New PLT report calls for major shake-up

Slaters sued by another ex-employee

Settlements hit $1.9bn record high

The NSW Admissions Board says Practical Legal Training is “no longer fit for purpose”, after a review led by Chief Justice Andrew Bell found it costly, duplicative and light on skills. Proposed reforms include cutting the course to 3 weeks, slashing work experience to 15 days, and breaking the College of Law’s monopoly. What’s your take on PLT? Consultation closes 30 October: Point Blank

Jones Day has poached three Corrs Chambers Westgarth litigation partners — Matthew Critchley, Alicia Salvo and Brendon Clarke — in a major boost to its disputes and insolvency team: Point Blank

According to KWM, class action settlements hit a record $1.9bn last year, with another $1.5bn still pending. Seven mega-cases, including Uber ($272m) and Colonial First State, drove the surge. KWM partner Alex Morris says it’s the “business of law” fuelling growth, not legal reform, as plaintiff firms chase bigger, faster paydays: AFR

Slater + Gordon is facing yet another workplace claim, where alleged racial discrimination and unfair dismissal are at play after complaining about workload and promotion processes. The claimant is repped by rival Maurice Blackburn, which is already acting for three other ex-Slaters staff: AFR

M&A/Competition: Assistant Minister for Competition Andrew Leigh has unveiled refinements to the mandatory merger control regime, kicking off 1 January 2026. They’re designed to cut red tape while keeping scrutiny on deals that matter. Under the changes, ordinary-course leases and land acquisitions will be carved out unless they trigger targeted notification requirements. Treasury will release simpler thresholds for asset and serial acquisitions. Financial-market exemptions will be expanded and clarified, broadening relief for routine market activity. Together, the reforms aim to make the new system faster and clearer: Clayton Utz

Corporate: The ASX has scrapped its long-standing Corporate Governance Council, taking direct control of setting the nation’s corporate governance principles after the 19-member body was branded too slow and divided. The ASX board will now approve future principles, guided by a new 6–10 member advisory group chaired by Helen Lofthouse and tasked with achieving a broad consensus. The shake-up follows the council’s failure to finalise a ^5th edition earlier this year after backlash over diversity and inclusion disclosure proposals. Governance figures including John Wylie and Rachel Waterhouse welcomed the move as a “sensible reset”, while investor groups like ASFA warned that super funds need a seat at the table. The new model promises learner reviews every four years and far fewer governance gridlocks: The Australian

Competition: The Treasury’s new reforms will make it as easy to cancel a subscription as it is to sign up, taking aim at “subscription traps” that rely on friction, persuasion, or dark design to keep consumers paying. With 3 in 4 Aussies reporting frustration when trying to cancel, the shift marks a clear move toward transparency and consumer autonomy. Right now, the ACL covers cancellation under misleading conduct, unfair terms and unconscionable conduct provisions. But the law doesn’t yet ban subscription traps outright. That’s about to change under Treasury’s proposed Unfair Trading Practices regime, which would prohibit manipulative designs, require active opt-ins, and mandate clear pricing and renewal terms. The new rule of thumb: it should never be harder to cancel than it was to join: Addisons

Forget Casual Friday — some startups are getting the dogs out. Silicon Valley firms like Cursor, Speak and Whop now let staff ditch their shoes at the door to boost comfort and creativity. Advocates say it helps morale, critics say seriously wtf. One expert summed it up best: “Going shoeless boosts creativity… but not everyone’s nose agrees.” For some reason, we think some partners would be in support…Quartz

Want to connect more with your juniors? Try talking about Taylor Swift. Speaking of Taylor Swift, her new album, The Life of a Showgirl, has smashed Adele’s decade-old record, selling over 4 million copies in its first week —3.5 million from physical sales alone. It’s her 15^th No.1 album, second only to The Beatles: AFR

ASIC: chair Joe Longo says he’s working with US regulators to reboot sluggish IPO markets, echoing SEC chair Paul Atkins’ call to “make IPOs great again.” Ideas on the table include cutting listing costs, simplifying disclosure and curbing frivolous litigation. With Aussie listings down 145 since 2022, ASIC is weighing lighter prospectus rules to lure companies back: AFR

Oaktree: is circling Star Entertainment again as the casino operator scrambles for a pre-Christmas debt fix. UBS has approached lenders including, Cerberus to refinance senior debt amid rising pressure from creditors. Star’s balance sheet remains dire, with $426m in net liabilities, oh and a looming AUSTRAC fine: AFR

The world’s top 50 mining giants have surged to a record combined US$1.97tn market cap, up US$700bn in 2025, driven by gold, silver and rare earths. BHP still leads, but Zijin Mining briefly overtook Rio Tinto, while Newmont and Southern Copper joined the US$100bn club: Mining.com

HESTA has questioned Santos’ strategy after the collapse of its $36bn takeover bid and the shock exit of CFO Sherry Duhe. The scrutiny comes as Santos cuts output guidance following software issues at its $6.1bn Barossa project, delaying production. CEO Kevin Gallagher insists the company remains on track for 30% growth by 2027: AFR

HSBC is weighing whether to split or sell its $40bn Australian banking arm, with NAB emerging as the sole serious bidder. But the problem is that NAB only wants the retail business, leaving HSBC to decide if it will offload the commercial lending unit or keep it: The Australian

JPMorgan, Bank of America, Goldman Sachs and Citigroup are in talks with the US Treasury to provide $20bn in emergency loans to Argentina, alongside a $20bn currency swap line. The facility, backed by Argentine assets, aims to stabilise the crisis-hit economy. Treasury Secretary Scott Bessent says US backing hinges on President Milei’s reform agenda staying on track…Reuters

Japan’s Aravest, backed by Sumitomo Mitsui and Kenedix, is set to buy a 50% stake in Brisbane’s Central Plaza 1 from ISPT for over $200m. The deal, brokered by JLL, marks one of the year’s biggest office trades and signals renewed Japanese capital inflows into Australian real estate, with yields above 7% and a long-term play on Brisbane’s growth: The Australian

Igneo Infrastructure Partners has sold Clarus Group for NZ$2bn ($1.77bn), ending a decade-long hold on one of New Zealand’s biggest energy distributors. Brookfield will take the gas networks, while Powerco — backed by ART, QIC and Dexus — grabs the electricity assets. The dual deal caps a four-year exit push as NZ re-embraces gas as a transition fuel: AFR

Ten loss-making AI start-ups, including OpenAI, Anthropic and xAI, have added $1.5tn in value in a year as VCs pour $200bn into the sector. That’s two-thirds of all US venture spending. Insiders call it “peak FOMO”. “Of course there’s a bubble,” says General Catalyst’s Hemant Taneja. “Bubbles are good” because they create “enduring, new businesses that change the world”: AFR

Australia’s top VCs say traditional startup moats are crumbling as AI levels the playing field. Square Peg’s Dan Krasnostein says the old defences “no longer persist,” while Blackbird’s Tom Humphrey argues hardware and speed are now the strongest moats: Capital Brief