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Good morning,

The cost of generating electricity across Australia’s grid over the final three months of 2024 rose more than 80 per cent as record high demand for electricity amid soaring temperatures coincided with all-time low availability of coal power.

Superannuation funds, banks and insurers may face tougher governance requirements, including stricter provisions around whether key appointments are fit and proper persons, as the prudential regulator readies a sweeping consultation paper.

It was poker night in the sports bar and penne calabrese was the bistro special in Melbourne’s north on Wednesday evening, where a $34bn mega deal unfolded about as far away from the corporate world as possible.

Perry Williams

Business editor

The markets

Making news this morning

1

Inflation figures unlock the door for RBA rate cuts

Financial markets are near certain that the Reserve Bank will cut rates in February after CPI data showed underlying inflation is falling back to its target more rapidly than forecast.

2

Ban likely if new app is found to be unsafe

The Australian government would follow a TikTok-style ban on Chinese AI app DeepSeek should government security agencies find the app unsafe for use.

3

Federal election a potential hurdle for Virgin-Qatar flights

Pressure is mounting on Treasurer Jim Chalmers to rule on Qatar Airways’ investment in Virgin Australia before the federal election.

Editor's picks

CBA floats sale of pub baron’s boat

Jon Adgemis probably has bigger things on his mind than the loss of his lifestyle trappings, but if you’re in the market for a luxury yacht then the Commonwealth Bank has a deal waiting for you.

By YONI BASHAN, NICK EVANS

Banks struggling to contain ‘mule accounts’

More than 100,000 Australian bank accounts are being used to funnel illicit funds, but the nation’s banks are struggling to put a dent in the fraud.

By CLIONA O’DOWD

Lower-taxing Queensland’s soaring property performance

Queensland has overtaken its more populous rival Victoria to become Australia’s most consistent performer on price in residential property investment. So what has brought this about?

Commentary

How Chemist Warehouse passed the pub test

By ERIC JOHNSTON

Associate Editor

The founders of the retail juggernaut have got bigger by sticking close to their market. Now Chemist Warehouse faces the ultimate test.

Consumers win as tech innovation moves to next stage

By JOHN DURIE

Columnist

Taken at its word, DeepSeek is delivering the breakthrough AI technology at a fraction of the cost and energy consumption from US-based companies. What’s not to like about that?

DataRoom

→	REA focuses back on home base amid buoyant listings market

REA Group is one of the first big listed groups to report next week and there’s high hopes over what it will deliver.

→	Will Barrenjoey take a swing at APA?

APA Group boss Adam Watson was spotted in the Barrenjoey box at the Australian Open tennis, could it be possible that he is being wooed by the Australian investment bank?

→	More pain to come after Noni B, Millers close

Retailers are being buffeted by a weak economy and also online marketplaces like Facebook, so March looms as decision-making time for lenders to financially struggling chains.