👋 G’day
Welcome back to another day of insights
Today’s brief:
Auditor flags court spend blowout
A&O wins innovation award
BP-Shell mega deal
Here’s your latest 👇
PRACTICE POINTS
$70k for unfair sacking
The Federal Court has found the ABC unlawfully terminated Antoinette Lattouf after she reposted a Human Rights Watch video accusing Israel of using starvation in Gaza. The ABC said she breached its social media policy, but the Court found her political opinion was a key reason for the sacking, breaching s 772(1) of the Fair Work Act. The ABC also failed to give her procedural fairness, breaching its own enterprise agreement. She was awarded $70k in compensation. The ruling makes it clear: employers can’t dismiss staff for expressing political views: Gilchrist Connell
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The Good Guys will pay $13.5m plus remediation after the ACCC found its Storecash promotion misled customers for four years. Shoppers were told they'd get store credit for buying certain products, but had to opt in to marketing emails — a condition buried in fine print. The credit also expired within 7–10 days, despite being promoted as non-expiring. Thousands missed out, and the ACCC says businesses need to clearly disclose promo terms or expect enforcement: Mumbrella
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You’d think the ACCC has enough on their plate, but no. They’re also investigating unsolicited selling and lead generation after a formal complaint from the Consumer Action Law Centre. It’s the first probe under the new designated complaints framework, targeting cold calls, door-to-door sales and social media lead ads. The ACCC says these tactics can cause serious financial harm, especially for vulnerable consumers. The review will look at sales incentives, consumer experiences, and whether current ACL protections go far enough: ACCC
WORD ON THE STREET
Auditor eyes court chaos

The Auditor-General is eyeing the Federal Court after it changed its reported legal spend three times in a year, from $0 to $933k. Greens senator David Shoebridge called it “like playing pin the tail on the jellyfish” and says internal legal costs can signal deeper dysfunction. Past spending hiccups? $160k on ceremonies and $34k at the bottle-o: AFR
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A&O Shearman has been crowned the world’s most innovative law firm at the FT Innovative Lawyer Global Summit, with partner David Wakeling named among the top 20 legal innovators of the past two decades: A&O Shearman
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Turns out Danny Gilbert and KWM global chair Wang Junfeng share more than legal cred—they also co-own Tumblong Estates, a NSW vineyard founded the same year King & Wood merged with Mallesons. It’s a passion project born from friendship, not firm strategy, but the wine’s even made its way to KWM client events in China. Cheers to cross-border collaboration: AFR
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Gadens has issued a public warning after scammers used the firm’s name in a fraudulent recruitment scheme targeting US jobseekers. The firm confirmed it’s not recruiting overseas and urged people to ignore suspicious messages. The ACCC says job scams are booming, with $24.3m lost in 2023, and a sharp rise in cases linked to social media: Cyber Daily
TALKING POINTS
Anthropic’s copyright win

In a landmark win, Anthropic has convinced a US court that training its AI on copyrighted works qualifies as fair use. It’s the first major ruling to back AI training under fair use. But there’s a catch: the Judge also found Anthropic downloaded over 7 million pirated books from sites like Books3, LibGen, and PiLiMi. The court will now hold a trial over the use of these pirated works, which could see Anthropic hit with billions in damages: The Wired
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To fund AUKUS subs and new missile stockpiles, Dept of Defence has quietly slashed training and maintenance budgets by 10%—with insiders warning it’s the tightest squeeze since the ‘90s. Critics say the cash-hungry sub-project is “choking everything else”, even as the US urges Australia to lift spending to 3.5% of GDP. We're currently on track for just 2.3% by 2033: AFR
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Five staffers from NSW Premier Chris Minns’ office will now front a parliamentary inquiry after being threatened with arrest for defying summonses. The inquiry is probing claims that the so-called “caravan terror plot” was a gangland hoax, possibly used to justify rushed anti-terror laws. Staffers initially refused to appear, arguing they were just “proxies” for their ministers: The Guardian
THE TREASURY

