Good morning,

Perpetual shares plunged 7 per cent and its board came in for heavy criticism after the 138-year-old wealth powerhouse announced it would be carved up in a $2.18bn deal.

Meanwhile, new research shows that importing gas through proposed import terminals on the east coast would cost both industrial and residential customers significantly more than sourcing it domestically.

And can a property group go too woke at the expense of its shareholders? The question was at the heart of a barrage fired by former Rothschild investment banker David Kingston at the normally staid annual general meeting of listed real estate investment trust GPT.

Five things to know this morning

1. ASX to open lower after mixed Wall Street session. Corporate updates in focus on the last day of the Macquarie Australia conference. Uber drops on surprise quarterly loss. FTX creditors to be repaid in full.
2. The turnaround of Crown Resorts is now entering the “next phase”, says owner Blackstone, but the investment giant won't be drawn on whether it would bid for Star Entertainment’s licence in Sydney if it becomes available.
3. Outspoken Wilson Asset Management chairman Geoff Wilson is calling on the government to abolish the “sophisticated investor” test for all investors in ASX listed companies.
4. Qantas chief executive Vanessa Hudson said the airline has been reaching 90 per cent on time performance levels in the past few weeks and that the nation’s biggest carrier is now back to pre-Covid-19 capacity.
5. Raiding superannuation to fund a deposit for first-home buyers would “unleash a massive price hike” in lower to medium-priced houses and cost taxpayers a cumulative $200bn by 2060, the Super Members Council has warned.