PRACTICE POINTS

Ex-employees win back pay

• A Full Bench of the FWC has confirmed that former employees can be entitled to backpay under a workplace determination. In the Transgrid matter, the FWCFB rejected the employer’s attempt to limit backpay to current staff only. The bench ruled that all employees employed on or after 1 March 2024, even if they’ve since left, must be paid. The decision leans on Murtagh and section 275 of the Fair Work Act, and flags that backpay isn’t just for those still on the books. Minters repped Transgrid, and Maurice Blackburn acted for the unions.

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• Brissy lawyers — this one’s for you. The Supreme Court of Queensland has updated its Practice Direction 12 of 2022, adding rules on adjournments and paper-only decisions. If a matter is adjourned, parties must now confirm with the listing manager that the matter is relisted ASAP. As for applications without oral hearings, the Court says don't bother unless it’s a slam-dunk on uncontentious facts and settled law. If not, it’ll be bounced to the Applications list for a full hearing.

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• ASIC’s latest review shows consumer lease harm is still a problem, even as providers flee the market post-reform. Nearly 25% of leases are in arrears, and 80% of repayments are made via Centrepay—a system potentially on the chopping block. ASIC flagged dodgy practices like overcharging, poor suitability checks, and fee cap breaches.

WORD ON THE STREET

M&A partner reshuffle

• The M&A reshuffle continues. Michael Gajic and Ashley Rose are jumping from Squire Patton Boggs to NRF in Sydney, taking 3 to 4 lawyers with them. The move leaves Squire’s M&A bench in Australia significantly weakened. Though it's not all doom and gloom for Squires — the news comes after the firm recruited James Nguyen from Allens: Law.com 

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• McKinsey has quietly cut 5,000+ jobs—over 10% of its workforce—in the past 18 months, reversing its pandemic hiring spree. Slower revenue, $2.5bn in opioid settlements, and pressure from AI automation have pushed the firm into one of its biggest culls ever. Meanwhile, BCG’s still growing, reporting 10% revenue growth and adding 1,000 new staff: AFR

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• Lander & Rogers has promoted 44 senior lawyers in its 2025 round, including 10 new partners across disputes, insurance, workplace, family, and pro bono. The move follows a year of national expansion, with the firm scaling up in Brisbane and Sydney.

TALKING POINTS

High Court childcare fight

• Arnold Bloch Leibler is mounting a High Court challenge to overturn a 1971 precedent that blocked parents from claiming childcare fees as tax deductions. The firm says the ruling is outdated and punishes working families. If successful, the case could redefine what's deductible under the Income Tax Act—recognising childcare as essential to earning income, not just a private expense: Guardian

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• The Legal Practice Board of WA has confirmed it was hit by a Dire Wolf ransomware attack, with hackers claiming to have stolen 300GB of data. The gang’s threatening to publish files in June unless paid. So far, contact info, correspondence and bank details have been leaked. LPB has secured an injunction—because obviously, foreign ransomware gangs obey Aussie court orders...

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• AFR has revealed Australia’s top 10 richest people. And Gina tops the list for the sixth time running – that’s despite a 6% drop in her $38.1bn fortune. The resources sector continues to dominate as a driver of wealth. Canva duo Melanie Perkins & Cliff Obrecht also made the cut, amassing a $14.1bn fortune. Media mogul Kerry Stokes rounded out the top 10. We hope good fortune comes to you to bringing you closer to next year’s list: AFR

THE TREASURY

DEAL ROOM

Hong Kong IPO comeback

• UBS: says Hong Kong is on track to reclaim the global IPO crown in 2025, with 20–30 mainland Chinese firms eyeing dual listings. Deals like CATL’s US$5.2bn raise and Midea’s $4bn float have boosted investor confidence. Global funds are circling, and looser listing rules for profitable companies could keep the pipeline flowing: SCMP

