PRACTICE POINTS

ESG legal risk

• The ESG heat is turning up, especially with Labor’s re-election. Corrs lays out four core drivers of ESG Risk: Domestic rules, global flow-down obligations, ESG litigation, and stakeholder activism. Globally, ESG regulation remains fragmented, but pressure is intensifying. To stay ahead, businesses need to bake ESG into governance, map their supply chains, install strong grievance and remediation mechanisms, and get serious about disclosure processes. The ESG bar is only getting higher: Corrs

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• A former Uber driver has failed in his bid for unfair deactivation relief. Uber deactivated his account after just 3.5 months of recent platform activity. The driver argued that work he’d done on the Uber app from 2017–2019 should count toward the six-month threshold. But Deputy President Colman found that s. 536LD(c) requires regular work over the past six months, meaning his earlier driving stint didn’t help.

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• Albo is reviving his plan to reform the foreign resident CGT regime. The reforms aim to broaden the types of assets subject to CGT by capturing those with a “close economic connection” to Australian land, such as wind farms, solar panels, BESS, ports, rail, and mining equipment affixed to land. The principal asset test will also be amended to apply over a rolling 365-day period (rather than just at the point of disposal). Additionally, foreign investors disposing of shares or units worth over $20m will be required to notify the ATO before completing the deal. No draft legislation has been released, but the reforms were expected to start from 1 July 2025: Hamilton Locke

WORD ON THE STREET

Ashurst’s Canberra exodus

• Breaking news in the capital. Ashurst is ditching its Canberra office, 60 lawyers and 7 partners, offloading it to Thomson Geer. The move aims to slash low-margin federal work as gov spend on advisers tanks post-PwC scandal. TG’s playing the long game, betting big on cost-effective Commonwealth work. While Ashurst pivots to M&A and high-margin deals, like its $7.5m hire of Tony Damian from HSF: AFR

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• In equally as breaking news, Kim K has officially wrapped up California’s Law Office Study Program—six years and four baby bar attempts later. She's been nothing but candid with her law school struggles, telling her Insta followers "I fucking hate Constitutional Law!!!" - we feel you, Kim: Legal Cheek

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• Chief Justice Debra Mortimer says the Federal Court has been too accommodating of well-resourced litigants, with mega-cases like ASIC v Star clogging dockets for over a year. She’s now floating tighter limits on pleadings, evidence and court time to avoid the perception that justice is skewed toward the rich. The aim? Faster, fairer hearings: AFR

TALKING POINTS

Judges vs Chalmers

• Labor’s new super tax — hitting balances over $3m, including unrealised gains — has sparked a standoff with the judiciary. The Aussie Judicial Officers Association says Chalmers is reneging on a deal to exempt judicial pensions, warning it may breach section 72(3) of the Constitution, which bans cutting judges’ pay while in office. The tax could hit retired judges and even their spouses. If passed, a High Court challenge is on the cards, potentially decided by judges directly affected... Capital Brief

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• Bitcoin hit a record high of US$111k. But no, you’re not getting a Bitcoin tax refund. A Victorian judge recently likened Bitcoin to a “form of money” in a new decision, prompting some to (wildly) speculate that crypto gains are no longer taxable. Yeah, not quite. Crypto tax experts say the decision doesn’t overturn CGT laws, and it doesn’t bind the ATO. The case wasn’t even a tax case—it was a criminal matter in a state court. Sorry, crypto bros. Until the Federal Court or legislative reform shakes things up, Bitcoin remains a CGT asset, and ATO guidance still applies: Capital Brief

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• RBA deputy Andrew Hauser says local forward indicators haven’t budged despite Trump’s tariff chaos. But if things spiral, the RBA’s ready to act, hinting at further easing if global fallout worsens. No need to panic just yet—but the message is clear: rates are coming down if trade tensions rise: Bloomberg

THE TREASURY

DEAL ROOM

GemLife’s $2bn IPO

• GemLife: has added Ord Minnett and Morgans to lead retail on its IPO, aiming for a $2bn ASX debut. With JPMorgan, Morgan Stanley and Highbury already on board, the over-50s housing group is targeting investors familiar with land lease assets. The land lease market is in demand from investors, with listed rivals Ingenia and Lifestyle Communities both trading at over 17 times net profit: The Australian

