☕️Under the Microscope

BNPL providers are concerned dual reviews could curtail their raison d’être.

Good morning.

While Klarna’s colourful CEO Sebastian Siemiatkowski took to the airwaves on Tuesday to spruik his unicorn’s preparedness for an IPO, buy-now-pay-later players down under are facing a different reality.

The local BNPL sector could find itself pincered between the Treasury’s newly proposed legislative regime, as well as a new review into Australia’s Credit Reporting Framework launched quietly by the Attorney General a few weeks ago. Gadens partner Edward Martin argues a deft balance is required between increased regulation and potential “overkill” that could threaten the existence of the more accessible form of credit.

ASX as at market close. Commodities and crypto in USD.

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Market movers

Shares in GUD Holdings jumped over 12% during trading on Tuesday to close at $10.96, after the auto accessories maker reaffirmed its earnings outlook in a trading update late on Monday. GUD said its FY24 earnings were in line with the previous estimate of $193.5 million, while the automotive segment continued to trade well across all key businesses. UBS analysts trimmed their FY24 earnings forecast marginally but retained their ‘buy’ rating on the stock along with a 12-month price target of $12.80.

The quick sync

  • Jim Chalmers is setting up a stark choice for voters with the 2024-2024 federal budget. (Capital Brief)

  • Seven Group reaches 91.19% ownership of Boral, nearing full control. (The Australian)

  • Grant Thornton shifts to a nine-day fortnight after a trial coincided with record-high productivity, employee retention and profits. (AFR)

  • Class-action newcomer Pogust Goodhead is zeroing in on mining and financial services. (Capital Brief)

  • BHP CEO Mike Henry says investors need to decide whether the BHP or Anglo American management team will better execute the companies’ respective restructuring plans. (Capital Brief)


  • Engie has selected lenders including ANZ, BNP Paribas, and Deutsche Bank for financing as it looks to sell up to 50% of its 250-megawatt Goorambat East Solar Farm in Victoria. (AFR)

  • IFM increases Atlas Arteria stake, seeks board seat. (The Australian)

  • Suitors are vying for Angela Ashton's controlling stake in Evergreen Consulting. (AFR)

  • Super funds exit $8b Utilities Trust of Australia fund due to high energy transition costs; Aware Super selling $600m stake. (AFR)

  • Karoon Energy has gained sell-side support from Barrenjoey's analyst Dale Koenders for its growth via M&A ahead of AGM, despite pressure from activist investors. (AFR)

Capital Markets

  • Healius refinances debt, extending support until March 2027. (The Australian)


  • Data Zoo has raised $35m in Series A funding from Ellerston Capital to strengthen its market position. (Data Zoo)

People moves

  • None

☝️ Know about a deal or people move we don’t? Hit reply.

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The watercooler

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