☕️ RBA revolution

The biggest overhaul of the central bank in decades begins this week.

Good morning.

The federal government will introduce legislation in Parliament this week for the biggest overhaul of the Reserve Bank in decades. The changes include separating governance of the central bank’s operations from interest rate setting - and establishing a new board focused on the latter.

These moves, together with other changes including a tweaked mandate, fewer meetings, press conferences following decisions, and beefing up the communications department could leave Michelle Bullock and the RBA less vulnerable to the “gotcha” moments that brought down her predecessor Phil Lowe.

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

🏆 LOI Subscriber #TBD

Market movers

Select Harvests shares were crushed after the almond grower booked a $114 million loss for FY23. The company was hurt by lower almond prices and weak production due to wet weather issues. It said it expects things to improve this year, and even stands to benefit from the warmer weather associated with the El Nino effect, but the market was unconvinced.

The quick sync

  • Canva has been wooing America’s investing elite, in another step on its journey to an eventual IPO. (Capital Brief)

  • US shoppers spent a record US$9.8b ($14.9b) in online sales on Black Friday, up 7.5% from last year. (CNBC)

  • Elon Musk is set to meet with Israeli leaders including Prime Minister Benjamin Netanyahu on Monday. (Reuters)

  • ESG fund managers are growing increasingly anxious over Big Tech bets on AI (Bloomberg)

  • Amazon has been in talks with brands and agencies about bringing advertising to its streaming service in Australia. (Capital Brief)

Trading floor

M&A

  • L Catterton-backed Australian sportswear retailer 2XU hires Grant Thornton to explore strategic options. (Capital Brief)

  • Origin Energy's board is leaning towards rejecting a Plan B proposal from Brookfield and EIG. (AFR)

  • ICG, Partners Group, Medibank, and Macquarie vie for Cura Group acquisition. (AFR)

  • The Infrastructure Fund is set to sell assets, including the Port of Newcastle. (The Australian)

  • Adore Beauty receives a non-binding offer from THG, advised by Jarden Australia. (AFR)

  • Tietto Minerals is set to expand on its rejection of an unsolicited takeover bid from Zhaojin Mining.(AFR)

CAPITAL MARKETS

  • New lenders for Accolade Wines eye debt-for-equity swap. (The Australian)

  • EBOS's failed $2bn raise highlights the disadvantages faced by New Zealand based, dual-listed companies. (The Australian)

  • Propel Funeral Partners eyes $87m raise for debt reduction and M&A plans. (The Australian)

VC

  • EarlyWork raises $1.5m in seed funding to expand tech sales boot camp. (Startup Daily)

  • Lived has ceased operations as its founder, Sally Metelerkamp, faces her own health challenges. (Startup Daily)

People moves

  • Macquarie Group's head of investment strategy, Jason Todd, departs amid layoffs in the wealth management division. (AFR)

  • Former BoQ CEO George Frazis is advising on debt capital markets. (AFR)

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

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The watercooler