will present their parties’ policies on lobbying reform.

Lobbying is set to be an election issue: attend a webinar on Monday 5 October to hear where six political parties stand on the issue.

“Out of 47 OECD countries, we are bottom of the class for regulating lobbying activities, when most countries have already enacted laws and regulations,” says Health Coalition Aotearoa co-chair Professor Boyd Swinburn.

See OECD Economics Working Paper 2026: https://www.oecd.org/content/dam/oecd/en/publications/reports/2026/01/regulating-lobbying-activities-to-protect-competition_269a52e7/ad88f58a-en.pdf

“None of these lobbying regulations, including in places like Ireland, Australia, Canada or France, are perfect, but they do create transparency and accountability.”

The webinar comes at a time when Aotearoa New Zealand faces a health system crisis that could be eased by policies addressing tobacco, alcohol and unhealthy food. However, it is highly likely that lobbying by vested interests before and during the development of health policy is the main reason successive governments have failed to act.

One in four years of healthy living lost in New Zealand is caused by the impacts of tobacco, obesity and unhealthy food, and alcohol.

“It doesn’t have to be this way if politicians put people, their voters, ahead of the profits of harmful industries,” says Swinburn.

A recent series of cancer research survey findings, published in the NZ Medical Journal, found broad public support for rules to regulate lobbying across voters for all parties and undecided voters: https://nzmj.org.nz/journal/vol-139-no-1641/public-support-for-better-controls-on-lobbying-and-industry-influence-in-aotearoa-new-zealand-findings-from-a-national-survey

Despite the evidence and public support, successive governments have failed to enact changes at a national level that would prevent illness and save lives. The result is a system that creates enormous health harm, disproportionately experienced by Māori, Pacific people, lower socioeconomic communities and children.

Politicians will be asked where their party stands on:

• A Lobbying Regulation Act with a mandatory, searchable public register.
• Stand-down periods to slow the revolving door between government and lobbying roles.
• Stronger management of commercial conflicts of interest.
• A rewrite of the Official Information Act.
• Tighter limits on political donations.

Health Coalition Aotearoa has received positive responses from – Te Pāti Māori Debbie Ngārewa Packer, Green Party Hūhana Lyndon (health), Jessica Hammond The Opportunity Party, Labour Camilla Belich, National – no response, NZ First Jenny Marcroft, ACT Todd Stevenson.

Join Health Coalition Aotearoa for this cross-party webinar to hear directly from representatives about the reforms they will support and push for. The discussion will be moderated by Georgie Craw from WEAll Aotearoa with time for audience Q&A: https://www.weall.org.nz/read-panui/welcome-georgie-craw-our-new-communications-lead

Event details

Date: Monday, 5 October 2026

Time: 12:00 PM – 1:00 PM NZT

Format: Online via Zoom Panel

Confirmed Parties: ACT | Labour | Greens | Opportunity Party

Cost: Free (Registration required)

Register: https://www.eventbrite.co.nz/e/webinar-a-cross-party-panel-on-lobbying-reform-tickets-2000537987975

Source: Morningstar DBRS

DBRS Ratings Limited (Morningstar DBRS) confirmed its credit ratings on Australia and New Zealand Banking Group Limited (ANZ or the Group), including the Long-Term Issuer Rating at AA and the Short-Term Issuer Rating at R-1 (high). The trend on all credit ratings is Stable. The Group's Intrinsic Assessment (IA) is aa (low) and the Support Assessment is SA2, which reflects the generally supportive regulatory framework and Morningstar DBRS' expectation of timely systemic support given ANZ's importance to the financial system in Australia. This results in a one-notch uplift to the Issuer Rating from the IA. See a full list of credit ratings at the end of this press release.

KEY CREDIT RATING CONSIDERATIONS

The confirmation of the ratings reflects ANZ's strong franchise, supported by meaningful market shares in lending and deposits across its core markets of Australia and New Zealand. The credit ratings are underpinned by the Group's resilient earnings generation, sound asset quality, sound funding and liquidity profile supported by a stable customer deposit base, and its robust capital position.

