Recitals often set the scene, but do they actually have any legal effect? As confirmed in Franklins v Metcash, they can assist in interpreting ambiguous clauses, support implied terms if they say a party will do something, and help prove background facts relevant to construction. But here’s the catch: they can’t contradict clear, unambiguous operative terms. If there’s a clash, the operative clause wins—every time. Bottom line? Recitals provide context, not a backup plan. If it matters, lock it into the main body of the contract: KWM

From 10 June 2025, buy now pay later (BNPL) products—including low-cost credit contracts (LCCCs)—will fall under the National Consumer Credit Protection Act. That means credit licences, responsible lending checks, and capped fees are now mandatory. But fear not—ASIC’s RG 281 offers a roadmap. It sets out two compliance pathways: (1) Standard responsible lending obligations; (2) a modified, less onerous regime for LCCCs, but only if providers formally opt in. Under the standard regime, lenders must make reasonable inquiries into a consumer’s goals, finances and capacity, and verify that info. The modified regime eases this:

ASIC has launched civil penalty proceedings against ex-director Allan Guo over the failed ACX crypto exchange, which collapsed in 2019. Guo is accused of mishandling customer funds, making misleading statements, and failing to keep proper books. Blockchain Global, which ran ACX, owes over $20m to former customers and more than $58m in total unsecured creditor claims. Yikes. Guo fled Australia in 2024 after travel orders lapsed—and hasn’t returned.

Ex-MinterEllison lawyer Benny Tabalujan is suing Arnold Bloch Leibler, claiming bad tax advice triggered ATO audits and extra liabilities. He alleges ABL told him to stay an Australian tax resident and use a trust for his late father’s Indonesian estate—advice he says led to incorrect filings from 2018–2021. He claims he would've moved to Singapore and avoided the tax hit if properly advised. ABL says the claim is “wholly misconceived”: AFR

Gitta Satryani, Singapore managing partner at Herbert Smith Freehills, has been appointed to the LCIA Court for a five-year term. A heavyweight in cross-border disputes and international arbitration, her appointment cements HSF’s regional dominance, with several Asia-based partners already holding senior roles across global arbitral bodies.

Greg Braddy, former deputy CFO at NAB, has joined Clayton Utz as its new CFO, swapping banking for BigLaw after 38 years in finance. Braddy kicks off in Melbourne this week, succeeding Graeme Johnson, who retires after 13 years. Braddy was deputy CFO at NAB since 2017, overseeing a 200-strong team: AFR

Facing tighter wallets and client pushback, 91% of Aussie firms now use fixed fees, with 71% using caps and 58% offering bulk hour discounts. But as pricing models shift, DEI is slipping down the priority list—only 6% have a full-time DEI officer, and most firms would rather not say what programs they actually have: The Australian

Elon Musk has got the boot. The billionaire has wrapped up his 130-day stint in politics, leading Trump's cost-cutting DOGE unit. Officially, he timed out. Unofficially, it followed his public spray at Trump’s budget, slamming the multi-trillion-dollar tax cuts and defence splurge. So far, DOGE has cut 260,000 federal jobs and claims it’s saved US$175bn: BBC, Reuters

Less than 24 hours after a US trade court ruled Trump’s Liberation Day tariffs illegal, a federal appeals court has temporarily reinstated them. No reasons given—just a stay and new deadlines. Markets barely flinched, having grown numb to the tariff rollercoaster. So far, companies have copped US$34bn in losses from lost sales and higher costs during Trump’s tariff mania: ABC

elf Beauty: is buying Hailey Bieber’s rhode for up to US$1bn—its biggest deal yet. The move takes Elf into prestige beauty, betting on rhode’s Gen Z buzz and viral lip products. The deal includes US$800m cash and stock, plus a US$200m earnout. Bieber stays on as founder and strategic advisor post-close. As for legal advisers, elf is being advised by Latham, Skadden Arps is in rhode’s corner, and Cravath Swaine is backing Bieber: Reuters

K&L Gates: advised Aussie VC firm Square Peg as the lead investor in Airwallex’s US$300m Series F. The round values the cross-border payments fintech at US$6.2bn. Partners Daniel Atkin and Simon Leslie steered the deal, one of Australia’s biggest raises this year: Australasian Lawyer

IAG’s: $1.35bn buy of RAC WA is expected to face tougher ACCC scrutiny than its cleared RACQ deal, per Jarden. ACCC’s Gina Cass-Gottlieb is taking a tougher stance on market concentration, with the insurance industry front and centre. And with RAC WA holding a 60% market share, clearance isn’t a sure thing. Allens is advising IAG: The Australian

Glencore: has quietly moved $30bn+ of global assets—including coal mines, copper, and South African ferroalloys—into an Australian subsidiary, doubling its local asset base to $65bn. The restructure is seen as M&A groundwork, consolidating less desirable assets (coal, South Africa) to make Glencore leaner for a future mega-merger, possibly with Rio or Anglo: AFR

Victoria’s mining fees are set to soar by up to 234%, with exploration licences jumping to nearly $8k—the highest in the country. The state claims it's just covering regulatory costs, but miners warn it’ll kill investment. The MCA slammed Vic for already charging the highest fees, despite consistently ranking as the worst state for mining regulation efficiency: AFR

BHP and Vale are paying out $18m a day under a $46bn Brazil compensation scheme for the Samarco dam collapse, luring claimants away from UK law firm Pogust Goodhead’s $70bn class action. Brazilian authorities are now suing Pogust, accusing it of discouraging claimants from comp schemes, like charging penalties for contract termination: The Australian

Westpac is changing its lending rules to make it easier to finance gas projects. The bank has loosened its climate target that it uses to assess energy transition plans from 1.5°C to the broader “well below 2°C” Paris standard, giving gas giants like Woodside and Santos more room to move: AFR

Matt Comyn, CBA’s CEO, is on track for a $40m stock windfall as the bank’s share price surges nearly 50% in a year. Comyn holds 76,000 shares worth $13.2m, plus potential rights to another $26m. CBA shares have outpaced all major peers since his 2018 appointment: AFR

REA Group, owner of realestate.com.au, is under ACCC investigation amid concerns its dominant market position is driving up ad prices and limiting choice for sellers. Listings can cost up to $4,000 per platform, with prices rising 30% in three years. Vendors are even selling off-market to dodge fees: Guardian, SMH

Virgin Australia has offered $3k in share rights to its 8000 employees if its IPO goes ahead, a move CEO Dave Emerson says lets staff benefit from the company they’ve helped build. These rights would convert to ordinary shares after a 24-month vesting period, provided staff remain employed: The Australian

Trump’s Commerce Department has reportedly ordered top US chip design software firms—Synopsys, Cadence and Siemens EDA—to halt sales to Chinese companies. The move hits hard: China makes up 16% of Synopsys’ revenue. Shares in both Synopsys and Cadence slid over 10%: Capital Brief

Tech giants like Meta and TikTok face fines up to $50m under Australia’s first Children’s Online Privacy Code. The code could give teens the right to delete their data at 18, targeting platforms, apps and data brokers harvesting info from kids. Privacy Commissioner Carly Kind says the goal is to let kids shed their “data shadow” as they enter adulthood: The Australian