High Court's new "Mabo"

👋 G’day

Today’s brief:

• High Court expands native title rights in landmark decision.

• ASIC continues its cracks down on superannuation governance.

• Atlassian’s co-founder to lead Australia’s Tech Council.

Enjoy your morning coffee, here’s the latest 👇

PRACTICE POINTS

Rise of “greenhushing”

• As ASIC and the ACCC ramp up greenwashing enforcement, businesses are increasingly opting to stay silent on sustainability efforts to avoid regulatory scrutiny. This greenhushing trend is expected to grow, with some companies scaling back net zero commitments due to political headwinds and practical challenges. While the ACCC has reassured businesses that legitimate environmental claims won’t be stifled, uncertainty remains, pushing some to retreat from public climate pledges rather than risk enforcement action: Gilbert+Tobin

• Telstra has been fined $626k for spam breaches. ACMA found Telstra sent 10.3m text messages requiring personal information to unsubscribe—a breach of Australia’s spam laws. Despite self-reporting, ACMA slammed Telstra’s lack of compliance, stating that a company of its size has no excuse. Alongside the fine, Telstra must undergo an independent review and regular reporting. With $16m in spam fines issued in 18 months, enforcement is tightening: ACMA

• The High Court has streamlined when cases can be heard on the papers. From 1 March, writ applications of (pardon the latin) mandamus, prohibition, certiorari, habeas corpus or quo warranto don’t need a hearing regardless of the outcome of the application. In addition, a single Justice can now also rule on applications to remove proceedings under the Judiciary Act without a hearing. And wait, there’s more – solicitor fee allowances have also increased.

WORD ON THE STREET

M&A heavyweight joins Takeovers Panel

• Costas Condoleon is set to join Australia’s Takeovers Panel, the key body resolving corporate control disputes. A top M&A lawyer at G+T, Condoleon has worked on billion-dollar deals including Sigma-Chemist Warehouse ($32bn): Lawyers Weekly

• Battered PwC has nabbed EY veteran Jason McLean to strengthen its financial services advisory team. With over 16 years at EY, McLean will focus on large-scale transformations, core system modernisation, and operational resilience for clients: AFR

• Graeme Hill SC has been appointed as a Federal Court judge, starting on 2 April. He was admitted as a barrister and solicitor in 1993 and joined the Victorian Bar in 2007. Hill became a silk in 2021 before his judicial appointment: Lawyers Weekly

TALKING POINTS

The next Mabo?

• The High Court expands native title rights in a historic ruling that’s "up there with Mabo." The Commonwealth faces a new wave of native title claims worth billions after the High Court ruled on Wednesday that Indigenous landowners are entitled to “just terms” compensation over a bauxite mine in NT. one lawyer said it was . In a 6-1 decision, the Court found that native title is 'property' under section 51(31) of the Constitution and that the Commonwealth should have consulted the Gumatji clan before acquiring the land and leasing it. The decision could invalidate past land grants. The Gumatji clan’s claim alone is worth $700m. Leading cons expert Anne Twomey can give you the run down, take it away Anne: Capital Brief

• Any Queenslanders hit by Cyclone Alfred, watch out for lowball insurance offers. After the 2022 Victoria floods, some insurers’ first offers were $83k below final payouts, with one jumping from $0 to $396,300. Consumer advocates warn insurers may underquote repairs or misuse "wear and tear" clauses: AFR

• The US has lashed out “dumpers” like Australia for its aluminium and steal production. Australia’s failure to dodge Trump’s tariffs sent local stocks tumbling for a second day, with the ASX 200 down 1.3% to a seven-month low. BlueScope is pushing for diplomatic talks, disappointed that its $5bn US investment which created 4000 jobs wasn’t enough: AFR, The Australian

