So much of the region's economic future has been tied to the proposed Penola Pulp Mill that the community deserves no less than a full and frank assessment of how the project is progressing and its financial viability.

The Border Watch reveals today that ANZ Infrastructure Services (ANZIS) has retreated from its plans to fund the $1.5b development. The lender yesterday confirmed plans to financially support the project were withdrawn "around two months ago".

Media outlets have been in regular contact with the mill's proponents, but this obviously significant piece of information was not disclosed until rumours began to circulate and ANZIS made a statement.

The Border Watch supports the proposed Penola Pulp Mill. The mill offers employment growth and value-adding potential. A project of that scale brings promise of associated infrastructure development and stimulation of the small-business sector.

Whether Penola is a better location than Dartmoor or Heywood is a different argument and one not worth dwelling on, but it would be a shame if history records a wasted opportunity because of parochial state interests.

The general feeling is increasing that the Penola Pulp Mill is a doomed project.

Let the developers speak loudly and clearly if this view is incorrect. Most people in the South East hope that view is incorrect and want to hear some positive news.

Everybody needs some clarity though.

Road upgrades, rail renewal and other developments are on hold pending confirmation the pulp mill will proceed.

Councils, governments, businesses and residents need to know what's going on.