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The Australian Business Review
 

Good morning,

Australia’s corporate regulator needs a US-style “law enforcement” approach, says Senator Andrew Bragg , the architect of the latest inquiry into the country’s business investigation agency who believes its current model is unworkable. His 206-page-review of the Australian Securities and Investments Commission has been backed by a coterie of former regulators and corporate figure. They warn that ASIC’s mandate is too broad and the agency inadequately funded, and urge consideration of a break-up

 Meanwhile, the nation’s most influential corporate governance adviser, Ownership Matters boss Dean Paatsch, says Super Retail Group chair Sally Pitkin must answer allegations of serious governance failures at the retailer, including that its former head of Human Resources was hired to advise the board on picking the next chair despite her allegedly being in a relationship with the CEO.

And as the market prepares for a deluge of blue-chip corporate earnings results this week, strategists have indicated greater resilience in Australian household spending than previously assumed.

Perry Williams
Business editor
The markets


Making news this morning
1
Local shares poised to follow Wall Street higher
US economic updates will determine the week’s direction, even as the local market takes cues from blue-chip corporate earnings.
2
Chevron seeks approval for Gorgon gas expansion
US giant Chevron wants to drill seven new gas wells to replenish supplies at its Gorgon facility, the nation’s largest.
3
Super tax could kill small business, says peak body
The federal government’s proposed tax increase on super funds of more than $3m could send some small businesses to the wall, the Council of Small Business Organisations Australia fears.
Editor's picks
EXCLUSIVE
New NAB boss raises the bar
In her first interview as head of NAB’s corporate and institutional bank, Cathryn Carver talks culture, customers and growing the business.
By CLIONA O’DOWD
COMPETING BIDS
Sydney’s inner west marches ahead
For the third time in three weeks Sydney’s inner west has claimed the mantle of top weekend sale.
By JONATHAN CHANCELLOR
PRIVATE CREDIT
Salt & Lime directors, wives ‘paid $1m-plus’ before collapse
While a Sydney finance company ran at a loss, the directors were paid bonuses, and they and their spouses were drawing more than $1.3m in salaries. Meanwhile there is a $50m debt hole.
By CAMERON ENGLAND
Commentary
Shootout on price looms as bidders jostle for AirTrunk
By JOYCE MOULLAKIS
Senior Banking Reporter
Supercharged bidding groups are preparing to front their respective investment committees as the $15bn-plus contest to buy Sydney-based data centre group AirTrunk hots up.
Why the regulatory system is in need of urgent fix
By JAMES SHIPTON
Contributor
Any change to Australia’s regulatory system requires a careful design, former ASIC chair James Shipton says.
Dataroom
Non-bank lenders back in spotlight for private equity
Could KKR-backed Pepper Money once again have a suitor looking under its hood?
Private equity pursues Ramsay
The country’s largest private hospital operator is believed to be in the crosshairs of private equity once again.
MotorOne adds Miles Advisory to sale ticket
Miles Advisory is on the ticket to sell automotive services company MotorOne, along with Macquarie Capital and the sale process is expected to get under way in September.