TREASURY

DEAL ROOM

Northern’s Star’s overvalued bet

• Northern Star’s $5bn bid for De Grey Mining has been priced above valuation, according to an independent expert assessing the largest-ever offer for an undeveloped Aussie gold project. KPMG valued De Grey at up to $4.79bn, below the bid, but with gold nearing $US3000/oz, miners are paying steep premiums to secure top-tier assets: AFR

• Aussie start-up Sonder has secured $40m in investment from Blackbird Ventures, Seek, and Hostplus to fuel its international growth. The Sydney-based wellbeing platform, which supports employee retention, has already reached 1 million members and is growing 40% annually. With strong backing, it’s expanding rapidly – next stop the UK: AFR

• JX Advanced Metals pulls off Japan’s biggest IPO since 2018, raising ¥439bn (A$4.7bn) after pricing at the top of its range. The Tokyo Stock Exchange listing signals confidence in Japan’s IPO market, despite global trade war concerns hitting tech and chip stocks: Bloomberg

• In more IPO chat, Fonterra’s bankers are hitting the road next week to sell the Mainland Group IPO, which could value the owner of Western Star butter and Mainland cheese at up to $4bn. Fund managers expect an IPO raise of $1.5bn-$2bn: AFR

• Australia Post has taken a 25% stake in Shiperoo, a startup revolutionising returns management in Australian retail. The partnership targets sustainability and streamlining online shopping returns, backed by AI and automation tech. Shiperoo has invested $30 million into innovative systems to tackle the 17% return rate across retail: Capital Brief

SECTOR SPECIFIC

Spotify pays $10bn in royalties

🚜 DIGGERS

• Australia is one of the largest exporters of liquid natural gas. But with limited gas in the tank, soon it too will be an importer of LNG. The country faces depleting gas fields in the east and limited pipeline capacity from the northwest. The eastern states are already testing gas security, with a potential energy crisis looming by 2027 – yikes: Bloomberg

• Fortescue’s Green Pioneer—the world’s first dual-fuel ammonia-powered vessel—has hit London’s Canary Wharf on its global tour, urging the international shipping industry to ditch fossil fuels: Australian Mining

🏦 FIN

• ASIC’s Joe Longo has torched the super sector, calling it the "poster child" for governance failures after a wave of complaints about poor member service. Ouch. ASIC is cracking down, already hitting AustralianSuper, Aware Super, and Westpac/BT with over $20m in fines each: The Australian

• PwC UK has made record partner cuts, with 123 departures in 2024—double the usual rate, as consulting demand dries up. The firm paused its tech apprenticeship program, leaving some grads stranded without jobs. All to keep partner profits near £1m each: Yahoo!Finance

🏡 RETAIL & REAL ESTATE

• Barwon Investment Partners has raised $150m for its $1.5bn healthcare property fund, proving investors are still keen on alternative assets—even as private hospital operators like Healthscope face financial woes: AFR

• Australia Post has snapped up a 25% stake in Shiperoo. With Aussies spending $63.6bn online in 2023, Shiperoo aims to solve retail's return management challenges and streamline online shopping logistics through AI-powered fulfilment facilities: Capital Brief

📱 TECH

• Spotify paid out US$10bn in royalties in 2024, over 60% of its €15.7bn revenue, claiming it’s the biggest payout in music history. Yet backlash lingers—Bjork slammed Spotify as “the worst thing that has happened to musicians.” With 675m users, critics argue streaming economics still shortchange artists: Financial Times

• Scott Farquhar, co-founder of Atlassian with a handsome net worth of $29.9bn, is set to take over as chair of the Tech Council of Australia. He’s pushing for faster tech transition in Australia, moving away from reliance on natural resources. Farquhar aims to help local start-ups scale to global success, making Australia a hub for tech innovation: AFR

Want to tell us something? 

Reply to this email to tell us what we should cover.

New here?

👋 You’re in good company. You’re reading this alongside readers from HSF, KWM, Allens and Corrs. Sign up now for insights delivered directly to your inbox.