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👋 G’day

Today’s brief:

  • Lawyer forgot his camera was still on

  • Medicare hacked by rogue AI agent

  • Minters sued for unfair dismissal

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

WORD ON THE STREET

Caught on camera

Camera chaos

An Australian lawyer had an unfortunate mid-meeting mishap when he forgot to turn his camera off before a bathroom break. Colleagues tried to soldier on, one even asked him to weigh in on the discussion, before someone finally flagged that his screen was still live. You can't make this stuff up… RollOnFriday

PRACTICE POINTS

AI guardrails

⚖️ AI: The Federal Government has released a consultation paper proposing national mandatory minimum standards for data centres. It’s a tiered model: facilities under 30MW are excluded, those between 30MW and 100MW face baseline requirements, and those above 100MW (or a 150MW portfolio) face the heavy lifting. Large data centres would need to fully offset their energy use with new renewables, use recycled or non-potable water, engage with local and First Nations communities, and support workforce training. Separately, frontier AI labs approved to train large-scale models in Australia could face minimum safety and security standards, including reporting AI incidents to Australian authorities. Submissions close 9 October: Australian Government, HSF Kramer

⚖️ Employment: Apple has been ordered to pay $18k after the ACT Civil and Administrative Tribunal found it indirectly discriminated against a disabled employee under s 8(3) of the ACT’s Discrimination Act. The accessible bathroom at its Canberra store doubled as a storage room for cleaning gear, including a large floor-cleaning machine, and a staff change room. Apple argued there was nowhere else to store the equipment and the employee had flexible breaks. Senior Member Robert Orr wasn’t persuaded, finding the employee, whose condition required sudden and frequent toilet trips, was disadvantaged. The fact he could still manage to use it didn’t defeat the claim: Lawyerly

⚖️ Enforcement: The Vic Bar has published a case note on ASIC v Money3, where the Federal Court fined Money3 $1.55m for responsible lending breaches. Money3 offered car loans to consumers living entirely on government benefits. But its credit analysts didn’t properly check bank statements, applying arbitrary figures for living expenses instead. All six consumers hit financial hardship soon after. Still, it was a limited win for ASIC. The Court rejected most of its claims and criticised its “sprawling” case, which alleged 17 contraventions. The Court said regulators should run their worst examples, rather than multiple permutations of each contravention: VicBar

TALKING POINTS

Medicare breach

Medicare breach

Did you hear…

An OpenAI model hacked a Medicare website in June while looking up Australian health stats during an internal test. OpenAI spotted it in August, but only told the government on 10 September. To make matters worse, they decided to communicate the hack via an email to the Services Australia public inbox. Albo fronted Sam Altman in New York, calling the delay “unacceptable”: Bloomberg

Also…

Employment Hero wants Australia to build its own OpenAI. In a submission to parliament’s AI inquiry, it’s proposed a publicly funded “frontier AI lab” where every Australian gets an equal stake, paid out as dividends, tax credits or super. Creators whose work trains the models would score extra shares or royalties: Capital Brief

💰 What are Aussie lawyers really earning?

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DEAL ROOM

Deal leak

👀 Morgan Stanley is doing damage control after its Asia-Pacific head of financial sponsors accidentally emailed clients an internal list of 100+ deals the bank is pitching and monitoring, including IPO candidates from China to India. He meant to send the client-friendly version. Instead, price-sensitive pipeline details went out: Bloomberg

🙏 IAG isn’t taking no for an answer on its $1.4bn RAC Insurance buyout, pushing for a public benefits appeal after the ACCC blocked the deal following a phase two review. The watchdog says merging two big WA insurers would substantially lessen competition. IAG is betting tech, claims expertise and global reinsurance add up to a net public benefit: Capital Brief

🔧 HSF Kramer and Allens are on either side of Brookfield’s A$4.1bn takeover of Reliance Worldwide, with the scheme finally signed after four rounds of bidding. Brookfield (advised by Allens) is paying A$4.75 a share, but Reliance (advised by HSFK) has kept the door open with a go-shop until 16 Oct: Point Blank

SECTOR SNAPSHOT

ASX scrutiny

ASX

DIGGERS

🚜 China’s gold imports hit a record 1,000+ tonnes through August, already surpassing its total for 2025. A stronger yuan and lower global prices drove the buying, alongside a new licensing regime encouraging banks to use up import quotas. The People’s Bank of China also bought its most gold since 2023 in August: Bloomberg

FIN

🏦 The RBA’s latest assessment has found the ASX is still falling short on governance, operational resilience and risk management. Despite beefing up CHESS resourcing after its December 2024 outage and scoring upgraded ratings, the RBA says that doesn’t signal broader improvement: Capital Brief

RETAIL + REAL ESTATE

🏠 ASX-listed REITs, a $140bn sector, have slumped close to 20% over the past year as rate hikes and 10-year bond yields at a 15-year high force a painful revaluation. Citi reckons every 100bp rise in bond yields wipes 14.9% off listed property returns, with fund managers Goodman and Charter Hall hit hardest: AFR

TECH + STARTUPS

📱 Nvidia-backed Firmus Technologies is in talks with lenders for a US$10bn financing deal to buy Nvidia chips for its Indonesian data centre, potentially one of Asia’s largest AI infrastructure deals. It comes ahead of a late-October IPO that could raise up to US$5bn: Bloomberg

P.S.

MEME

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