👋 G’day

Welcome back to more legal and business insights

Today’s brief:

  • A&O Shearman partners exit

  • Woodside bets $17bn on LNG

  • Passwords leaks hits big banks

Here’s the latest 👇

PRACTICE POINTS

Underpayment overhaul

  • The Fair Work Ombudsman has dropped its first ever Payroll Remediation Guide, setting clear expectations for how employers should fix underpayments. And they expect an employee-centred, bespoke and thorough approach.

    • Employers must consult workers early and often, not just at the end.

    • While the statutory review period is 6 years, the FWO expects businesses to investigate non-compliances as far as records allow.

    • It also pushes a bigger shift: from reactive patches to proactive, continuous compliance, with leaders driving a full culture reset to prevent future slip-ups

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  • The NSW Supreme Court has confirmed that minority shareholders can't weaponise quorum rules to block meetings. In Re Heartland Group, the majority shareholder (holding 599 of 600 shares) couldn’t convene an EGM because the articles required two members—and the minority shareholder was deadlocked. Justice Black used section 249G of the Corporations Act to order the meeting anyway, backing in the majority’s right to move business forward when the minority plays obstruction games.

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  • ACCC sues Ateco Automotive trading as LDV, alleging it misled buyers by spruiking certain vehicles as tough and off-road ready despite a risk of rust and corrosion within five years. It also called out into question its 10-year anti-corrosion warranty, claiming the carmaker had no reasonable basis for promising rust-free durability under the ACL. Representations must be backed by evidence, or you risk regulatory heat and reputational fallout.

WORD ON THE STREET

Partners exit

  • A&O Shearman’s decision to cut 10% of its equity partnership has caused 59 partners walk across the US, Europe, Australia and Africa. About 45 have already resurfaced at rival firms. Despite the shakeout, A&O Shearman still says it has around 800 partners globally: ABA Journal

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  • Ben Roberts-Smith claims his ex-wife and her friend leaked privileged legal emails to Nine’s Nick McKenzie during his defamation trial, sparking fresh calls of a miscarriage of justice. McKenzie is accused of passing the material to MinterEllison’s Peter Bartlett and Dean Levitan, Nine’s lawyers at trial. Roberts-Smith now wants subpoenas upheld to probe whether the lawyers knew the material was privileged: The Australian

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  • K&L Gates has lured Matthew Osborne to its Melbourne energy, infrastructure and resources team. Osborne, formerly a partner in White & Case’s Southeast Asia project development and finance group, brings 20+ years' experience on big-ticket energy, LNG and transport projects across Asia-Pac and Central Asia: iclg

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🚶‍♂️ Know who’s on the move? Hit reply.

TALKING POINTS

Crypto mortgages

  • Fresh off beating ASIC in court, Block Earner is gearing up for a big play—cashless, crypto-backed mortgages and crypto-powered credit cards. The pitch? Let Bitcoin-rich Aussies use their coins to crack into the housing market, with Block Earner acting as both broker and lender. Buyers would need about 30% of a property's value in Bitcoin to get started. The company insists its new products stay inside the regulatory lines, but experts like KWM’s Urszula McCormack say in Australia’s financial minefield, even tiny tweaks can trigger big trouble: Capital Brief

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  • Right-wing minor parties are playing a bigger role this election, with One Nation, Family First and Clive Palmer’s Trumpet of Patriots polling above 10% in key outer suburban seats. These areas—hit hardest by cost-of-living pain—are seeing disaffected Labor voters swing right, then preference the Liberals. Up to 90% of minor party voters are preferencing Liberals over Labor—way up from two-thirds last election: AFR

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  • Meanwhile in Canada, Mark Carney has pulled off a shock win in Canada, securing a fourth term for the Liberals after a surge in anti-Trump backlash. Once 20 points behind, the party stormed back as Trump threatened tariffs and even floated annexation—sparking record early voting. Carney now leads a minority government, while Conservative leader Pierre Poilievre lost his seat: ABC News

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  • The social media ban exempt platform YouTube cashes in $16.5m this election. Political parties are pumping record cash into YouTube ads, with Labor dropping $4.4m and the Coalition $3.5m so far. That’s double their 2022 spend. Labor’s digital chief warns of a “133% spike” in final-week costs as Clive Palmer’s Trumpet of Patriots Party soaks up $5.1m in YouTube airtime. It’s a bidding war in an attention economy: Capital Brief

THE TREASURY

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

DEAL ROOM

Aussie miners chase TSX

  • Toronto Stock Exchange: is tipping another bumper year for Aussie dual listings, after a record run in 2024. With gold, copper and uranium plays chasing deeper North American capital pools, names like Alkane Resources, Paladin Energy and Westgold have already made the jump. TSX execs say if you want mining cash in 2025, you need to be in Canada: AFR

