Codan (ASX:CDA)  is an Australian technology company that designs, develops, manufactures and markets communications and metal-detection equipment. Its two main operating segments are Communications and Metal Detection. Within those businesses sit brands and operations including DTC, Zetron and Minelab, giving Codan exposure to tactical and defence communications, unmanned systems, public-safety communications and gold detection.

Well into the penultimate quarter of the calendar year, institutional and private investors face the paradox that record infrastructure capital expenditure, particularly by AI hyperscalers, coexists with heightened geopolitical risk, sticky inflation, and an apparent structural shift to the relationship between equities and bonds.

There’s a consistent view of the consumer emerging from Australia’s Financial year 2026 (FY26) retail reporting season. Households haven’t stopped spending, but they’ve become more selective, more value-conscious and increasingly willing to postpone discretionary purchases or wait for promotions and sales. The pressure is most evident in big-ticket categories like furniture, appliances, and homewares.

  I speak with Brett Craig, Director of Private Credit at Aura Credit Holdings, about how Aura structures its private credit portfolios with multiple layers of protection aimed at preserving investors’ capital.