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The Australian Business Review
 

Good morning,

The prudential regulator has blasted ANZ for its non-financial risk management and risk culture , threatening the banking giant with tougher penalties after it ignored repeated warnings, according to a seven-page letter obtained by The Australian under a Freedom of Information application.

Meanwhile, the Rio Tinto board is poised to green-light another big investment in lithium in Argentina at the urging of chief executive Jakob Stausholm, who remains a big ­believer in the battery ingredient despite recent mine closures. 

And more staff, spare planes and extra SmartGates are on order as airports and airlines prepare for their busiest summer ever . Australia’s biggest gateway, Sydney Airport, expects to cater for enough passengers to fill almost 12,000 Qantas A380s over the next six weeks.
Perry Williams
Business editor
The markets


Making news this morning
1
Westpac chief audit exec flags plan to exit key role
Westpac’s chief audit executive has flagged his plan to exit the key role, just as the bank ramps up a key technology project and defends a Federal Court case brought by a senior staff member.
2
Is this the biggest work bonus in Australia?
A data centre operator has handed $22m in bonuses to its 330 staff – about $65,000 per worker – after a blockbuster of a year.
3
Iron ore mining resumes at Whyalla, blast furnace still out
Mining has resumed at GFG Alliance’s iron ore mines near Whyalla, while rail haulage for both iron ore and steel products remains offline, along with the blast furnace.
Editor's picks
EXCLUSIVE
Job well done: How to work smarter next year
Almost three quarters of Australian workers will end the year with unfinished tasks at work and many never resume them. But Atlassian has a solution.
By JARED LYNCH
MARGIN CALL
ACU told to cheer for its leaders
ACU’s reappointment of its vice-chancellor copped more antagonism than accolade, so in steps Brissie’s Archbishop in true North Korean style, demanding thunderous applause.
By YONI BASHAN, NICK EVANS
Commentary
RBA’s softened tone raises prospect of February rate cut
By DAVID ROGERS
Markets Editor
The RBA says its board members are ‘gaining some confidence that inflation is moving sustainably towards target’.
Australia’s green superpower goal is more than a slogan
By ROD SIMS, BAETHAN MULLEN
The often misunderstood renewable superpower vision for Australia is not about wishful thinking, argues Rod Sims.
DataRoom
→ Perpetual’s wrong call on tax puts it back in play
The sale process of Perpetual’s corporate trust unit to KKR was a shambles. So what will be the fallout?
→ Small players keen on Treasury Wine Estates brands
It is family-owned operators, rather than big corporate names, which are keen on scooping up Treasury Wine Estates’ non-core brands that the wine major is looking to offload.
→ PEP and Medibank expected to pursue Plena
Pacific Equity Partners and Medibank are being tipped as the most logical buyers of Adamantem Capital’s allied healthcare business Plena.

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