Anthropic’s general counsel Jeff Bleich reckons AI will kill the billable hour, with the company estimating AI could handle 88% of legal tasks. It’s a tight thesis — AI automates the grunt work, firms can no longer justify padding hours, and the profession pivots to value-based pricing. But UC-Berkeley research tracking AI adoption suggests lawyers aren’t doing less. They're grinding harder, faster, across more matters: Point Blank

⚖️ Tax: The Full Federal Court has confirmed that related party dealings need formal agreements to support tax deductions, even where the arrangement is genuine. The Coronis Group’s operating companies claimed deductions for fees paid to related trusts for use of IP and a rent roll. The charges were commercial, but the written agreements had lapsed in 2015 and payments continued on a handshake. The ATO disallowed the deductions and the Full Court agreed, holding that a common director’s say-so isn't enough: courts require objective evidence of contractual arrangements: McCullough Robertson

⚖️ Insolvency: The Federal Court has approved Australia's first receiver-led creditors' scheme of arrangement, giving insolvency practitioners a fresh restructuring tool. Twinza Oil, which owed roughly US$387m to senior lenders, used the scheme to swap about 92% of its debt for equity, with lenders taking 83% of the restructured company. A first attempt failed when objectors challenged the valuation evidence. The parties regrouped, cut a deal, and the revised scheme sailed through with 100% creditor support. Clayton Utz acted for the senior secured lenders: Clayton Utz

⚖️ Consumer: The Australian Government has announced it will double maximum civil penalties under the Competition and Consumer Act to $100m, up from $50m, in response to fuel price gouging concerns. While triggered by the fuel sector, the increased penalties will apply economy-wide to false or misleading conduct and cartel behaviour. The legislation will be introduced next week. If passed, it'll mark a tenfold increase in just five years: KWM

Albo’s appointed former energy regulator Anthea Harris as a “fuel czar” to coordinate the response to price spikes and supply disruptions from the Iran war. Australia imports over two-thirds of its fuel, and diesel prices have jumped 50%+ in some regions. And oil prices remain erratic — surging to almost US$120 a barrel yesterday before easing. In fact, each week Qatar's Ras Laffan LNG plant, the world’s largest, stays shut, the world loses enough energy to power Sydney's homes for an entire year: Bloomberg, AFR

The Nationals wouldn’t win a single lower house seat if an election were held today. New polling has One Nation on 27% of the primary vote, ahead of the Coalition’s 21%. For the first time, more men would give their first preference to One Nation (29%) than Labor (28%). The poll has the Coalition reduced to as few as nine seats: Capital Brief

🛢️ Shell’s selling its 16.67% stake in the North West Shelf, valued around $2bn, with Abu Dhabi’s XRG weighing a bid and a Japanese consortium also circling: The Australian

⛏️ Dual-listed Capstone Copper is reportedly shopping its cash-churning Cozamin mine in Mexico, with Scotiabank tipped for the sell-side mandate. Macquarie values it at $642m: AFR

🕶️ Bailey Nelson’s co-founders are tapping UBS to find a capital partner for a 100-store rollout, targeting double the revenue in five years. The Bondi pop-up turned 122-store chain is tracking $145m revenue and ~$19m earnings: AFR