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In this edition, we cover the Australian Securities and Investments Commission's (ASIC) consolidation of 17 reporting and auditing relief instruments into two as part of its regulatory simplification initiative. In Legal, we discuss the Federal Court's interim asset preservation and travel restraint orders secured by ASIC in relation to the Star Investment Group Australia (SIGA) scheme and the Takeovers Panel (Panel) proceedings concerning Canyon Resources Limited (Canyon).
In Over the Horizon, we consider the Reserve Bank of Australia’s (RBA) statement to the House of Representatives Standing Committee on Economics on the productivity challenges facing the Australian economy, and what they mean for board-level planning and capital expenditure considerations.
Regulatory
ASIC consolidates 17 reporting and auditing relief instruments into two.
On 18 September 2026, ASIC announced that it had made ASIC Corporations (Annual and Half-year Reporting) Instrument 2026/468, which consolidates 14 existing instruments relating to financial and sustainability reporting relief under the Corporations Act 2001 (Cth), and ASIC Corporations (Auditing) Instrument 2026/469, which consolidates three existing auditing relief instruments.
The consolidated instruments do not introduce substantial policy changes and are part of ASIC’s regulatory simplification initiative to improve clarity, consistency and ease of use. ASIC will update relevant forms and regulatory guidance to reflect the new instruments. Directors may wish to prompt management to update references to legislative instruments contained in internal compliance frameworks and templates. The consolidation is also a timely prompt for boards to confirm the availability of, and conditions for, any reporting and auditing relief.
Legal
ASIC obtains court orders to protect SIGA scheme investors.
On 18 September 2026, ASIC announced that the Federal Court of Australia made interim asset preservation and travel restraint orders against SIGA, Gondal Holdings Pty Ltd (Gondal) and the director of both entities, Mr Ijaz Ahmad, following an ex parte application by ASIC. The orders relate to ASIC's investigation into an investment scheme operated by SIGA associated with the Lake Narracan Resort development in Victoria. The Court found there were reasonable grounds to suspect contraventions of the Corporations Act and Australian Securities and Investments Commission Act 2001 (Cth) (ASIC Act), and that orders were necessary to protect the interests of investors. The orders restrain SIGA, Gondal and Mr Ahmad from dealing with or dissipating assets, and require disclosure of information about their assets and liabilities. Mr Ahmad has also been restrained from leaving Australia.
Directors should be reminded that ASIC can and will seek urgent court orders, including asset freezes and travel restraints, against directors personally where there is a perceived risk of asset dissipation or flight.
Panel accepts undertakings in relation to the affairs of Canyon Resources Limited.
On 25 August 2026, the Panel announced that it had received an application concerning an off-market takeover bid for Canyon by its major shareholder, A2MP Investments FZCO (A2MP). The application raised concerns that the bidder’s statement contained misleading statements and did not sufficiently disclose the ownership and dealings of certain shareholders. The Panel separately raised preliminary concerns about the effectiveness of processes to manage the involvement of participating insiders in the independent board committee’s (IBC) response to the bid. On 14 September 2026, Canyon and A2MP provided undertakings that require:
- Canyon to amend its IBC charter to ensure the IBC can respond to the bid free of influence from participating insiders, including by restricting participating insiders from accessing or sharing confidential information without IBC oversight;
- A2MP not to access, solicit or receive confidential information in connection with any potential transaction without the express approval of the IBC, and to adopt a written "nominee protocol" governing communications between A2MP and its nominee directors on the Canyon board.
The Panel’s consideration of the issues raised in the proceedings is continuing. These undertakings are an example of the Panel’s expectations regarding conduct by target boards to preserve the integrity of decision making in conflict situations, including through establishment of an IBC and design of IBC protocols and information barriers.
Over the Horizon
Subdued by design: the RBA’s warning on productivity and growth.
On 18 September 2026, RBA Governor, Ms Michele Bullock, told the House of Representatives Standing Committee on Economics that “a period of subdued growth of aggregate demand is needed to reduce capacity pressures and bring inflation down sustainably.” The core message: continued weak productivity growth, not a temporary demand shortfall, is what prevents the economy from growing strongly without fuelling inflation. With inflation at around 3.5% (above the 2–3% target band), the cash rate at 4.35% after three increases this year, and the Middle East conflict adding to cost pressures, the RBA sees no near-term path to easier conditions.
Directors should keep in mind that if productivity is the binding constraint, business cases built on volume recovery restoring margins are assuming away the very condition the RBA says must persist. The more defensible FY27 commitments are those grounded in cost savings, throughput improvements or automation gains within the company’s control. The same scrutiny applies to pricing assumptions and refinancing headroom on facilities priced off a rate that has risen three times this year. The key question before the next RBA decision on 29 September 2026: which commitments would still be approved if demand remains subdued for the entire planning horizon?