The Full Federal Court has ruled that Auto & General’s policy term requiring customers to notify it of “anything” that changes about their home or contents wasn’t an unfair contract term. While the wording was broad, the Court preferred a materiality-based reading, as shown by 11 clear examples in the policy (like renovations, asbestos, or renting out the property). ASIC’s appeal was dismissed as ‘inherently contradictory’, with the Court rejecting that the clause created a significant imbalance or lacked transparency. Even if broad, the term was reasonably necessary to protect the insurer’s legitimate interests. ASIC says it’s considering its avenues: ASIC

As the Federal Government weighs up standalone AI laws, the Privacy Commissioner has jumped ahead, releasing two non-binding guidance papers applying to entities subject to the Australian Privacy Principles (APPs). One targets developers of GenAI models, the other speaks to APP entities using off-the-shelf AI tools. Existing privacy laws already apply, and both builders and users of AI need to think hard about data handling, transparency, and individual rights. G+T steps through the key aspects of the principles: G+T

Refurbished tech marketplace Reebelo Australia has paid $59.4k in penalties after the ACCC issued three infringement notices over misleading claims about consumer rights. Reebelo’s website wrongly stated customers had only 14 days to seek remedies for faulty or incorrect products—contrary to the ACL, which guarantees remedies within a “reasonable time”, often well beyond 14 days. The ACCC flagged concerns given the high value of refurbished electronics and multiple consumer complaints. Reebelo has now agreed to overhaul its website, complaints process, and staff training to lift compliance: ACCC

KWM has landed on front pages for all the wrong reasons. The AFR has suggested a link between its Chinese member firm and a corrupt wind farm deal in Montenegro, a controversial Russian legal conference, and the financial woes of a senior exec. All of which has put the APAC merger on rocky ground. One insider summed it up: “We didn’t have a hope in hell.” AFR

Clifford Chance is doubling down on private capital as its growth strategy in Australia, with new managing partner Mark Currell saying the firm is well-placed to capture more cross-border transactions and financings. Currell, who stepped into the role in May, says the practice will benefit from referrals out of London and Asia, where CC already has deep private capital strength: Law.com

Kunal Nayyar, best known as Raj from The Big Bang Theory, has launched IQ121, an app for storing wills, POAs, insurance docs, and more, with military grade AES-256 encryption and legacy handover features for families. It’s pitched at both legal professionals and everyday users: Artificial Lawyer

ScoMo has been awarded the AC, Australia’s highest civilian honour, for his leadership during the pandemic, role in AUKUS, and economic work. The nod follows controversial honours for premiers Andrews and McGowan last year, and comes despite Morrison’s five-ministry saga, robo-debt fallout, and Black Summer criticism. He now chairs Space Centre Australia: AFR

LA is in turmoil after immigration raids led to 118 arrests, including workers allegedly using false documents. Protests flared across Latino communities, with tear gas, flash-bangs, and graffiti outside federal centres. Trump labelled the unrest an “insurrection” and is deploying 2,000 National Guard troops—despite California’s governor calling it “inflammatory”: ABC

Independent Nicolette Boele has won Bradfield by just 26 votes after a dramatic recount, flipping the blue-ribbon seat for the first time in 75 years. Liberal Gisele Kapterian, initially ahead, may still challenge the result in court. Boele, backed by Climate 200, now joins the growing teal bloc on Sydney’s north shore. Margins don’t get much tighter: The Guardian

Gilbert + Tobin: advised Virgin Australia on its IPO, a plum mandate worth an estimated $5m in fees. The 236.2m share offer at $2.90 values the airline at $2.3bn, with IPO investors to hold 30.2%. Peter Warne steps in as chair ahead of the 24 June ASX debut under ticker VGN: AFR

CC Capital’s: $5 per share bid for Insignia Financial is still hanging on—despite the stock trading at just $3.62, miles off the bid price. Sources say debt funding’s the holdup, and with no rival bidders left, a price cut is looking more likely: AFR

Tanarra Capital: has sold Health Metrics to repeat buyer Accel-KKR, marking its second private equity exit. The aged care SaaS player, now $10m+ ARR and growing 30% YoY, serves a quarter of Aussie residential aged care providers, including Estia Health. Accel-KKR is on a local tear, fresh off a $500m+ Phocas buyout: AFR

GemLife: has now confirmed advanced talks for IPO but made no assurances that the float would be successful. Thakral Corp—GemLife’s 31.7% shareholder—will update stakeholders on progress. A prospectus will be released to eligible investors shortly.

Rio’s had to ditch plans to mine Entree Resources’ tenements at Oyu Tolgoi after Mongolia blocked licence transfers, halting 8 months of tunnelling. It’ll now mine lower-grade “Panel 2 South” earlier than planned. The fallout? Delayed high-grade copper and fresh tension amid Mongolia’s $674m tax dispute and bribery claim against Rio: AFR

Trump says Xi has agreed to resume rare earth exports to the US, defusing tensions ahead of 9 June trade talks in London. The call follows months of tariffs and tech spats. US EV and defence firms rely heavily on these minerals, and a breakthrough could ease pressure on supply chains: Mining.com

Trump’s “big beautiful bill” could wipe $3.5bn from Aussie super returns over 4 years, with a new tax targeting nations seen to unfairly treat US firms. The bill, which name-checks Australia, could lift the rate on US profits to 20%, over existing treaties. Funds are warning it’s a real risk to returns: AFR

Ken Fisher’s Texas-headquartered fund has quietly snapped up $1bn worth of CBA shares in the past fortnight, fuelling the lender’s surge past a $300bn valuation. Foreign funds see CBA as a safe haven from US market turmoil, despite its stretched 31x earnings multiple: AFR

David Jones has posted a $74.4m loss, and owner Anchorage Capital is now restructuring the business and tapping a $190m debt facility from Gordon Brothers to keep it afloat. Cash flow’s up, but so is pressure, with the retail market grappling with rising costs and thinning margins: AFR

Toys ‘R’ Us has entered administration (again) after its online-only revival failed to stem mounting losses. Revenue nosedived from $38m in FY22 to just $7.7m in FY24. BDO’s Luke Andrews and Duncan Clubb are now running the show as buyers are sought for the collapsed group, which also owns Babies ‘R’ Us, Hobby Warehouse, and Riot: SMH

OpenAI’s Jason Kwon says Australia could be a “compute hub” if it speeds up data centre approvals and invests in green power. With 1 in 5 Aussies using ChatGPT, Kwon flagged Stargate-sized investment is on the cards. But grid constraints and planning delays could hold Aus back: The Australian

Meta’s in talks to invest over US$10bn in Scale AI, the AI data startup already backed by Microsoft and OpenAI. It’d be Meta’s biggest external AI bet yet, part of its push to make Llama the global industry standard. Scale’s already working with Meta on “Defense Llama” and scored a US military contract for AI agents earlier this year: Bloomberg