Anika Wells enters week under intense scrutiny over taxpayer-funded travel

Good morning. Here's what happened overnight and what you need to know today.

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1.

Expensive taste: As the government’s under-16 social media ban takes effect this Wednesday, Communications Minister Anika Wells enters the week under intensifying scrutiny over taxpayer-funded travel. Prime Minister Anthony Albanese on Sunday defended Wells’ use of entitlements, telling ABC’s Insiders that “all of the travel was within guidelines” and saying she was “doing her job” in promoting the social media ban at the United Nations. Senate estimates revealed the last-minute commercial flights for Wells, a staffer and a departmental official cost close to $100,000, and an additional USD45,744 was also reportedly spent hosting an event titled “Protecting children in the digital age”, with USD15,984 claimed for the trio’s accommodation and ground transport. Nine newspapers reported Wells claimed $2,846 for a June family trip to Thredbo under family reunion entitlements while attending a Paralympics Australia event. According to the AFR, Wells also billed almost $1800 for her and her husband to attend the Melbourne Grand Prix after receiving free tickets from Motorsport Australia, and charged $3600 for a June trip to Adelaide during which she attended a friend’s birthday. The Daily Telegraph, cited by multiple outlets, reported Wells also took three taxpayer-funded trips to Paris in one year costing more than $120,000. Wells told Sky News all travel was within entitlement rules and said she welcomed scrutiny. In a separate case of travel spending under scrutiny, the AFR reported former Future Fund chair Peter Costello blocked a planned third business class trip for the CEO’s assistant, after earlier trips included one costing $20,000 to assess hotels. (SMH)(AFR)(The Telegraph)(The Australian)(ABC Insiders)(Sky News)

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Affordable move: ANZ will lose the executive behind more than $7 billion in social and affordable housing, with head of housing strategy Caryn Kakas set to exit on 22 January as the bank continues to cut back its ESG teams under chief executive Nuno Matos. In an internal note seen by Capital Brief, group general manager of corporate affairs Tony Warren said Kakas had helped establish ANZ’s housing purpose and had been central to developing a bankable housing pipeline that delivered more than $7.37 billion in social, affordable and suitable housing across Australia and New Zealand. ANZ’s latest ESG reports show the bank moved from fourth to first in developmental lending during her tenure and led the majors in financing lease communities and specialist disability accommodation. No replacement will be appointed, despite a major pipeline of work and round three of the Housing Australia Future Fund Facility opening in January. A source with direct knowledge of ANZ’s ESG work told Capital Brief there were concerns the bank could fumble HAFFF deals as rivals intensify competition. Kakas’ exit follows the departure of climate head Gerard Brown and comes amid 4,500 job cuts. An ANZ spokesperson said the bank remained committed to its $10 billion housing goal. (Capital Brief)

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The Signal: Treasury officials quietly indicated LinkedIn could be among the platforms captured under the Albanese government’s revived News Media Bargaining Incentive, Capital Brief reported. The government is halfway through a four-week consultation process to determine which tech companies beyond Google, Meta and TikTok would be subject to the scheme. In meetings with media executives over the past week, officials suggested Microsoft’s professional networking platform may be included, according to people with knowledge of the discussions. While LinkedIn has built a multibillion-dollar advertising business, some media executives are sceptical the platform would meet the $250 million revenue threshold on its own, and verifying its earnings could prove difficult. A Treasury spokesperson declined to comment, pointing instead to Assistant Treasurer Daniel Mulino’s November remarks that Google, Meta and TikTok would fall within the thresholds, while inclusion of others would be determined through “fine tuning”. With Meta walking away from publisher deals worth roughly $70 million a year, local media groups are assessing new targets. Microsoft and TikTok have increasingly come into focus. In early 2021, Microsoft backed the original code, with vice president Brad Smith saying the company would “be willing to live by these rules if the government designates us.” (Capital Brief)

4.

