Based on recent polling and the impending Federal election, there is a high probability that the tax measures in the Government’s Federal Budget due to be handed down on 2 April 2019 will be “zombie” measures in the sense that whatever measures the Government announces are at risk of not being enacted as a consequence of a change in government.
On 14 February 2019, the Australian Securities and Investments Commission (ASIC) announced that it is reviewing its guidance on responsible lending conduct, Regulatory Guide 209 Credit licensing: Responsible lending conduct (RG 209).
As Australian-based private fund managers look to scale their operations having tapped their network of family offices and high net wealth individuals, many are looking to Asia and Europe as a source of capital. European investors, in turn, are interested in the typically higher returns available in the Australian market, particularly in the private debt market.
Today, the High Court of Australia handed down its decision on the various appeals brought in relation to the decision the Full Court of the Federal Court in Griffiths v Northern Territory  FCAFC 107 (which itself was an appeal from the first instance decision by Justice Mansfield in Griffiths v Northern Territory of Australia (No 3)  FCA 900). Appeals were brought by the Northern Territory, Commonwealth and the Ngaliwurru and Nungali Peoples in relation to the compensation payable pursuant to section 51 of the Native Title Act 1993 (Cth) (NTA) for the extinguishment of native title.
The final report of the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry is compulsory reading for senior management in the banking, superannuation, insurance and related industries. But is there a tax angle?
Last week’s double decisions of the Full Court of the Federal Court and the New South Wales Court of Appeal confirm the Courts’ powers to make common fund orders. The decisions will give litigation funders additional certainty over the recovery of their commissions and permit third-party funding to continue to be one of the drivers of the active class actions landscape in Australia.
In an Australian first, the Federal Court has ordered Cryosite Limitedto pay penalties of $1.05 million for cartel conduct, following proceedings commenced by the Australian Competition and Consumer Commission for gun jumping.