☕️Blind Eye

Good morning.

Home Affairs Minister Tony Burke quietly postponed some elements of incoming anti-money laundering reforms, extending the compliance deadline from later this year to 2029, just months before the regime is expanded to cover professional services and digital assets.

Monique Batterham, a compliance consultant and former chief risk officer at Pinnacle Investment Management, told Capital Brief the runway to comply with the new requirements had been too tight and “is going to throw the industry into a tailspin.”

“Many have known this is coming and left it to the last minute — and they are the winners here.”

🏆 LOI Subscriber #TBD

Market movers

Shares in infant formula maker A2 Milk plunged 11.7% after China’s birth rate hit a record low, raising fresh concerns over future demand in its largest market.

The quick sync

• Gilmour Space raised $217m from the NRF and Hostplus to fund three rocket test flights by mid-2027. (Capital Brief)

• Pathzero adds MSCI, S&P and Morningstar data as super funds prepare for climate reporting from 1 July. (Capital Brief)

• Parliament mourned Bondi but bitter fights over hate laws and security return today. (Capital Brief)

• Mineral Resources mourns ex-Labor strategist Tim Picton after fatal alleged one-punch assault, with charge upgrade expected. (ABC)

Trading floor

M&A

• Orro Group, with $30m EBITDA, is on the market targeting trade buyers, Houlihan Lokey appointed. (AFR)

• Mater Group buys Gold Coast Private Hospital from Healthscope, expanding its Queensland network. (AFR)

Capital Markets

• PolyNovo posts 26% first-half sales growth, led by US demand. (Capital Brief)

• Neuren defends timing of Daybue sales disclosure after ASX query. (Capital Brief)

• Koala is relaunching its IPO push, aiming to list in the first half of the year with a $400m valuation and a $100m capital raise. (AFR)

• Nickel Industries warns of December-quarter earnings hit from licence delays. (Capital Brief)

• City Chic revenue dips as US tariff volatility hits Americas sales. (Capital Brief)

• Balter, co-founded by Mick Fanning, tops Australia’s craft beer sales under Asahi. (AFR)

• NRW Holdings wins $750m coal mining services contract in Queensland. (Capital Brief)

• Heaps Normal seeks global investment for Sydney health club and international beer production expansion. (AFR)

• NAB and CBA ramp up retail hiring as banking talent war heats up. (Capital Brief)

• Aware Super invests $460m in Vantage Data Centers APAC to tap AI infrastructure growth. (AFR)

• China hits 5% GDP growth in 2025, but economic growth slows in the fourth quarter. (Capital Brief)(Bloomberg)

• AI consulting lifts Accenture Australia’s revenue to $3b and profit by 20%, outpacing big four rivals. (AFR)

• China buys 60,000t of Canadian canola, first shipment since October, impacting Australian exports. (AFR)

• The IMF says Australia’s inflation will remain stubbornly high for longer, despite recent signs of cooling. (Capital Brief)

• Gilmour Space reaches $1b+ valuation after $217m raise, aiming for future rocket launches. (AFR)

• Pathzero is expanding into public company climate data through major partnerships as mandatory climate reporting approaches. (Capital Brief)

• CEFC is investing $70m in QIC’s second global infrastructure fund to accelerate decarbonisation across energy and transport in Australia. (Capital Brief)

• ConocoPhillips weighs Venezuela return after kidnapping and USD12b still owed. (WSJ)

• CSG said to eye Friday trading debut at EUR25b valuation. (Bloomberg)

• Trump's Europe tariff threat over Greenland revives talk of 'Sell America' trade. (Reuters)

VC 

• SPEC Toolbox raises $3m to expand construction design software beyond mass timber. (Startup Daily)

• Eco-cleaning startup Pleasant State to close after six years amid cost-of-living pressures. (Startup Daily)

• NRF co-leads $36M Series D for AI brain mapping startup Omniscient. (Smart Company)

People moves

• Fisher & Paykel appoints Anna Curzon as non-executive director. (Capital Brief)

• Epsilon boosts its team with a Westpac hire as its private credit business grows past $500m in loans. (AFR)

• Viva Energy chair Robert Hill to retire, Sarah Ryan named successor. (Capital Brief)

• Valentino, Italian haute couture 'emperor' who painted fashion red, dies at 93. (Reuters)(WSJ)

The watercooler