ASX as at market close. Commodities and crypto in USD.
DEAL ROOM
Oil shake-up
Shell: is in early talks to buy BP, in what could become one of Europe’s biggest-ever M&A deals. BP’s been under pressure from activist Elliott after years of underperformance. A tie-up would create an energy giant with 5m boe/day output and big LNG muscle. But expect regulatory hurdles and a hefty premium to get it done: AFR*
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Japan: is fuelling Asia’s deal rebound, notching a record $232bn in H1 2025, as management reforms, activist pressure and low interest rates drive privatisations and outbound buying sprees. Big-name deals from Toyota, NTT and SoftBank are setting the pace, with more carve-outs, take-privates and PE bids tipped in the second half: Reuters
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Mars: US$36bn bid for Kellanova has been waved through by US regulators, but the EU’s launched a full-blown probe, warning the snack mega-merger could drive up prices. The deal, which would unite Pringles and Snickers under one roof, faces an October deadline in Brussels. Mars says it’s still confident it’ll seal the deal by year-end: Reuters
SECTOR SPECIFIC
YouTube claps back

🚜 DIGGERS
China is set to overtake Australia as the world’s top lithium miner by 2026, per Fastmarkets. While Aussie producers slow down amid falling prices, China’s state-backed lepidolite push keeps humming, despite being less profitable and more polluting. By 2035, China’s forecast to mine 900k tonnes vs Australia’s 680k, extending its grip on the battery metals supply chain: mining.com
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BHP’s iron ore chief says talk of industry decline is “dead wrong”, taking a thinly veiled jab at Andrew Forrest’s green warnings. He and Gina Rinehart are pushing back on what they see as “unobtainable” net-zero fantasies, arguing the Pilbara’s future lies in realistic decarbonisation, not “magic pudding” policies: AFR
🏦 FIN
The US Treasury has sanctioned three Mexican banks—CIBanco, Intercam Banco, and Vector Casa de Bolsa—for allegedly laundering millions for drug cartels linked to fentanyl trafficking. Officials say the banks processed payments for fentanyl precursors from China. Experts warn the move, though rare, could have crippling effects on Mexico’s access to the US financial system: ABC News
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CBA now expects the RBA to cut rates in both July and August, following inflation figures showing CPI at just 2.1%. A July cut would take the cash rate to 3.35%, easing pressure on mortgage holders. Markets are pricing in an 88% chance of a July cut, with CBA’s Belinda Allen calling a faster cut both “manageable and needed”: Yahoo Finance
🏠 RETAIL & REAL ESTATE
Mirvac has raised $350m for its flagship office fund, signalling big super funds are backing prime office again. The raise gives MWOF fresh firepower to hunt CBD assets, right as Mirvac eyes Lendlease’s $10bn APPF platform. The pitch? Low gearing, strong leasing, and top-tier assets like Quay Quarter and 55 Collins: The Australian
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Brookfield is cashing out of retirement giant Aveo, selling it to The Living Company for $3.85bn—Australia’s biggest direct real estate deal ever. Since buying in 2019, Brookfield’s poured in $500m, simplified contracts, and nearly maxed out occupancy. Now, with retirement demand booming, it’s looking to double down on ‘living’ bets across Asia-Pacific: COMO
📱 TECH & STARTUPS
YouTube’s hitting back at being lumped into Labor’s proposed under-16 social media ban, saying a “logged-out” experience strips kids of key safety features. While eSafety says the move won’t block access to educational content, YouTube claims it undermines their age-appropriate protections—and rejects being called social media at all: Capital Brief
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The Tech Council of Australia wants to revive the Ten Pound Pom playbook—this time for tech talent. It’s teamed up with techUK to help fix Australia’s 200k-worker shortfall, attract UK AI talent, and give Aussie startups a leg-up abroad. With UK AI spending booming, TCA reckons this deal boosts both countries’ digital firepower—no US exit required: The Australian
P.S.

Till next time,
-Team PB