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• IAG: has secured ACCC approval for its $855m acquisition of RACQ’s insurance arm, including a 25-year exclusive distribution deal in QLD. The watchdog found RACQ wasn’t a strong price competitor and had been losing share since 2019. IAG will keep its brands separate, but gains deeper QLD exposure while it waits on WA and SA deal approvals: AFR

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• American West Metals: looks to ride the copper boom with a fresh raise of ~$4m–$6m at 4¢ a share (at a 22% discount to last close). Brokers Alpine Capital and Blue Ocean are running the raise, which includes 1-for-2 free options. It follows takeover bids for Xanadu and New World, fuelling the sector’s red-hot momentum: AFR

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• Mayne Pharma: suitor Cosette may be bluffing on its threat to walk away from its $675m bid, after spending ~$15m on due diligence. Analysts say the material adverse change claim looks like price leverage, not a genuine exit. A revised deal around $6.70/share is more likely than a walk. Any real attempt to open the door would trigger a protracted legal battle: The Australian

SECTOR SPECIFIC

Shock mining departures

🚜 DIGGERS

• Big day in mining boardrooms — Rio Tinto boss Jakob Stausholm is unexpectedly stepping down after 5 years spent cleaning up the Juukan mess, pushing hard into lithium, and a workplace culture overhaul. Simon Trott is in the running to take the top spot. Just an hour later, Fortescue’s energy chief Mark Hutchinson also called time, handing the green baton to Agustin Pichot as Fortescue reshapes its energy playbook: AFR

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• Fortescue’s $6.2bn Iron Bridge magnetite project will be five years late, expected in FY28. Originally due in 2023, it’s been plagued by cost overruns, erosion issues and redesigns. Only 10–12m tonnes expected by 2026. It’s the latest headache for Fortescue as it juggles heritage hurdles, green iron ambitions, and high-grade market pressure: AFR

🏦 FIN

• Goldman Sachs is merging its investment banking arms across the PAC region, led by Iain Drayton. The move aims to boost cross-border deal flow, streamline execution and deepen client ties, with Aussie co-heads Nick Sims and Zac Fletcher staying on. It's a bid to sharpen focus amid sluggish regional M&A: Bloomberg

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• ANZ’s tech chief Gerard Florian says AI agents will soon help bankers prep for meetings and triage loan applications—calling it “the single-biggest change program” in years. The rollout will tap into Salesforce’s new Agentforce software, which automates front-office tasks. It’s part of banking’s broader push to boost productivity without mass restructuring: AFR

🏠 RETAIL & REAL ESTATE

• Qantas and Virgin now control a staggering 98% of the domestic market, thanks to the collapse of Bonza and Rex’s city retreat. Qantas reclaimed top spot, with Jetstar’s profits soaring post-Bonza. The ACCC says no price-gouging yet, but the Airports Association is calling for policy change to stop the duopoly from running the tarmac unchallenged: The Australian

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• Kmart’s new boss Aleks Spaseska is chasing a $20bn sales target, planning to double revenue over the next decade by chasing younger shoppers and pushing Anko global. With Anko already selling via Walmart Canada and stores opening in the Philippines, Spaseska’s strategy is to go big in SE Asia, beauty and tech: AFR

📱 TECH & STARTUP

• Australia’s world-first Age Assurance Tech Trial is testing ways to stop under-16s using social media—think biometric screening and ID uploads across 50+ platforms like Meta and Snap. But the trial’s under scrutiny for accuracy issues in diverse populations. The bigger issue? Big tech aren’t cooperating to develop the ID tech, raising doubts about whether it’ll even stick: Tech Business News

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• Ghosted rehab, raised $2.2m. After ditching his physio mid-rehab, Adam Beaupeurt co-founded Preve, an AI startup tackling the $30bn problem of patients ghosting their treatment. Backed by Carthona, Startmate, Eucalyptus founders, the platform helps physios auto-generate tailored rehab plans, lifting adherence from 20% to 89% in trials. Proof that a missed appointment can turn into a killer startup pitch: Capital Brief