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The Australian Business Review
 

Good morning,

Santos has revealed it could give the go-ahead for its $3.5bn Narrabri gas project in NSW as soon as next year, boosting hopes it could fill an expected supply gap later this decade, as pressure grows on regulators to green-light the major energy development.

Meanwhile, SunCable, owned by billionaire Mike Cannon-Brookes, will spend the next two years prioritising agreements with Indigenous land owners as it moves to accelerate development of the world's largest solar farm.

And the bosses of some of Australia's top consumer-focused companies say the cost-of-living crisis continues to rattle shoppers, with discounting and promotions now seen as vital to bring business through the door.

Perry Williams
Business editor
The markets


Making news this morning
1
Gold mine off, locals to fight heritage law
The company behind a $1bn gold mine vetoed by Tanya Plibersek on Indigenous heritage grounds says it is cancelling the project, as a coalition of central NSW councils prepares to challenge the law.
2
Waste removal giant cleans up as workforce stabilises
A stable workforce and falling labour costs have bolstered waste removal company Cleanaway’s efficiency drive and ambitions to reach a $450m earnings target over the next two years.
3
ASIC reveals its hit list
The corporate regulator will investigate misconduct and poor service across financial services and is assembling new teams to tackle concerns around private markets and greenwashing.
Editor's picks
COMMENTARY
ASIC chair’s plan to expand watchdog’s scope
ASIC undertakes more actions against companies per capita than America’s powerful SEC, says Joe Longo – but that doesn’t mean it can’t do better.
By GLENDA KORPORAAL
MARGIN CALL
Wider front emerges in rivalry fuelled conflict
Not only was strategists Civic Group hired by a fuel rival to muddy the reputation of petrol chain OTR but it turns out there’s a touch of Israeli-Palestinian rivalry in the background.
By YONI BASHAN, NICK EVANS
MINING
Critical rare earths refinery hangs in the balance
Iluka Resources has warned its $1.8bn Eneabba mineral sands refinery, which it says is critical to national security, needs more government support to get over the line.
By CAMERON ENGLAND
Commentary
Why Perpetual’s new boss faces the ultimate test
By ERIC JOHNSTON
Associate Editor
The incoming Perpetual chief executive has form in bringing big lumbering organisations together. Can he also pull them apart?
The unkindest cut: Banks do as they like with your deposits
By JAMES KIRBY
Wealth Editor
Banks just don’t need savers like they used to thanks to more than $200bn in government funding from the height of Covid-19 underpinning their ability to cut deposit rates.
Dataroom
RACQ sale process wound back as buyers cool
Bank of America is understood to have hit pause on the sale process for the RACQ because buyer enthusiasm has waned.
Orora sales talks preceded Lone Star’s offer
Orora began talks to sell its US-based Orora Packaging Solutions division to Clayton Dubilier & Rice before the Lone Star emerged with a buyout offer, sources say.
Brambles puts capital management over Loscam interest
Australian logistics company Brambles appears less likely to emerge as a buyer of Loscam assets, emphasising that capital management is more of a priority.