Always remember how Macquarie built its millionaires on outrageous tolls and charges | John Quiggin

📰 source: theguardian_business · 💼 business

shemara wikramanayake, macquarie group's ceo, retired after nearly 40 years, leaving with shares worth hundreds of millions. under her, revenue rose 80% and profit nearly doubled. shareholders tripled their money over eight years.

the 'millionaires' factory' was built on privatised infrastructure deals that often hurt the public. thames water, bought in 2006, was loaded with debt and stripped of dividends, then sold in 2017 leaving it unsalvageable. sydney airport and ontario highway 407 saw fee hikes. a review called sydney's toll-road system a 'poorly-functioning patchwork'.

why it matters: macquarie's success story shows how privatisation can enrich insiders while raising costs for consumers, a pattern still relevant today.

source: theguardian_business
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