MinterEllison has launched Australia’s first class action against Meta, alleging Facebook and Instagram are addictive by design and harmed kids and teens. HSF Kramer is defending, with Litigation Lending Services footing the bill. Meta’s lost most similar cases in the US, but who knows how it’ll play out here: Point Blank

⚖️ Competition/Disputes: Fortnite is heading back to the Aussie App Store. In the remedies phase of Epic Games v Apple, Justice Beach ordered Apple to let iPhone users download apps from rival app stores and directly from developers, and to let developers use their own payment systems. Apple can’t charge fees on purchases made through rival stores. Apple argued the orders would force it to hand over its IP, but Beach J said it can still license its developer tools and charge for them. It just can’t refuse to license them or use the terms to shut out rivals. Epic’s push for worldwide orders failed. Most changes start 1 March 2027, but Apple will seek a stay and appeal: Point Blank

⚖️ Corporate: Fewer companies will soon count as “large”. Treasury is consulting on a draft regulation to raise the large proprietary company thresholds under the Corporations Act, delivering on a 2026-27 Budget promise. The consolidated revenue threshold doubles to $100m (from $50m) and the gross assets threshold doubles to $50m (from $25m). A company is large if it meets two of three tests covering revenue, assets and staff, and large companies must prepare financial and directors’ reports. The change also matters for climate disclosure, since the same thresholds decide who’s caught by mandatory sustainability reporting: Treasury

⚖️ Regulatory: Hot startup sectors come with regulatory strings attached. Data centres, AI and energy infrastructure are pulling record VC money, but many now qualify as national security businesses under FATA, meaning a 10% stake triggers mandatory FIRB notification regardless of deal value. Aussie funds with significant foreign limited partners can also be treated as foreign investors, and FIRB approval typically takes 30 to 90 days. The ACCC’s new mandatory merger regime adds another hurdle. Acquiring more than 20% of the votes in a private company is deemed to give the investor control, so the deal must be notified if monetary thresholds are met: Corrs Chambers Westgarth

Jim Chalmers says Australia’s economic growth will be slower than the 1.75% forecast in May’s budget, as rate hikes and inflation bite. December’s mid-year budget review will also show slightly higher unemployment. The RBA has already lifted the cash rate four times this year, up a full percentage point to 4.6%: Bloomberg

Meta sure has been copping it a lot - it’s just been hit with its biggest fine ever. A New Mexico judge ordered it to pay US$25bn after a jury found Facebook lied to users about controlling their data in the Cambridge Analytica scandal. That’s about US$12k per resident. Meta calls it a “tax on speech” and plans to appeal: ABC News

🏛️ New ASX CEO Anthony Attia is gearing up for a fight, flagging longer trading hours, extended overnight futures trading and a bigger opex budget to match global peers. His full strategy lands in early 2027: Capital Brief

⛏️ Northern Star’s new CEO Suresh Vadnagra, just a fortnight into the job, says the board will engage with Gold Fields if it sweetens its rejected takeover bid, but there’s no “red line” price that triggers talks: AFR

📉 Wiluna Mining shed 13.85% on its ASX debut, closing at 56c against a 65c issue price after raising $180m via Barrenjoey and Argonaut. A hedge fund-heavy register dumped stock, with the market down 3% to 5% since pricing: The Australian

Woodside is offloading its $3.3bn Texas ammonia plant two years after buying it, with CEO Liz Westcott citing fading demand for low-carbon ammonia. Meanwhile, Labor’s gas reservation scheme could stall a decision on four Bass Strait wells, with Westcott flagging “a lot of ministerial discretion” as a sticking point: AFR, The Australian

Major US banks including JPMorgan, Morgan Stanley and Bank of America are blocking third-party AI agents after spotting unvetted bots in customer accounts, some appearing to go rogue. Unable to tell human from bot, banks are scrambling to rewrite their terms of service: Axios

Mirvac sold just 429 new homes in the September quarter, down from 619 a year earlier, as budget property tax changes and higher interest rates bite. Buyer defaults are rising, and 282 of those sales were conditional. Mirvac says $1.4bn in pre-sales will carry it through the slump: The Australian

Firmus could lose anchor client OpenAI if its Malaysian data centres run late, with confidential documents showing termination rights for material delivery delays. After its US$5.5bn ASX float flopped, the AI infrastructure play needs to raise billions privately, and fast. Meta reportedly has similar terms: AFR