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  • Toyota’s: US$42bn plan to take private Toyota Industries, led by chair Akio Toyoda, has lit up Tokyo markets, sending shares in affiliates like Aichi Steel and Daihatsu Diesel soaring. The move would mark one of the world’s biggest take-privates and the biggest shake-up of Toyota’s structure yet, according to SMBC Nikko. It’s seen as a major concession to shareholders and a strike against Japan’s parent-child listing system—where big industrial groups keep large stakes in subsidiaries to fend off takeovers, but often at the cost of good governance: Financial Times

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  • Stripe: is taking an early look at ASX-listed Tyro Payments, sources say, as the $141bn US fintech giant eyes opportunities beyond its e-commerce stronghold. Tyro’s share price has tumbled 23% over the past year, leaving it with a $370m market cap and 73,500 merchants—making it a tempting target. Tyro is also mid-bid for Smartpay, complicating any Stripe move: AFR

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  • Abacus Storage King: weighs a $1.9bn bid from South African billionaire Nathan Kirsh and NYSE-listed Public Storage. Abacus Group has re-engaged Morgan Stanley as it weighs up the $1.47 offer that has riled minority holders – a 8% discount on net tangible assets. Storage King and advisor KWM assume Kirsh won’t be able to vote its majority stake in the scheme meeting for its bid. While rival bidders like NSR and Brookfield are watching, few expect a competing bets: AFR

Some Wednesday wisdom for you…

“No one else knows what they're doing either.”

- Ricky Gervais

SECTOR SPECIFIC

Hackers hit Big 4

🚜 DIGGERS
  • Fortescue, Whitehaven and Stanmore are seeing lower unit costs, signalling the end of a decade-long inflation run in mining. Fortescue posted its lowest quarterly unit cost since late 2022 at $US17.53 per tonne of WA iron ore as lower commodity prices, a weaker dollar, and rising unemployment drive the trend: AFR

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  • Woodside has approved a $17.5bn LNG plant in Louisiana — the first since Trump’s return to office. CEO Meg O’Neill says Trump’s US energy push giving the project an edge. First gas is due in 2029, helping lift Woodside’s global LNG output to 24Mtpa, over 5% of world supply, with $2bn annual cash expected in the 2030s: Reuters

🏦 FIN
  • More than 31,000 passwords from CBA, ANZ, NAB and Westpac customers are being flogged online after malware hijacked Aussie devices. Cyber spooks say infostealer infections—often spread via dodgy downloads and Minecraft mods—are flooding Telegram and dark web markets. And changing passwords won't save you if your device is still bugged: ABC News

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  • 300+ employees and shareholders, based across UK, Australia, New Zealand and Asia, are gearing up for a class action against wealth tech giant FNZ over a $US4.5bn share dilution. The group claim recent cap raises unfairly eroded their equity. Longstanding staff allege they’ve been sidelined by preference share deals favouring institutions, calling the process “toxic”. Legal action is kick off in New Zealand courts within weeks: AFR

🏠 RETAIL & REAL ESTATE
  • Aussie wine exports to China have cracked $1bn in the first year post-tariffs, helping push total Aussie exports up 41% to $2.64bn. But there’s a catch: China has boujee taste, mostly buying expensive, premium wines – not the cheaper bottles piling up in Aussie warehouses. Meanwhile, exports to the US, UK and Hong Kong have tumbled: The Australian

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  • Anyone else going shopping for a casino? Tourism billionaire Chris Morris is close to snapping up the Reef Hotel Casino in Cairns for over $200m, after pub tycoon Sam Arnaout passed at the deal earlier this year. Morris, who already owns a Townsville casino, luxury islands and a fleet of superyachts, sees the Reef as a perfect fit for his far north Qld empire: The Australian

📱 TECH & START UP
  • Fluency has bagged $1.5m in pre-seed funding to take its AI-powered process platform to the next level. Already used by AON and Specsavers, the Melbourne-based start up says it slashes time on documents by 90%—tackling the 20–30% revenue drain caused by messy ops. The 24-year-old founders plan to ramp up their AI for automatic execution next: Capital Brief

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  • Canva co-founder Cliff Obrecht caused a stir with a vague LinkedIn post warning that “time kills all deals” and urging people to not “f*ck about and just get it done”. With Canva’s long-rumoured IPO still dangling, the post set off wild speculation among VCs and tech-watchers. Obrecht claims it’s “about absolutely nothing” but who’s buying that: AFR

P.S.


Till next time,

-Team PB

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