The Federal Court has ruled that Optus can’t claim privilege over the Deloitte report into its 2022 cyberattack, because it wasn’t prepared primarily for legal advice or litigation. The Full Court backed the primary judge’s findings that the report was commissioned for multiple purposes, including PR and operational review, and that Optus failed to prove legal advice was the dominant purpose. It also took issue with the lack of direct evidence from the CEO or Board, drawing a Jones v Dunkel inference that their evidence wouldn’t have helped Optus’ case: Gilbert+Tobin

Baguley Build has lost a Supreme Court bid to overturn a Security of Payment adjudication, after it tried to withhold payment using ‘unchanged’ reasons from earlier claims. The payment schedule responded to a $137k claim from Olcon Concrete with $NIL, simply saying its position hadn’t changed. The Court backed the adjudicator’s call that unspecified “previous reasons” don’t count unless clearly stated in the payment schedule. It’s a reminder that new claim, new reasons—or risk having them ruled out: MinterEllison

The Council of Financial Regulators, comprising ASIC, APRA, Treasury and the RBA, has refreshed its Charter and crisis MoU, doubling down on coordination if (or when) financial instability hits. The new documents tighten cross-agency protocols for safeguarding the financial system, with a sharper focus on joint responses to shocks or market stress.

The High Court has launched a slick new website, dumped X for LinkedIn, and rolled out a national 1800 hotline to improve access and comms. It’s the Court’s first major web revamp since 2011, and now the website finally works on mobile phones. Judges helped shape the design — a major upgrade from the old glitchy site: Capital Brief

UK partner pay is popping off. Macfarlanes leads the cash parade, with equity partners banking a record £3.1m PEP. Linklaters and Clifford Chance followed at £2.2m and £2.11m, while HSF, in its last solo lap before merging with Kramer Levin, hit £1.43m, up 8.6%. Smaller firms like Shoosmiths saw PEP rocket 30% to £1m, and it’s even handing out a 5% salary bonus to staff because why not share the love? Roll on Friday

KPMG helped Macquarie design its own audit tender process, and then applied for it. The $75m gig is the biggest audit contract in Australia. KPMG also won Westpac’s audit after giving similar “guidance”, while its ex-chair now chairs Westpac’s audit committee. Small world, or just very tight circles? AFR

Rodolphe Ruffié-Farrugia has joined K&L Gates as a partner in Perth, bringing heavyweight experience in investor-state disputes and cross-border arbitration. Admitted in six jurisdictions and fluent in five languages, he’s acted in WTO hearings and enforcement actions against sovereigns: Australasian Lawyer

ASIO boss Mike Burgess says foreign spies are bleeding the Aussie economy of $13bn a year, with theft of IP, contract sabotage and countermeasures all adding up. One Aussie exporter lost hundreds of millions after hackers stole files used in negotiations. He confirmed Russia was behind a 2022 spy ring and warned that too many execs still treat espionage risks as an "inconvenience": AFR

One in three students isn’t meeting NAPLAN literacy and numeracy benchmarks, according to this year’s results. Despite high participation (94%) and some small gains, overall progress has stalled. The Opposition is calling it a national failure, saying that this year’s results “point out that the system is failing”: The Daily Aus

WFH workers are in the firing line. Business NSW wants 1.8 million admin and IT workers to give up penalty rates and minimum shift protections if they WFH. They argue current rules punish flexibility and productivity, while unions say it’s a Trojan horse to strip entitlements, creating a “two-tiered” workforce. The Fair Work Commission will now decide if WFH is modernising work or undermining it: AFR

Beach Energy: is back on the M&A hunt, despite copping a $474m impairment and a 10.7m barrel reserves downgrade. The update shaved nearly $300m off its value. But with a clean balance sheet and domestic focus, CEO Brett Woods is eyeing shake-up plays - possibly including Santos’ east coast gas assets: AFR

TPG Telecom: has finally sealed its $5.3bn asset sale to Vocus, offloading its fibre infrastructure and enterprise fixed-line business after a failed $6.3bn attempt last year. TPG pockets $4.7bn in cash and keeps its consumer, mobile and small biz ops. It’s the biggest telecom carve-up since the Vodafone merger. Now, all eyes are on how TPG spends the windfall: Capital Brief

TelstraSuper and Aware Super: have inked an MOU to explore a $228bn merger that would create one of Australia's largest super funds. The merger, planned for late FY26, would unite 1.3 million members and bulk up Aware’s corporate super offering. Due diligence is underway, but both sides are talking up lower fees and stronger digital + service capabilities: Capital Brief

For the first time in decades, no Aussie jurisdiction made the Fraser Institute’s global top 10 for mining investment. WA plunged from 4th to 17th, with other states also free-falling as investors baulk at land access and approval delays. Amec says the slide reflects “real frustrations” but flags that regulatory fixes are now in motion across most states: Mining Weekly

PLS and MinRes are fuming after Pilbara Ports walked back plans to build a shiploader and conveyors at Lumsden Point, despite the miners signing on as anchor tenants. With $629m in public funding already committed, the WA government says demand doesn’t justify the build. But miners warn the backflip risks crippling lithium exports: The Australian

ANZ has tapped McKinsey to streamline its bloated exec structure and cut costs, with new CEO Nuno Matos eyeing fewer direct reports and a leaner retail division. A hiring freeze is in place until September 30, with redundancies already hitting Suncorp merger staff: AFR

Westpac has inked a $50m four-year sponsorship with Cricket Australia, backing a blockbuster summer featuring Ashes tests and India series. The bank’s logo will feature across the national teams and the Big Bash League, as Cricket Australia targets its biggest profit since 2015. A possible BBL team selldown is also on the cards, with private equity sniffing around: The Australian

Country Road Group has booked a $79m brand impairment after sales slumped 6.8% in FY25, hinting at its first loss in decades. Parent Woolworths Holdings blames cost-of-living pressures, weak margins, and the costly split from David Jones. The group has cut stores and shed roles as it tries to reset its operating model: The Australian

Super-backed ISPT is close to selling a North Sydney office building for around $230m, with Forza Capital circling the deal. Forza’s betting on a North Sydney recovery, applying its value-add playbook after scooping up Sydney assets last year at 8%+ yields. Syndicators are seizing their moment in the office market rebound: The Australian

Microsoft has soared past a US$4tn valuation, becoming the second company to do so after Nvidia. Its Azure cloud and AI-fuelled Office Suite drove a 6.6% share jump, with Q1 capex set to hit a record US$30bn. The OpenAI partnership is paying off, as Microsoft cements itself as a cloud and enterprise AI powerhouse, despite heavy spend: Reuters

Google has lost its appeal against Epic Games, meaning it must open up Android to rival app stores and billing systems. The US Ninth Circuit upheld the antitrust ruling, rejecting claims that the judge overreached. The court said remedies can limit lawful conduct if it blocks competition: Capital Brief