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The Australian

Good morning,

The existing PNG LNG development is widely considered one of the world’s top gas export facilities, and the boss of PNG’s national petroleum company says Abu Dhabi must commit to develop the $US18bn Papua LNG project should it buy Santos.

Meanwhile, writes David Rogers, investors should look beyond Wall Street for protection against looming economic headwinds.

And James Packer’s right-hand man Lawrence Myers is the talk of luxury real estate circles as the favoured buyer of Sydney’s best apartment, the Crown penthouse at Barangaroo, joining the tycoon in the prestige building with his even pricier purchase.

Vesna Poljak

Business editor

The markets

Making news this morning

1

What the Treasurer will be thinking in his first major FIRB decision

The doubt surrounding Chalmers’ decision to approve or knock back the Santos takeover is creating a $3.6bn discount. Here’s why.

2

WiseTech exodus continues as veterans exit

WiseTech’s boardroom upheaval has continued with two of its longest serving directors, Charles Gibbon and Michael Gregg, walking out the door of the logistics software titan.

3

Triple fatality crash from lack of oxygen entirely preventable

A Victorian aviation company knew its fire mapping Gulfstream wasn’t supplying reliable air to the pilot but kept it flying until it crashed, killing all on-board, the ATSB has found.

Editor's picks

‘Kwik-E-Cash’ treasurer Saffioti doles out WA’s riches

The secrets of Labor’s success in Western Australia have been revealed, with an ATM delivery truck a clever metaphor for Treasurer Rita Saffioti’s largesse on budget day.

Sydney’s Elaine estate gets private credit transformation

The historic Sydney estate Elaine is being carved up for sale by developers starting at $50m apiece. Here’s who is behind the radical plan after the property was bought for $130m from Scott Farquhar, who never lived in the crumbling residence.

By BEN WILMOT, LISA ALLEN

MONEY PUZZLE PODCAST

A billion reasons to reconsider crypto

The latest surge in Bitcoin, along with big players making investments in the sector, is retesting interest in the mysterious asset class. But is it for you?

Commentary

The Nuno Matos revolution has just begun at ANZ

By ERIC JOHNSTON

Associate Editor

Expect more upheaval to come at ANZ following the exit of the one-time Google Australia boss. A new CEO is in town and on a mission to lift the perennial number four bank.

Education at core of Rowland’s bid to rebuild trust in justice system

By CHRIS MERRITT

Legal Affairs Contributor

The new Attorney-General intends to focus on young people and deliver innovative ways of embedding enduring pride in our democratic institutions.

DataRoom

→	Retailers face lender controls as investors shun fresh equity raises

Major retailers including KMD Brands, Cettire and David Jones are increasingly at risk of falling into their lenders’ hands as investors refuse to provide fresh equity and competitors show no interest.

→	Dalrymple Bay to weather debt storm despite Brookfield selldown

Despite facing a $70m increase in debt costs as hedging contracts expire next year, Dalrymple Bay Coal is poised to increase distributions through strategic capital spending.

→	AI demand reignites HMC Capital’s $2bn bet

Data centre-related stocks have rallied strongly in the past month with DigiCo REIT shares jumping 20 per cent, suggesting HMC Capital’s aggressive $2bn acquisition strategy may finally pay off.