New Australian perfume being developed (7)
I believe the answer is:
nascent
'being developed' is the definition.
(I've seen this before)
'new australian perfume' is the wordplay.
'new' becomes 'n' (common abbreviation eg NT for New Testament).
'australian' becomes 'A' (common abbreviation).
'perfume' becomes 'scent' (synonyms).
'n'+'a'+'scent'='NASCENT'
(Other definitions for nascent that I've seen before include "Sent can (anag.)" , "Developing" , "Starting existence" , "Budding early" , "Starting to develop" .)