The Stable trends reflect Morningstar DBRS' view that the financial impact of the operational risk penalty has been manageable given ANZ's strong revenue momentum and robust capital position. The effective remediation of nonfinancial risks remains an important credit rating consideration. Accordingly, Morningstar DBRS will continue to closely monitor the Group's progress in strengthening its risk management framework and risk culture, with particular focus on any adverse effects on the franchise, business growth, or earnings profile.

The Group's IA of aa (low) is at the midpoint of the IA Range to reflect that ANZ's credit fundamentals and performance are commensurate with those of similarly rated peers.

CREDIT RATING DRIVERS

Morningstar DBRS would upgrade the credit ratings if the Group strengthened its profitability levels while maintaining robust asset quality and solid capitalisation levels. In addition, ANZ would need to demonstrate a sustained track record of effective nonfinancial risk management and governance.

Morningstar DBRS would downgrade ANZ's credit ratings if there were a prolonged material deterioration in profitability and asset quality or a material impact to the franchise or capitalisation because of repeated risk management shortcomings. Furthermore, Morningstar DBRS would downgrade the long-term credit ratings if, in its view, the likelihood of timely systemic support declined.

CREDIT RATING RATIONALE

Franchise Combined Building Block Assessment: Very Strong/Strong With total assets of AUD 1,314 billion at the end of March 2026 (end of H1 2026), ANZ is a leading Australian bank with sound market shares in home loans of 13.2% in Australia and 29.8% in New Zealand. Globally, ANZ's footprint extends to 29 markets, of which 13 are in Asia. The Group is leader in the institutional banking in Australia and New Zealand.

Earnings Combined Building Block Assessment: Good

Morningstar DBRS views ANZ's earnings generation as sound and resilient, supported by its leading banking franchise, good cost control, and low loan loss provisions. On a statutory basis, the Group reported net profit attributable to shareholders of AUD 3,650 million in H1 2026, broadly stable year over year (YOY) from AUD 3,642 million in H1 2025. This reflected stable net interest income, and lower other operating income offset by lower operating expenses. In H1 2026, profit before credit impairment and income tax increased 2% YOY. ANZ reported a statutory return on average equity of 10.3% in H1 2026 compared with 10.4% in H1 2025, and 9.7% in H1 2024. ANZ is in the process of restructuring; however, its cost-to-income ratio as calculated by Morningstar DBRS decreased to 51% in H1 2026, compared with 52% in H1 2025. On a cash-profit basis (excluding one-off items), the Group's cash profit was AUD 3,780 million in H1 2026 up 6% YOY from AUD 3,568 million in H1 2025.

Credit impairment charges increased to AUD 274 million in H1 2026, compared with AUD 145 million in H1 2025. The increase was largely driven by higher impairments associated with the Middle East crisis, which triggered a 2.5% increase to severe downside scenario, scenario weights skewed 52.5% to the downside scenarios, and a small increase in overlays to reflect risk associated with the forward looking macro-economic environment. Although the cost of risk (as calculated by Morningstar DBRS) increased to 7 basis points (bps) in H1 2026 from a very low 4 bps in H1 2025, it remains below ANZ's long-run cost of risk of 11 bps and continues to compare favourably with international peers.

Risk Combined Building Block Assessment: Strong/Good

ANZ has a generally conservative credit risk profile and sound asset quality with low levels of impaired loans despite the higher interest rate environment. However, addressing risk shortcomings remains an important challenge for ANZ, which will remain a key focus for management until the remedial plan is fully implemented and the Australian Prudential Regulation Authority (APRA) is satisfied with the Group's progress in improving its risk management practices. The Group has sound asset quality with low levels of impaired loans. Stage 3 loans slightly decreased to AUD 7.8 billion at the end of H1 2026, and the Stage 3 loan ratio was 0.98% at the end of H1 2026, compared with 1.00% at YE2025. Stage 2 loans (i.e., loans that are classified as having experienced a significant increase in credit risk but are not impaired) represented 9.4% of gross loans at the end of H1 2026 below 9.8% of total gross loans at the end of H1 2025 but above 8.1% at YE2025.

