The volume of mergers and acquisitions in Australia is already at its highest annual level on record with nearly five months of the year to go, the Wall Street Journal reported. More than $134 billion in pending and completed deals have been announced this year, according to data provider Dealogic. That already outpaces 2011, Australia’s previous busiest year on record, when just under $134 billion was announced for the entire year.

Australia's record merger-and-acquisition (M&A) boom can only intensify in the near term as ultra-low interest rates and confidence that the economy will rebound from the COVID-19 pandemic are likely to drive deal activity, bankers said, Reuters reported. The market received a boost on Monday after U.S. payments firm Square Inc. said that it would purchase buy now, pay later pioneer Afterpay Ltd for $29 billion in the biggest-ever buyout of an Australian company. On the same day, Oil Search Ltd agreed to a raised $6.2 billion takeover bid from Santos Ltd.

Australia’s Small Business and Family Enterprise Ombudsman is calling on the federal government to ‘reactivate’ temporary insolvency protections that will help cushion small and family businesses during public health ordered lockdowns, SmartCompany reported. The number of businesses going into administration increased by 75% in the last week of June 2021, according to new data released by CreditorWatch.

Australia’s Small Business and Family Enterprise Ombud is calling on the federal government to ‘reactivate’ temporary insolvency protections that will help cushion small and family businesses during public health ordered lockdowns, the Mandarin reported. The number of businesses going into administration increased by 75% in the last week of June 2021, according to new data released by CreditorWatch.

Sydney Airport Holdings Pty Ltd said on Thursday that it would reject a A$22.26 billion ($16.6 billion) takeover proposal from a group of infrastructure funds, the biggest of a frenzy of Australian deals fuelled by record-low interest rates, Reuters reported. The operator of Australia's largest airport said directors had unanimously concluded the proposal undervalued the airport and was not in the best interest of shareholders. If successful, it would have been one of Australia's biggest buyouts.

A silver mine in Bosnia and Herzegovina that sat derelict through the years of civil strife that gripped the region from the early 1990s may soon be taken out of mothballs to benefit from an optimistic price outlook, Bloomberg News reported. Adriatic Metals Plc’s Vares project could resume production by the end of 2022 following a hiatus of more than three decades, according to Chief Executive Officer Paul Cronin.

The U.S. private equity group in talks with Sanjeev Gupta over refinancing his Australian operations, White Oak Global Advisors, is moving deeper into the trade credit business after snapping up one of Greensill Capital’s subsidiaries, the Australian Financial Review reported. White Oak Global Advisors CEO Andre Hakkak, who is in refinancing talks with Sanjeev Gupta, has bought Greensill Capital subsidiary Finacity. White Oak has been named the successful bidder of Finacity, a US firm which helps companies raise cash by acquiring their invoices.

A consortium led by Macquarie Group Ltd. is exploring a rival offer for Sydney Airport, in a potential challenge to IFM Investors Pty’s A$22.3 billion ($17 billion) bid, Bloomberg News reported. The Australian firm has been speaking with potential partners, including local pension funds, about making a joint offer. The bidding group could include funds managed by Macquarie Infrastructure & Real Assets. Macquarie may also use some of its own capital for the deal and could seek to rope in some of the MIRA funds’ investors to join the consortium.

Britain and Australia announced a free trade deal on Tuesday which the British government hailed as an important step in building new trade relationships following its departure from the European Union, Reuters reported. Britain said cars, Scotch whisky and confectionery would be cheaper to sell in Australia because of the agreement, which removes tariffs and reduces red tape. Australia said it was a "great win" for Australian agriculture. The deal is the first bilateral trade accord Britain has negotiated from scratch since leaving the EU last year.