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• Shein: is adding to the Hong Kong hype, ditching its London IPO plans for Hong Kong. It now aims to list in HK after failing to secure Chinese regulatory approval for an LSE listing. It’s expected to file a prospectus in weeks. The move could dent Shein’s global ambitions, but with Hong Kong’s IPO scene heating up, it may still find eager investors: Reuters

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• Eucalyptus: the digital health start-up behind Juniper, Pilot, Kin and Software, is raising up to $150m to turbocharge growth and crack unicorn status. Known for selling blockbuster weight-loss drugs like Ozempic online, it pulled in $200m in revenue in 18 months. Backers like Blackbird and BOND are in, and an IPO is still on the cards for 2026: AFR

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• Genesis Minerals: snaps up Laverton Gold Project from Focus Minerals for $250m, beefing up its WA footprint and pushing toward its ‘ASPIRE 400’ production vision. The deal sets Genesis up for a faster path to cash flow and cements its position in one of the country’s hottest gold belts. G+T acted for Genesis: AFR

SECTOR SPECIFIC

Woodside wins extension

🚜 DIGGERS

• Murray Watt has approved Woodside’s North West Shelf extension to 2070, despite backlash from Greens and climate groups. Under current laws, climate impacts can’t be considered in environmental approvals. Reform of the EPBC Act was shelved after WA’s backlash, but Watt now says it’ll be rewritten and reintroduced as a priority, though too late to stop this project: ABC News

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• Anglo American will demerge its South African platinum arm this week, creating Valterra Platinum—and possibly reopening the door for BHP’s takeover ambitions. Analysts say the platinum business was a "poison pill" for bidders, and its removal clears a path. But with copper still the prize, BHP’s waiting on Anglo to finish shedding coal and diamonds first: AFR

🏦 FIN

• Wall Street banks are tiptoeing into crypto, as they wait for clearer rules from regulators. Charles Schwab plans to launch spot crypto trading within a year, while Bank of America is exploring its own stablecoin. Morgan Stanley wants to act as a crypto middleman. Most banks are eyeing partnerships over full exposure—for now: Reuters

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• Trump Media has raised US$2.5bn (in $1.5bn in stock, US$1bn in convertible notes) to build a Bitcoin treasury, with Crypto.com and Anchorage Digital as custodians. CEO Devin Nunes says it’s about “financial freedom” and shielding the firm from bank discrimination. It follows Trump’s plan for a Strategic Bitcoin Reserve, continuing to BTC higher: Finextra

🏠 RETAIL & REAL ESTATE

• Web Travel Group, spun out of Webjet, posted 29% booking growth in recent weeks, bucking the trend as rivals like Flight Centre downgraded. Despite a 22% profit dip from tighter margins, total bookings hit $4.9bn, with strong gains in the Americas and the Middle East and Africa. Shares surged 14%, fuelling fresh takeover speculation after last year’s ASX debut: AFR

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• Commercial sales hit $8.9bn in Q1—up 68% YoY, marking the strongest start since 2022, per MSCI. Falling interest rates have been the driver across all asset types, with retail centres leading the charge. Offshore investors have a particular keen eye, pouring in $2.3bn to help fuel blockbuster deals like the Westpoint Shopping Centre sale for $870m: realcommercial

📱 TECH & STARTUPS

• Spencer Rascoff, now running both Match Group and Tinder, says Gen Z wants quality connections, not casual flings. He’s revamping Tinder with AI, safety upgrades, and new features like double dating, rolling out globally after strong early results. With Gen Z turning to IRL meetups over swipes, Rascoff says it’s time to rethink the brand: The Australian

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• Slater and Gordon is investigating a potential class action against Google, claiming its ad tech monopoly is gouging Aussie SMEs with inflated fees and zero transparency. Off the back of a major US court ruling, the firm says Google’s dominance leaves local businesses “no choice” but to pay up, even as margins shrink and AI clouds ROI: The Australia