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The Australian

Good morning,

Glencore says smelters and refineries across Australia are on the brink of collapse and it will be forced to commit to a decision on the future of its Mount Isa copper smelter and Townsville refinery possibly within weeks.

Meanwhile, the corporate regulator is closing in on taking action against Macquarie and Equity Trustees for their role in the collapsed Shield and First Guardian managed investment schemes, with investigations to wind up as soon as next month.

And the $1.5bn property group GemLife makes its ASX debut today after the biggest IPO of the year. Bankers will keenly watch the stock's performance as a gauge of investor support for new listings, writes Eric Johnston.

Vesna Poljak

Business editor

The markets

Making news this morning

1

Beetaloo ‘myth’ challenged by climate group eyeing Abu Dhabi’s deep pockets

The Beetaloo has enough domestic gas for 237 years and the overwhelming majority will go offshore, a new report has found as environmentalists sharpen opposition to the development.

2

Aussie dollar’s year of living dangerously

Despite being the worst-performing G10 currency in fiscal 2025, modest gains are expected for the Australian dollar as the US confronts questions over its reserve currency dominance.

3

Red flags: ASIC mulls action against Macquarie, Equity Trustees

Vast sums being pumped into Shield and First Guardian funds should have raised red flags with Macquarie and Equity Trustees, ASIC’s deputy chair says.

Editor's picks

Unions’ Rio strong arm attempt fails at the first flex

Rio iron ore boss Simon Trott probably gave a quiet fist pump after a worksite vote to re-unionise the Pilbara mines didn’t get enough employee support.

Sentinel goes for Olympic glory with tower buy

The Warren Ebert-led Sentinel Property Group has bought the Green Square South office in Brisbane’s Fortitude Valley which is close to key Brisbane 2032 Olympic and Paralympic Games sites.

Commentary

Migrating millennials to ‘youthify’ regional Australia

By BERNARD SALT

Columnist

Millennials are headed to regional Australia, leaving their baby boomer parents to age in middle suburbia, transforming both cities and regions.

DataRoom

→	Domino’s price collapse may spell Coca-Cola Amatil-style ending

Domino’s Pizza Enterprises shares fell 14 per cent on Wednesday after the company announced chief executive Mark van Dyck would leave just 12 months after his appointment, fuelling speculation the struggling pizza chain could become a takeover targ...

→	Kinterra picked to win fierce bidding war for New World Resources

The Canadian private equity firm has escalated its battle for the Australian copper miner by applying to the Takeovers Panel to thwart the plans of its UK competitor.

→	Crunch time for Helia as ING Bank heads for exit

Mortgage insurance business Helia says it’s likely to lose ING Bank as a customer following the departure of Commonwealth Bank.