DiCaprio's Aussie protest

👋 G’day

Today’s brief:

• Leonardo DiCaprio joins protest against WA mine expansion.

• Australian firms are gunning for partner teams to boost client retention.

• A Uni side hustle founded by 3 mates goes for $70m valuation.

Week’s done, Friday drinks ahead.

Here’s the latest before your weekend kicks off 👇

PRACTICE POINTS

BNPL shake-up

• From June 2025, BNPL debts will be included in credit reporting, but Arca warns that failing to distinguish short-term BNPL from long-term loans could skew borrowing capacity. Lenders often assess BNPL debt like a maxed-out credit card, slashing how much consumers can borrow. But BNPL debt, which is likely to be paid off in weeks, is fundamentally different to a longer-term personal loan. Industry leaders are calling for clarity to ensure fairer credit assessments and avoid unintended consequences for borrowers: Capital Brief

• The Workplace Gender Equality Amendment Bill had its second reading debate in the Senate. The bill creates new gender equality requirements for companies with 500+ employees. If passed, businesses will need to meet three gender targets over three years to secure government contracts above a set procurement threshold—or risk being publicly named & shamed as non-compliant.

• Whistleblower claim dismissed: In a Federal court decision, Feutrill J rejected a former employee’s claim that Neometals engaged in detrimental conduct that was caught by whistleblower disclosures. Neometals ultimately discharged its onus of proving that Mr Reiche claim was not made out under s.1317AD(1) of the Corps Act. But the case clarifies that qualifying disclosure isn’t required—it’s enough if an employer believes or suspects a qualifying disclosure was or could be made.

WORD ON THE STREET

Ex-Barclays boss in Epstein scandal

• Former Barclays boss Jes Staley admitted in a London tribunal to having sex with an Epstein staffer in an apartment owned by Epstein’s brother. The revelation surfaced in his legal battle with the FCA, which is accusing him of recklessly misleading regulators about his ties to the convicted pedophile. Staley is fighting a £1.8M fine and ban from senior jobs in London: The Australian

• Australian law firms are increasingly hiring teams of partners to boost client retention and reduce the risk of losing work. In 2024, 22 teams of two or more partners moved together, with firms like King & Wood Mallesons and DWF leading the charge. Commentators predict this trend will continue in 2025: Law.com

• A prominent Sydney law firm has been attacked. Brydens Lawyers, with strong ties to NRL and A-League, is under cyberattack after hackers stole 600+ GB of sensitive data. The firm is being extorted over the breach, which was discovered in February. Lee Hagipantelis, principal of the firm, is working with external security experts and has reported the breach to authorities: SMH

TALKING POINTS

DiCaprio goes for WA

• Leonardo DiCaprio: President of the under 25’s club AND unexpected WA activist? The Hollywood star turned to Instagram to throw his weight behind WA conservationists fighting South32’s mine expansion, which will clear 3,855ha of native forest despite the state’s logging ban. DiCaprio’s 80 million followers now have WA’s environmental policies in their sights: ABC

• Employers want to scrap overtime and penalty rates for 2 million IT, admin, and finance workers, arguing that tracking work hours is too hard in the WFH era. They propose a 25% salary bump instead—but unions call it a pay cut in disguise and a "disgraceful attack" on workers' rights: AFR

• Workplace disputes surged in 2024, with 139,100 working days lost—a 40% jump from the previous year, per ABS data. Victoria led the way, driven by transport and warehousing strikes, including Woolworths’ 17-day standoff with warehouse workers over AI-driven efficiency measures: Lawyers Weekly

• Australia’s tax revenue hits its highest level in nearly 20 years, driven by booming migration, strong employment growth, and unexpected mining profits. Despite stage-three tax cuts, tax collections are set to hit $350bn this year. Economists warn this reliance on income tax could strain future spending: AFR