Funding and Liquidity Combined Building Block Assessment: Strong/Good

ANZ's funding and liquidity position is sound, largely underpinned by a sound customer deposit base in its home markets of Australia and New Zealand. The Group's customer deposits (including certificates of deposits) grew 1.7% YOY. ANZ's wholesale funding is well diversified by investor, maturity, instrument, and currency. At the end of H1 2026, refinancing needs were manageable with around AUD 17 billion in H2 2026 as part of the funding target of AUD 30 billion to AUD 35 billion of wholesale issuance scheduled for F2026. This compares with AUD 16 billion issued in H1 2026.

ANZ's liquidity position is sound, and the Group's average high-quality liquid assets were AUD 286.9 billion at the end of H1 2026, broadly unchanged since the end of H1 2025. Total liquid assets were AUD 308.8 billion at the end of H1 2026, up from AUD 306.0 billion at the end of H1 2025, and representing about 24% of total Group's assets. At the end of H1 2026, the Group's average liquidity coverage ratio (LCR) was 132%, with the LCR remaining above the regulatory minimum thresholds throughout the period, and its net stable funding ratio was 115%.

Capitalisation Combined Building Block Assessment: Strong

ANZ has a strong capital position underpinned by its strong earnings generation capacity and sound access to capital markets.

ANZ's APRA CET1 ratio increased to 12.4% at the end of H1 2026 from 12.0% at YE2025, largely reflecting the Group's earnings generation and comparing well with the APRA minimum requirement of 10.25%. ANZ's leverage ratio, calculated on an APRA basis as Tier 1 capital as a percentage of total exposure, was 4.5% at the end of H1 2026, slightly up from 4.4% at the end of H1 2025 and amply above the minimum requirement of 3.5%. On an internationally comparable basis, the leverage ratio was 4.9% at H1 2025, while the CET1 ratio was 18.4% at the end of H1 2026, compared with 17.0% at the end of H1 2025.

Further details on the Scorecard Indicators and Building Block Assessments can be found at https://dbrs.morningstar.com/research/489949

ENVIRONMENTAL, SOCIAL, AND GOVERNANCE CONSIDERATIONS

Governance (G) Factors

The Corporate Governance subfactor is relevant to ANZ's credit ratings but does not affect the overall credit ratings or trends assigned to the Group. This is reflected in the Risk grid building block. While ANZ made progress in addressing the governance and operational risk issues identified by APRA and the Royal Commission in 2018 and 2019, more recent developments have raised further concerns. In July 2024, ANZ disclosed regulatory investigations into potential trading and conduct issues, including data reporting failures, misreporting of 2023 bond transactions, and risk management deficiencies in its Sydney dealing room. In August 2024, APRA imposed an additional AUD 250 million operational risk capital add-on for nonfinancial risk management weaknesses, increasing the total capital add-on to AUD 750 million from AUD 500 million. In April 2025, ANZ entered into a court enforceable undertaking with APRA for matters relating to nonfinancial risk management practices and risk culture across the Group, which included an additional operational risk capital overlay of AUD 250 million (equivalent to 5 bps of CET1 capital), raising total add-on to AUD 1 billion. This followed the emergence of issues in ANZ's Global Markets business. As such, APRA also required an independent review of ANZ's Global Markets business' governance and risk framework and the implementation of remediation measures. The capital add-on will remain in place until APRA is satisfied that the identified deficiencies have been adequately addressed.

There were no Environmental or Social factors that had a significant or relevant effect on the credit analysis.

A description of how Morningstar DBRS considers ESG factors within the Morningstar DBRS analytical framework can be found in the Morningstar DBRS Criteria: Approach to Environmental, Social, and Governance Factors in Credit Ratings (20 July 2026), https://dbrs.morningstar.com/research/485522

Notes:

All figures are in Australian dollars unless otherwise noted.