PRACTICE POINTS

ASIC eyes private markets

• ASIC chair Joe Longo says more deal disclosure is coming for private market operators—think clearer data on valuations, fees, conflicts and governance. While final standards are expected by November, Longo confirmed the regime will be principles-based, aiming to lift transparency without crushing innovation. With private credit booming, ASIC wants a better public understanding of how these markets operate. Industry warns heavy-handed rules could stifle growth. But even they agree: disclosure uplift is overdue. Longo says it’s about fair, efficient markets, not keeping everyone happy: Capital Brief

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• The Federal Court has slapped Captain Cook College with $20m in penalties for systemic unconscionable conduct, plus another $750k for misleading students about online diploma courses funded under the now-defunct VET FEE-HELP scheme. The Court found the college exploited vulnerable students with dodgy enrolment tactics and false promises. The ruling follows a failed appeal to the High Court, sealing a major win for the ACCC and a warning shot for other education providers.

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• Chief Justice Mortimer has published sitting dates for the Federal Court and Full Federal Court through to the end of 2027, giving parties more certainty to plan for large or complex matters. The dates aim to support long-range listing and case management, though the Court may still sit outside those dates if needed.

WORD ON THE STREET

Overworked, underpaid lawyers

• Junior lawyers are overworked and underpaid, according to ex-Allens lawyer Joseph Friedman. Lawyers say they’re working 16-hour days, battling “false urgency” and partner pressure—all for $135k–$160k and tiny bonuses. Pennies when you compare to bankers and consultants earning $270k to $300k. Employment contracts may say 38 hours + reasonable extras, but many clock 80-hour weeks: AFR

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• NRF is set to integrate its Australian practice with its Europe, Middle East and Asia operations from 1 July 2025, forming a US$1bn business with 1800+ lawyers across 28 offices. The move aims to boost agility and scale across Asia-Pacific, with Peter Scott as global managing partner and Alison Deitz to lead Australia.

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• Special counsel ditches Minters for principal gig. Tom Molan has joined KHQ Lawyers as a principal solicitor in its workplace relations and safety team. Molan spent 12 years at MinterEllison, including 4 as special counsel: Lawyers Weekly

TALKING POINTS

Crypto cons

• Aussies lost over $3m to crypto ATM scams in 2024, with people over 50 hit hardest. Crypto ATMs allow people to deposit cash to buy or sell crypto. Victims were lured into fake investments or romance cons, often via 1,800+ unregulated machines. With average losses topping $20k, authorities say it’s likely just the start—and fear these ATMs are fast becoming the new frontier for financial abuse: The Daily Aus

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• Trump has unveiled a sweeping new travel ban on 12 countries, including Iran, Libya, Afghanistan and Somalia, citing national security risks. The ban follows a Colorado terror attack and takes effect on 9 June. Exemptions apply for athletes, diplomats and US visa holders. Critics say it echoes his 2017 “Muslim ban”: ABC

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• We have a bromance blow-up on our hands. Trump called Elon Musk “crazy” and threatened to axe his $34.5bn in federal contracts, after Musk slammed his tax bill and called for impeachment. Musk fired back, accusing Trump of being in the Epstein files. With Tesla shares tumbling 14% and SpaceX entangled in defence ops, this billionaire feud has gone nuclear. Here’s the play-by-play: AFR

THE TREASURY

DEAL ROOM

Virgin IPO takes off

• Bain Capital: has locked in investor support for Virgin Australia’s $685m IPO, sealing its long-awaited ASX listing at a $2.3bn valuation. Bids closed early, with brokers scaling back allocations amid strong demand. Prospectus drops Friday, and bar a black swan event, Virgin’s relisting is all but done. Bain will retain 40%, with growth flagged despite tariff headwinds: AFR

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• IBM: quietly chased Informatica before Salesforce snapped it up for $8bn, sources say—adding heat to what was clearly a competitive sale process. IBM’s recent spree (Red Hat, Apptio, HashiCorp) shows it’s still hungry for cloud and data plays, but this time, Salesforce won the bidding war, with CEO Benioff calling Salesforce “lucky” to land the prize: Bloomberg

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• KWM: advised a 15-bank syndicate on Pacific Energy’s $1.97bn refinancing, including $550m in green loan tranches. Backed by QIC, Pacific runs 946MW across 48 sites and is ramping up its energy transition projects. Amy Maguire and Claire Rogers led the deal, which welcomed 7 new lenders to the table: Australasian Lawyer

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• Factory Capital: led by ex-Macquarie exec Dan Ritchie, is raising $100m from HNWIs and family offices as it shifts to a long-hold investment model. Known for bets on Removery, The Fertility Partners, and Edge Early Learning, the firm’s ditching deal-by-deal fundraising in favour of a Soul Patts-style playbook: AFR

SECTOR SPECIFIC

Shein’s GST dodge

🚜 DIGGERS

• Mineral and petroleum exploration spend fell 18.4% this quarter and 11.5% year-on-year, confirming what Amec calls a “tough” funding climate. WA copped the biggest blow, with exploration spend down $185m since late 2023, while the NT hit a 7-year low. Only NSW, Victoria and Tasmania saw modest gains, driven by gold and mineral sands: Mining Weekly

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• Rio Tinto dodged union bargaining at Paraburdoo by hiking pay by $25k on average, up to $40k—enough to pause a formal push. Meanwhile, BHP’s hit the Aussie Workers Union with legal action over its Facebook posts accusing BHP of “BS” agreements and “industry-low” wages. It’s the first serious union push in the Pilbara in 30 years—and the miners are fighting back with both chequebooks and lawyers: AFR

🏦 FIN

• Wise: is shifting its primary listing from LSE to a US stock exchange, chasing higher valuations and deeper capital markets. The £11.8bn fintech, formerly TransferWise, says the move will boost US brand awareness and investor access. It’s a blow for London, which also lost Cobalt Holdings’ IPO this week, leaving the LSE looking decidedly unloved: Capital Brief

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• ASIC’s review of 2022 NSW flood claims found insurers offered lowball cash settlements, relied on unqualified staff to interpret expert reports, and gave customers little info on appeal rights. Some didn’t explain options clearly, breaching legal obligations. ASIC says the industry’s still falling short, and without urgent action, insurers could lose their licences or face legal action: The Australian

🏠 RETAIL & REAL ESTATE

• Shein’s Australian marketplace has been shifted to a Singapore-based entity, raising red flags on GST compliance. While Shein insists it pays all required taxes, some invoices now show no GST, and the new entity isn’t GST-registered locally. With $1bn+ in GST now at stake, experts say the ATO’s enforcement power is limited, leaving Aussie retailers fuming: AFR

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• Cost-of-living crisis? No worries, says Hermes. The fashion giant pulled $578m in 2024, up 21% YOY, with $104.5m profit and a $125m dividend shipped off to Paris. Turns out $8.7k phone cases and $66k Birkin bags are still flying off the shelves. Looks like being rich is inflation-proof: The Australian

📱 TECH & STARTUPS

• Apple's tipped to unveil AirPods upgrades at WWDC, including sleep detection that pauses playback when you nod off, and tap-to-snap camera control. Other rumoured features? Head gestures for Conversation Awareness, a “studio quality” mic mode, and multi-pairing for iPads: PC Mag

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• 11 deep-tech teams from CSIRO’s ON Accelerate program pitched their innovations in Melbourne, after three months of building science-led startups in biotech, healthcare and sustainability. With $80k performance bonuses on the table and $336m raised by alumni to date, the showcase reflects Australia’s growing edge in commercialising breakthrough research. Lab to market, with real momentum. Full list here: Startupdaily