TREASURY

DEAL ROOM

IPO’s on the up

• IPO momentum builds for 2025, with Herbert Smith Freehills predicting this year could top 2024’s $1.1bn IPO haul. Despite a slow start, partner Alex Mackinnon says demand is rising, with Virgin Australia, Greencross, MolyCop, and Koala among those preparing to list. Trump’s tariffs loom as a risk, but the second half of the year is set to be IPO-heavy: AFR

• Blackstone joins the race for Fonterra’s $2bn Mainland Group, eyeing its Southeast Asia business. It's seen as the most private equity-friendly because it's made up of branded products, which equals no faff around dealing with farmers. 30 suitors, including Bega, Lactalis, KKR, PEP, and CVC, are circling, with a dual-track sale or IPO in play. First-round bids are due end of March: The Australian

• Green Street has acquired Australian Property Journal to expand its global Green Street News offering. The acquisition strengthens its mission to provide actionable insights for the global commercial real estate community. The moves seeks to power up a new team of journalists to bring exclusive coverage of Australia's property sectors with breaking news. Blue Rock Law acted for the APJ, MinterEllison for Green Street: BusinessWire

• Rio Tinto is investing Exurban, a company aiming to build a $340m plant in Indiana to recover metals like copper, gold, and silver from electronic waste. This investment, alongside Giampaolo Group, comes as US tariffs reshape global scrap flows. Exurban, launched in 2022, plans to start construction by 2026 after completing a feasibility study: Bloomberg

SECTOR SPECIFIC

Woodside director ousting

🚜 DIGGERS

• Shareholder activist group ACCR is on the attack. The group is urging Woodside Energy investors to vote against the re-election of three directors, citing “chronically poor” returns and failure to manage climate risks. The group slammed Woodside’s fossil fuel expansion strategy, linking its 21% decline in total shareholder returns last year to poor governance: AFR

• Rio Tinto has signed a landmark 20-year renewable energy deal with Edify Energy, backing $2bn in solar and battery projects in central Queensland. The agreement, which will supply Rio’s aluminium operations in Gladstone, includes 600MW of solar and 2400MWh of battery storage, ensuring clean power even during peak evening hours: AFR

🏦 FIN

• Citigroup is overhauling its IT workforce, cutting contractors from 50% to 20% and replacing them with 2,000 full-time IT employees, bringing total IT staff to 50,000. The move aims to tighten data governance after the bank faced high-profile regulatory breaches and fines: Capital Brief

• Super funds argue that self-reporting misconduct—like mismanaged death benefits—should be deterrent enough, but ASIC’s Sarah Court isn’t buying it, calling the claim “rich” and urging funds to prioritise customer service over hoarding cash. ASIC is suing AustralianSuper over thousands of delayed death benefit claims, but the industry is crying “overreach”: AFR

🏡 RETAIL & REAL ESTATE

• Woolworths is expected to reinvest up to $200m of its $400m cost-cutting program to boost sales and fight off Aldi, Chemist Warehouse, and Amazon. Analysts say savings—mostly from office expenses—will likely fund lower prices, marketing, and loyalty offers: AFR

• Singapore-backed Frasers Property Australia is testing investor appetite with the sale of its $300m Brunswick & Co build-to-rent project in Brisbane, featuring 366 apartments. 144 apartments will be offered at a discounted rent through a government subsidy. The 25-storey development includes luxury amenities like a rooftop pool, co-working space, and fitness centre: Realcommercial

📱 TECH

• A Uni side hustle grows to $70m… StrongRoom AI, a startup founded by three friends at uni that develops software for pharmacies, has raised $17m in a capital raise, valuing the company at nearly $70m. The funding will support its global expansion, including new deals in the US and UK, and its acquisition of Members Benefits Australia. The software helps patients adhere to medication regimes and tracks controlled drugs: AFR

• FinTech giant Afterpay is reviving its "Mystery Market" for Afterpay Day, offering over $100k in prizes. Participants can explore virtual realms and win gift vouchers up to $1k from brands like THE ICONIC, Webjet, and H&M. The event will run for one day at Sydney's Pitt St Mall on 20 March, blending VR technology with shopping – let us know if you win: CFOtech

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