AI bills are about to get a whole lot more expensive. Legora is ditching seat licences for consumption-based pricing on its new Agent Pro product, meaning firms pay for what the AI actually does, not how many logins they bought. Anthropic and OpenAI have already made the same move on their most capable models: Point Blank

⚖️ Crypto/Privilege: The High Court has unanimously found Block Earner needed an AFS licence for its "Earner" crypto product. That ruling reopens penalty proceedings, and experts are predicting the company will need to produce the Gilbert + Tobin advice it relied on to escape a penalty first time around, having avoided disclosure of it before Justice Jackman in 2024. The Full Court previously flagged it would ordinarily expect to see the advice, and ASIC, which originally sought around $350k, is likely to push harder this time. The parallel is ASIC v Cigno, where Justice Jackman reduced penalties to $7m on reliance on Piper Alderman advice, a decision ASIC has appealed: Lawyerly

⚖️ Employment/Witnesses: The Federal Court has found workplace sexual harassment proven on the balance of probabilities in a private "he said, she said" scenario. In Clarke v Beiler Constructions, the first fully contested case under the Fair Work Act sexual harassment protections introduced in 2023, Justice McDonald found the applicant's account credible largely because she had reported the conduct to her son and parents shortly after it occurred, consistently and independently. The employer was also found vicariously liable under s 527E for failing to take all reasonable steps to prevent the conduct.

⚖️ Takeovers: The Takeovers Panel has reaffirmed the 21-day waiting rule for shareholder acceptance commitments in Cue Energy Resources [2026] ATP 5. Where a shareholder commits to accept a bid "in the absence of a superior proposal" and the committed shares, combined with shares already controlled by the bidder, exceed 20%, the shareholder must wait 21 days after the offer period opens before accepting. The target pushed for a longer hold-off, but the Panel wasn't persuaded, noting five weeks had elapsed since announcement with no rival emerging: Takeovers Panel, HSF Kramer

Zali Steggall and Allegra Spender have launched Community Strong Australia, a leaderless teal party with no branch members and no whip. Steggall says it's centrist, "not a centre-right replacement", while Spender says the move is a response to voters feeling "politically homeless." Papers filed with the AEC Wednesday say that party’s policy pillars are sensible economic management, climate action, equality and integrity: SMH, AFR

Headline inflation came in at 4% for the year to May, below the 4.4% market consensus, but don't get too excited. The underlying number is still creeping up, with housing the biggest contributor to inflation (up 6.5%). Electricity was a killer, with costs 21% higher than last year. Westpac is tipping another rate hike in August: Capital Brief

💔 Humm Group is eyeing a breakup and sale of its commercial division after Credit Corp's acquisition collapsed this week. Credit Corp had slashed its bid to 60c per share (down from 77c), which Humm's independent board flatly rejected: The Australian

🧃 Corrs advised Danone on its ~$2bn acquisition of Melbourne-based Made Group from TPG Capital, working alongside global lead Latham & Watkins. Clifford Chance acted for TPG, five years after advising on the original buy-in. Read our deal breakdown: Point Blank

🛣️ With IFM Investors locking in a 51% direct stake in Atlas Arteria after a four-year campaign, Chair Debbie Goodin is now in the hot seat. IFM is expected to push for her resignation or call an EGM to remove her: AFR