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

As Shemara Wikramanayake retires with shares worth hundreds of millions, the public is left counting the cost of high prices for utilities, roads and airports

The recent retirement of Macquarie Group CEO Shemara Wikramanayake marks the culmination of a highly successful career. She’s leaving the company with shares worth hundreds of millions of dollars after nearly 40 years at the Sydney-based institution. Under her leadership, the “millionaires’ factory” has increased its annual revenue by around 80% and nearly doubled its profit. Wikramanayake has also overseen and consolidated the group’s transition from a firm specialising in privatised infrastructure to a global merchant bank earning profits from commodity trading, specialist asset finance and wealth management.

Macquarie shareholders, who have tripled their money over the past eight years (with dividends and capital gains), have plenty of reason to be grateful.

Its demise is also the consequence of the relentless application of a neo-liberal political philosophy that for years has elevated financial engineering above real engineering; off-balance-sheet finance above paying for things openly; and lauded the private sector above the public sector.