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👋 G’day

Today’s brief:

  • Judge warns against other judges using AI

  • US firms explore private equity ownership

  • Three airlines threaten Qantas and Virgin

Here’s your latest, PB #{{join_number}} 👇

WORD ON THE STREET

Bench v bots

Justice Emilios Kyrou reckons any judge using AI to write rulings is breaking their oath, full stop. The Federal Court judge and ART president backs the bench-wide AI ban, warning that outsourcing judgement to a chatbot risks privacy breaches, plagiarism and “instantaneous collation of random data” masquerading as reasoning. His take: keep the robots out of the judge’s chair: Lawyerly

  • US firms Paul Weiss, Quinn Emanuel and Proskauer are all quietly sniffing around private equity cash, using an MSO structure to dodge the "no non-lawyer owners" rule. Nobody's committing, but everyone's curious. As one adviser put it, "everyone wants to go second." Partners aren't convinced either, fearing an exodus if the firm sells its soul: AFR

  • Justice Lee granted Maurice Blackburn an extension to October 31 to finish the $120m Qantas payout, but wasn't shy about his frustration, saying he'd have sorted the delay himself if told sooner. He also had a dig at the Transport Workers Union for banking its $50m share while affected workers were still left waiting: The Australian

PRACTICE POINTS

Telco turf war

⚖️ Telcos/Competition: The ACCC has kicked off a 12-month inquiry into whether telcos should be forced to give competitors wholesale access to domestic mobile roaming and network infrastructure, especially in regional areas. Telstra is against it, saying mandated roaming discourages investment in new infrastructure and that nothing's really changed since the ACCC rejected the idea back in 2017. Optus and TPG Telecom back the inquiry, with TPG pointing to its regional network-sharing deal with Optus as proof voluntary tie-ups can boost coverage without regulation. A discussion paper and regional consultations are coming, though the ACCC says it's yet to land on a view: ACCC, Capital Brief

⚖️ Governance: In ASIC v Bekier (the Star Entertainment judgment), Justice Lee weighed in on directors using AI to tackle bloated board packs. Courts have consistently rejected “information overload” as a defence to breach of duty claims, and Lee's comments don't change that. He was upbeat about AI's potential as a governance tool, but insisted any use must be controlled, transparent and backed by formal policies, not tolerated as “shadow” use. AI summaries aren't a substitute for directors actually reading and interrogating materials, and ethical judgment can't be delegated to a machine. Directors relying solely on AI to digest board papers risk real liability exposure: Maddocks

⚖️ Privacy: The OAIC has updated its facial recognition technology (FRT) guidance for retailers, following the Administrative Review Tribunal's February 2026 decision confirming aspects of its 2024 determination against Bunnings. The guidance clarifies when retailers can skip consent under the “serious threat” or “unlawful activity” exceptions. But the bar still stays high: entities still need a privacy impact assessment, must show less intrusive options wouldn't work, and must prove the benefits outweigh the privacy impact. The Privacy Commissioner says a “precautionary approach” is now expected, with community concern about FRT jumping from 27% to 45% since 2023: OAIC

TALKING POINTS

Duopoly threats

Did you hear…

Is the Qantas/Virgin duopoly coming to an end? Three new airlines, Koala Airlines, Zinc and VietJet, are eyeing Australia's domestic skies, and it's the biggest crack at Qantas' grip since 1995. Qantas and Virgin control 98.5% of the market with margins double their US rivals. Rex and Bonza tried and died. Let's see whether these three fare better: Bloomberg

Also…

CBA staff are pushing back on its “big brother” tracking — apps that track their location in the office, monitor Bluetooth at home and flip their Teams status to "away" the moment they step away. The Finance Sector Union wants surveillance limited to genuine safety issues, but CBA said no can do: AFR

DEAL ROOM

Rebound rejected

⛏️ Regis Resources has knocked back pressure to chase a rebound deal after Genesis Minerals trumped its $10.7bn tilt at Vault Minerals with a $12.6bn buyout. CEO Jim Beyer says Regis would rather return its $1.2bn cash pile to shareholders than spark a bidding war: AFR

🎬 Paramount's $110bn takeover of Warner Bros Discovery has cleared the UK, after it agreed to protect Channel 5 as a public broadcaster until 2034. The last hurdle is a US legal challenge from state AGs and writers' guilds: The Guardian

🤝 oOh!media's takeover battle comes to a head today, with final bids due. I Squared Capital currently leads at $1.60 to $1.65 a share: The Australian

SECTOR SNAPSHOT

Atlassian’s turnaround

DIGGERS

🚜 Beach Energy is eyeing electricity markets, data centres and LNG exports as it braces for Labor's domestic gas reservation scheme. CEO Brett Woods says the company's already offloaded an offshore Victorian asset, warning further diversification is on the cards if the policy lands without industry's requested tweaks: The Australian

FIN

🏦 AMP posted a "ripper" half with profits up 57% to $154m, kicking off another $150m buyback and hosing down deal speculation. Meanwhile, NAB has snapped up Goldman Sachs’ local equities boss Mark Davis to run its markets division from November, making it the latest in a run of big four banks stacking their ranks with GS alumni: AFR

RETAIL + REAL ESTATE

🏠 National office vacancy climbed to 16.1%, its highest since 1995, as suburban markets buckle under oversupply while tenants chase premium CBD space. Brisbane and Perth are leading recovery, but Property Council boss Mike Zorbas says it’s still a “quality and location” story, not a broad recovery: The Australian

TECH + STARTUPS

📱 Atlassian shares jumped 36% after a surprise profitable fourth quarter and 26% revenue growth for FY26, easing SaaSpocalypse jitters. Mike Cannon-Brookes is putting his money where his mouth is, announcing plans to buy US$250m of the company's own shares on-market as its AI tools cross one million active users: Capital Brief

P.S.

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