Monthly CFO Market Intelligence | Highbury Executive Talent Issue No. 5 | September 2026
THIS MONTH IN THE MARKET
After a subdued winter, the market came back with energy. ASX CFOs hit the roadshow circuit (I wouldn't want to be in those property or retail investor relations teams this reporting season), and several PE CFOs went heads-down in deal mode.
The RBA delivered another 25 basis point hike, taking the cash rate to 4.60% (a new cycle high, and a level not seen since the Howard days). The decision came despite worsening unemployment rates. From where we sit, the question is an obvious one: if unemployment is rising, why are we still hiking? The RBA is pointing to inflation still running hot and how a little more labour market pain now is preferred over entrenched inflation later. The textbook calls it a sacrifice ratio. The people losing their jobs call it something else.
For CFO’s heading into Q4, we hope market conditions can only improve from here. The cost of capital is at a fifteen-year high, refinancing conversations have become genuinely difficult, and the businesses that entered this cycle over-leveraged are now finding out what that actually means. Bathla and CUE Clothing were the two notable collapses this month, and the question now is who's next, with company insolvencies at their highest level in 40 years.
Q4 will not be easy, but this is when the best CFO’s earn their keep.
WHO’S MOVED
Highbury Executive have tracked over 30 CFO movements in the last month, however that list would be too long so here are our highlights across corporate Australia.
PRIVATE EQUITY
Alistair Black has traded burgers for gyros joining Zeus Street Greek as the new CFO. Congrats on your maiden CFO role.
Max Connell has helped bring the band back together with the newly created Averra Dental. He will lead the back office as CFO.
Lian Dutton has climbed back onto the Aussie scene, recently appointed as CFO with the Summit Group.
Keith Veitch has joined PE powerhouse Five V Capital as their new CFO.
VENTURE CAPITAL
John Hollister has some big news, joining Silicon Quantum Computing as their new CFO. This is a business to watch and one every Australian can be proud of, as the race to the quantum computer begins to heat up.
ASX LISTED
Keir Barnes has signed up with the ASX as the new CFO, taking on one of the most important CFO roles in the country, enhancing an already stellar CV and career.
As expected, retail specialist Kylie Archer has been made permanent as the CFO with Adore Beauty.
Evan Goodridge is fitting in nicely with the Storage King Group as the new CFO.
Matthew Beattie has unearthed a great new role as CFO with Austral Resources.
No references needed for Katherine Landon, who’s completed her lengthy interview process with Xref, moving from consultant into the CFO seat.
Rebecca Lowde is flying high as the new CFO with Drone Shield.
Up and comer Chris Cox has been promoted into the CFO role with 4DMedical.
THE HIGHBURY VIEW
Tough markets have a way of sorting the room. When conditions are good, almost anyone looks capable, but when the environment turns and the CEO needs someone to stand next to them in front of investors and tell a credible story, that’s when the quality of the finance leader becomes visible.
For most sectors, we are in that type of environment and this month's rate hike didn't help. Corporate collapses are running at their highest rate in forty years, but looking from the buy side the conversation is a lot better; valuations are back to normal multiples and deals are getting done with the balance of power shifting onto the buy side. With the CGT changes there are plenty of good private businesses on the market and so the investors are now able to be picky.
WHAT’S KEEPING CFO’S UP AT NIGHT
Private credit. Two words that used to mean opportunity and now, for some, mean a very uncomfortable phone call with a lender who has run out of patience. The CFOs who will navigate the next phase well have already been working their plans for months.
But let's not catastrophise, Australia is not in recession, valuations have finally returned to sensible multiples, and the deal environment is the busiest it has looked in years. For CFOs inside PE-backed businesses, the outlook is still positive with plenty of good opportunities presenting themselves. There are good assets coming to market and sponsors with dry powder can afford to be selective.
ON THE PITCH
Highbury is currently engaged across several active searches in PE-backed and high-growth private businesses across Australia. If you have a mandate in motion, or one approaching we'd welcome a conversation.
Published monthly by Rick Jacobson, Managing Partner with Highbury Executive Talent. A boutique CFO search firm built for private equity, venture capital and high-growth mid-market businesses across Australia.
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