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The Australian

Good morning,

Mineral Resources managing director Chris Ellison asked WA’s Labor premier a year ago to intervene in a row brewing over iron ore shipping charges, a court in Perth has heard.

Meanwhile, Australia’s cooling inflation figures have more economists predicting the Reserve Bank will deliver another interest rate cut at its July meeting.

And government-backed home loan incentive programs have escalated to the point whereby analysts are now openly voicing their concerns about the potential impact on property prices , writes James Kirby.

Vesna Poljak

Business editor

The markets

Making news this morning

1

Mirvac leads fund raising race with $350m draw

Property group Mirvac has shown the office sector is recovering with its flagship wholesale fund in the sector raising $350m from investors, giving it the firepower to expand.

2

Lendlease puts Erina Fair stake on block sparking $800m sale

Lendlease has set the scene for the largest shopping centre sale of the year with the sale of Erina Fair, as its flagship retail fund remains in play.

Editor's picks

Vote debacle as Betr bungles its block on PointsBet takeover

Betr’s been a vocal opponent of PointsBet’s takeover by a Japanese suitor so how on earth did its blocking vote vanish from the shareholder count? Brace yourself for the recriminations.

COMMERCIAL PROPERTY

Why Charter Hall has prospered as others fall by wayside

Two decades after listing, Charter Hall has grown its real estate funds business to about $70bn and launched a plethora of listed and unlisted vehicles. Its CEO explains the recipe for success.

Treasury Wine ‘hangover’ could last a while, analysts warn

Treasury Wine Estates is facing a series of challenges in the US and around the world as wine consumption slows and its rock star Penfolds label expects an earnings decline, analysts warn.

By ELI GREENBLAT

Commentary

Star’s board delivers a sad lesson in capitulation

By ERIC JOHNSTON

Associate Editor

Star chairman Anne Ward might as well have been running a creditors’ meeting, with shareholders being asked to take an almighty punt on an uncertain rescue.

DataRoom

→	A sale of Rex to private equity ‘isn’t preferred’ by government

Administrators want their role with the regional airline extended to December, raising doubts about the level of buyer interest.

→	Xero’s $4bn Melio acquisition months in the making

The accounting software provider will dramatically boost its US presence through a $4bn acquisition of payment platform Melio, as the Australian-listed company executes its global growth strategy.

→	Humm’s buyout bid line ball

A $286m buyout bid by Andrew Abercrombie of the company he founded, Humm Group, is line ball, market participants say.