KPMG just got the most expensive timeout: barred from new Commonwealth contracts until 30 September while the Department of Finance runs an independent review into its governance and ethics. Lendlease didn't wait to investigate, dumping them as auditor immediately. With the CEO and audit chief already gone and partners scrambling to leave, it's giving the same energy as PwC in 2023: Capital Brief, AFR

⚖️ Greenwashing: The ACCC has launched Federal Court proceedings against burger chain Grill'd over its "Tree Day Tuesday" promotion. The regulator considers this greenwashing, alleging customers were misled into thinking every Tuesday burger purchase triggered a $1 tree-planting donation. In reality, the ACCC says only around 4% of Tuesday purchases actually qualified, because the promotion was buried under seven undisclosed or inadequately disclosed conditions. Over five million Tuesday burgers were sold across the period. Charitable or environmental promotions must clearly disclose all material conditions: ACCC

⚖️ Competition/Property: Australia's new mandatory merger control regime has a longer reach into property transactions than most realise. "Assets" are defined broadly to capture freehold, leasehold, agreements for lease, options and equitable interests. Large acquirers (Australian revenue over $200m) acquiring discrete assets with a global transaction value over $200m must notify the ACCC before completion. An "ordinary course of business" exemption covers routine acquisitions like offices and warehouses, but not land-banking or snapping up a competitor's facilities. Waivers for straightforward deals cost $8.3k and typically resolve in 2–4 weeks: A&O Shearman

⚖️ Leases: A hospitality operator lost two Melbourne CBD leases after letting a design approval deadline lapse, with the Federal Court upholding the landlord's termination in Pheonix A v Spring UT. Justice Moshinsky found the parties never agreed on the tenant's plans and specifications before the deadlines expired, rejecting arguments that a November 2023 email exchange had settled the point. Estoppel and election arguments also failed, with the tenant unable to establish any common assumption that the condition was satisfied. Conditional leases live and die by their conditions — tenants who let design deadlines drift without seeking extensions risk losing the lease: Australasian Lawyer

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London job postings for corporate lawyers, software developers and finance analysts have cratered from the hundreds to the double-digits. Exhibit A: finance analyst vacancies on one major jobs site have dropped from 350+ to about 80 in four years. The culprit is obvious. Hedge funds that once hired three junior analysts now hire one to babysit AI. If firms stop training juniors, who fills the senior ranks in five years? Bloomberg

The RBA held at 4.35% this month, a pause after three consecutive hikes, while it waits to see if earlier rises are doing the work. Governor Michele Bullock confirmed the board didn't even discuss a hike in June. But don't get too comfortable. The board flagged it'll lift again "if required". Economists are split, with KPMG still tipping an August hike, while others say the RBA will hold for a while: Capital Brief

🚀 Gilbert + Tobin (for SpaceX) and Mallesons (for the 23-bank underwriting syndicate) advised on the Australian slice of the biggest IPO ever, SpaceX's US$75bn Nasdaq debut. The Aussie component required a bespoke prospectus wrapper sitting alongside the US document — a first-of-its-kind: Point Blank

🤝 Speaking of SpaceX, the newly-listed company has formally agreed to a $60bn takeover of Cursor, the AI coding startup, according to a regulatory filing. The transaction cements Musk's push to close the gap on rivals like Anthropic and OpenAI: Bloomberg

👟 Frasers Group, Mike Ashley's retail conglomerate, has launched a $390m hostile bid for Australia's largest footwear retailer Accent Group, owner of Platypus, Hype and The Athlete's Foot, at 65c a share, a nil-premium offer. Arnold Bloch Liebler reps Accent and Lander & Rogers acts for Frasers: The Australian