This website uses cookies

Read our Privacy policy and Terms of use for more information.

👋 G’day

Today’s brief:

  • Lawyer forges agreement, blames client

  • Former Star execs appeal $1.1m penalties

  • Judge v prosecutor feud stalls three cases

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

WORD ON THE STREET

Forgery for fees

How far would you go to chase up unpaid fees? Well, one Queensland lawyer forged a costs agreement, then complained to the police that her own client committed a crime. She then told police her own client had committed a crime for failing to disclose his bankruptcy before "signing" the very document she'd fabricated. The client had actually disclosed his bankruptcy in writing. QCAT branded her conduct "incomprehensible and contemptible", flagging the real risk of a wrongful conviction: Lawyers Weekly

  • Frustrated with your firm’s glacial AI adoption? You’re not alone. In the US, AI-native law firms Soxton, Talairis and General Legal are luring Big Law associates with equity, flat fees and no billable hour, charging clients as little as $100 a contract. General Legal’s founder reckons it'll be the world's biggest firm within a decade: Bloomberg Law

  • NSW Crown prosecutors are appealing Judge Penelope Wass's refusal to recuse herself from three cases, after she accused DPP Sally Dowling of leaking material about her to radio station 2GB. The Crown says she’s biased, but Wass maintains no independent observer would agree. Three matters have sat frozen since December: The Australian

PRACTICE POINTS

Star saga continues

⚖️ Corporate: The Star Casino fight isn’t over yet. Matthias Bekier and Paula Martin, Star Entertainment’s former CEO and chief legal officer, have lodged appeals against Justice Michael Lee’s penalty orders. Lee had hit them with a combined $1.1m in penalties and lengthy disqualifications for failing to act on ‘obvious’ money laundering risks tied to junket operator Suncity. Notably, Lee found the penalties were ‘materially less severe’ than warranted, given ASIC’s ‘generous’ earlier deals with former CFO Harry Theodore and ex-casino chief Greg Hawkins. The grounds of appeal aren’t public yet: Lawyerly

⚖️ Regulatory: The ACCC has secured refunds of over $270k for more than 4,500 customers after an investigation into Origin Energy’s ‘Ongoing Saver’ plan. The plan allegedly charged some customers more than its basic plan, despite promising lower rates for the plan’s life. The probe stemmed from a CHOICE designated complaint about energy retailers overstating savings. Origin hasn’t admitted any Australian Consumer Law breach. But it will refund affected customers roughly $60 on average, ditch the ‘Ongoing Saver’ plan entirely, and avoid using plan names implying savings unless they’re actually baked in: ACCC

⚖️ Employment/Tax: The Full Federal Court has dismissed the Commissioner of Taxation's appeal in Commissioner of Taxation v Baya Casal. Ms Casal, an early learning centre assistant, was offered redeployment with 20 to 40% fewer hours after a restructure. She declined and was paid out. The Court agreed that cut was severe enough to make her actual position redundant, meaning she got the more generous 'genuine redundancy payment' tax treatment, rather than a standard termination payout. Crucially, the Court stressed there's no mathematical formula, it's a holistic assessment of facts and circumstances: Allens

TALKING POINTS

Wine decline

Did you hear…

Grab your Penfolds while it lasts. Australia's wine grape crush has hit its smallest haul in over 25 years, down 19% to 1.27 million tons, as shrinking demand and shocking weather gut the industry. The 2026 vintage is worth 26% less at $837m, with red grapes copping most of the fall. Treasury Wine Estates is already pivoting to luxury whites to survive: Bloomberg

Also…

Albanese wants Australia to be an AI leader, not just a "data warehouse for AI products made overseas". Under his new AI rules, data centres will be required to generate as much power as they use. He’s also flagged a new copyright fix letting rights holders choose if (and how they're paid) when their work trains AI models. Business Council of Australia and Angus Taylor reckon it's regulatory overreach: AFR

DEAL ROOM

ASX rebound

📈 The ASX is so back, adding 100 new listings worth a combined $32.6bn in the year to June — the strongest tally since 2022's boom. Listings jumped 45% on last year, though still shy of the 10-year average of 116. IPO proceeds held flat at $5.6bn, while follow-on raisings climbed 20% to $37.8bn: Capital Brief

💰 Perpetual has scored a sweetened takeover offer from Swedish private equity firm EQT, lifting its non-binding bid to $22.07 a share and valuing the wealth manager at $2.55bn. That's up from the $21.64 offer the board knocked back earlier this month for being highly conditional and undervalued: Capital Brief

SECTOR SNAPSHOT

Spotify fights slop

DIGGERS

🚜 CSIRO and AEMO are warning power generation costs could jump 55% to $125/MWh by 2050 as coal exits the grid. Gas plant costs are already up 32%, with the blame largely pinned on US hyperscalers scrambling for electricity to power AI and cloud computing factories. And replacing ageing coal plants with green energy will push prices up: The Australian

FIN

🏦 Macquarie wants a bigger slice of the $320bn term deposit market, scrapping rollover traps and ditching break fees for early withdrawals. It only holds $4bn in term deposits now, offering 5.2% on 12-month terms. But with CBA, Westpac and NAB facing slowing deposit growth, the Big Four may have to defend their market share: AFR

RETAIL + REAL ESTATE

🏠 Qantas is putting its $3.95bn fleet bet to the test, with a 17,000km A350-1000ULR flight from Toulouse to Melbourne slated for July 24. The jets, priced at $330m each, will power Project Sunrise's non-stop Sydney-London route from October 2027, with Qantas tipping international profits to double to $400m: The Australian

TECH + STARTUPS

📱 Spotify is drowning in AI slop. It binned 75 million spammy tracks in the last year, out of 100,000 uploads a day. The move comes as Albanese tasks Michelle Rowland with reviewing Australia's copyright laws, while Spotify bets real artists, not AI slop, win out long-term: AFR

P.S.

What'd you think of today's newsletter?

Login or Subscribe to participate

Comment

Avatar

or to participate

You might like