Pitcher Partners CIO Cameron Curko talked with Proactive about the contrasting trends emerging from the Australian earnings season, with consumer-facing stocks coming under pressure while resources and energy companies continue to show resilience. He pointed to higher interest rates and weaker housing market activity as important pressures on goods-focused retailers. A slowdown in property transactions can reduce spending on furniture, appliances and other household products, while businesses facing weaker demand may respond with discounting, cost reductions and store rationalisation. Curko also discussed the growing importance of efficiency across corporate Australia. He highlighted cost control and investment in artificial intelligence, including CBA’s expectation that AI investment could begin producing benefits during the financial year. Resources remain a contrasting area of strength. Curko said copper had become increasingly important to major miners including BHP and Rio Tinto, supported by mine closures, data-centre demand and the continuing renewables transition. Energy stocks, meanwhile, were being supported by geopolitical disruption affecting commodity flows from the Middle East. Looking ahead, Curko said AGM season could prove particularly important as companies provide further indications about FY27 trading. He remained positive on major miners at prevailing commodity prices while taking a more cautious view of banks and parts of the domestic-facing market. Visit Proactive’s YouTube channel for more interviews and market insights. If you found this video useful, give it a like, subscribe to the channel and enable notifications for future content.