Streaming showdown: Netflix’s USD72 billion deal to acquire Warner Bros Discovery’s studio and streaming assets has set the stage for a high-stakes regulatory battle, renewed industry opposition and the possibility of a hostile counterbid from Paramount. Finalised late Friday, the deal would see Warner’s cable networks, including CNN and TNT, spun off into a separate business, while shareholders receive USD23.25 in cash and USD4.50 in Netflix stock per share. Paramount, which reportedly offered USD30 per share in an all-cash bid for the full company, is now weighing its next move after claiming the process was “tainted” and skewed toward Netflix, Axios reported. Regulators are expected to face pressure from unions, cinema owners and Hollywood figures. With a USD5.8 billion breakup fee if blocked, and closure not expected before Q3 2026, Netflix faces scrutiny over jobs, competition and content output. Meanwhile, Warner CEO David Zaslav, who will stand with more than USD420 million in stock options if the deal completes, has told employees he expects few layoffs. (Bloomberg)(FT)(Capital Brief)

5.

Bid locked: Brookfield Asset Management and Singapore’s GIC are nearing a binding offer for National Storage REIT in a deal that may value the company at about $4 billion, Bloomberg reported, citing people familiar with the matter. The parties are finalising details of the potential transaction, which could be announced as early as Monday. The sources said Brookfield and GIC have made progress on due diligence, but deliberations are ongoing and no final decisions have been made. The binding offer price is likely to be the same as the conditional bid made in November, when Brookfield and GIC offered $2.86 per share, according to the report. National Storage granted the group exclusive due diligence access until 7 December to help reach a binding deal. The company operates more than 270 storage centres across Australia and New Zealand and is the largest self-storage provider in Australia. If successful, the deal would become the country’s largest real estate privatisation. (Bloomberg)

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Bureaucracy bites: Victoria’s startup sector is mourning the end of LaunchVic, with founders and investors warning that merging the agency into Breakthrough Victoria could dismantle years of progress and damage the state’s reputation as a startup hub. The Victorian government confirmed the decision last week, following the Helen Silver-led review that recommended LaunchVic be abolished as a standalone entity due to duplication across innovation initiatives. Launched in 2017, LaunchVic unlocked over $1.5 billion in private capital and was seen as an effective, independent model for public startup support. Critics of the move, including Startmate’s Michael Batko and Elita founder Paloma Newton, described it as “crazy”, “devastating” and “short-sighted”. They contrasted LaunchVic’s track record with Breakthrough Victoria, a $2 billion fund launched in 2020 that has faced ongoing criticism for poor investment outcomes, slow capital deployment and lack of transparency. Others, such as Dave Slutzkin and Amber Main, welcomed the change, saying the sector does not need government to drive innovation and pointing to the bureaucracy of public funding. (Capital Brief)

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Phased talks: Israeli Prime Minister Benjamin Netanyahu said the first phase of the UN-backed Gaza ceasefire plan is nearly complete and that the second phase is close, but critical issues still need to be addressed before it can proceed. Speaking alongside German Chancellor Friedrich Merz in Jerusalem, Netanyahu said he will meet US President Donald Trump later this month to discuss the next steps, including Hamas disarmament, Gaza demilitarisation and whether an international force will be deployed. Trump’s proposal, supported by a 17 November UN Security Council resolution, calls for Israeli withdrawal, the establishment of a transitional authority under a “Board of Peace”, and an international stabilisation force that could include troops from Muslim-majority countries like Indonesia and Azerbaijan. Israel controls 58% of Gaza, and the return of the final hostage’s body would conclude phase one. Merz said phase two “must come now” but stated Germany does not plan to recognise a Palestinian state in the foreseeable future. (Reuters)(Bloomberg)(The Guardian)

8.

CEO switch: Qatar Airways Group has appointed Hamad Ali Al-Khater as its new group chief executive, replacing Badr Mohammed Al-Meer in a surprise leadership change effective immediately, the company said in a statement. Al-Khater was most recently chief operating officer at Hamad International Airport and previously held roles at QatarEnergy and other oil and gas firms. He joined the group less than two years ago. Al-Meer became CEO in October 2023 after the retirement of Akbar Al Baker, who led the airline for nearly three decades. No reason was given for Al-Meer’s departure. His tenure included a USD96 billion deal for 210 Boeing widebody aircraft – Boeing’s largest order by value – as well as investments in Virgin Australia and South Africa’s Airlink, and its exit from Cathay Pacific. During his time, missile attacks from Iran forced Qatar to close its airspace, stranding tens of thousands of passengers. Chairman Saad Sherida Al-Kaabi thanked Al-Meer and welcomed Al-Khater. (Capital Brief)(Qatar Airways)(Bloomberg)