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Financial Services AU
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May 28, 2026
Banks Face Stiffer Scam Obligations Under Draft Rules
Australian banks would need to take reasonable steps to prevent, detect and disrupt scams, and report and respond to them, under new draft rules released by the Albanese Government on Thursday, as well as issue automatic repayments of claims under $3,000.
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May 27, 2026
Small, Medium, Really Big: APRA's New Bank Rule Tiers
The Australian Prudential Regulation Authority on Wednesday eased compliance burdens for small and medium banks by lifting its threshold for designating "significant" financial institutions by $10 billion.
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May 27, 2026
Westpac Must Pay $26M After Mishandling Hardship Claims
Westpac must pay $26 million in civil penalties after the Federal Court in Melbourne ruled on Tuesday it had failed to respond to more than 200 of its more vulnerable customers' financial hardship requests, which Judge Timothy McEvoy described as "grossly negligent."
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May 27, 2026
NSW Chief Judge Says Don't Assume Safe Harbour Covers AI
New South Wales Chief Justice Andrew Bell warned in a recent speech that company directors will not be protected from liability if they rely on artificial intelligence without prudent oversight given the technology's well-known risks of "sycophantic agreement," bias and hallucination.
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May 26, 2026
Judge Refuses To Disqualify ERA Legal In $67M Loan Dispute
ERA Legal can stay on as solicitors for lenders in a lawsuit over a $66.7 million loan, after a Federal Court judge in Perth ruled that even though the firm's fees tied to the loan itself are part of the litigation, it does not mean the Sydney commercial law firm is conflicted and must be disqualified.
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May 26, 2026
Don't License Super Switching, Ban It, Pension Funds Say
Opposition to businesses who encourage superannuation switching is building within the retirement fund industry with the Super Members Council and CBUS backing an outright ban as Treasury considers changes following the billion-dollar collapse of First Guardian and Shield Master funds.
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May 26, 2026
Credit Suisse Can't Claim Euro Shield For Greensill Docs
Credit Suisse must cough up unredacted documents in a $2.2 billion dispute with insurers over the collapse of Greensill Capital, after a Federal Court judge in Sydney ruled on May 18 that the need for a fair trial trumps the risk of violating European privacy laws.
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May 26, 2026
ASIC Warns Gen Z Is New Target Of Crypto Scams
ASIC warned Monday that scammers using WhatsApp groups for share trading and stock tips are pushing fake cryptocurrency investment platforms on Generation Z investors who are more at risk due to their "widespread exposure" to crypto advertising on social media.
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May 26, 2026
Veteran Lawyer Woodburn Joins AFCA As New Superannuation Chief
Veteran superannuation lawyer and former Allens consultant Paul Woodburn has joined the financial industry ombudsman as its new superannuation chief, AFCA announced Monday.
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May 26, 2026
Albanese $833.3B Budget Takes Aim At Capital Gains
The Albanese Government unveiled its 2026-27 Budget on May 12, billing the $833.3 billion spending plan as providing "resilience and reform" through new measures, including controversial cuts to capital gains concessions and increased spending on energy, infrastructure, and housing.
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May 26, 2026
CBA Investors Push High Court To Revive AML Loss Claims
Commonwealth Bank of Australia shareholders are urging the High Court to restore claims that they suffered losses due to the bank's failure to prevent money laundering, which led to a record $700 million AUSTRAC penalty, arguing a lower court prematurely dismissed their claims.
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May 26, 2026
ASIC's Longo Urges Easier Path For Fintech Startups
ASIC Chair Joe Longo on Thursday urged greater collaboration between regulators and the fintech industry in his final public remarks, saying he worries Australia risks falling behind if innovative startups face overly burdensome oversight.
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May 18, 2026
Latham Reps Anglo American On $3.9B Australia Coal Mines Deal
Mining giant Anglo American said Monday that it will sell coal mines in Australia to a Britain-based miner for up to $3.875 billion in a move to simplify its business ahead of a $52 billion merger with Canada's Teck Resources.
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May 13, 2026
Gov't Unit Targets £99B Australian Pension Fund Investment
The British government has launched a project designed to attract around £99 billion ($133.8 billion) of Australian pension fund investment over the next decade as part of its broader bid to direct retirements savings capital toward the U.K.
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May 12, 2026
Shell Wins Australia Tax Fight Over $71.6M In Added Taxes
The Australian Taxation Office wrongly assessed AU$98.9 million ($71.6 million) in additional taxes to a Shell plc subsidiary by denying its entitlement to add a premium to its cost basis for a deemed acquisition of shares, the Federal Court of Australia said.
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May 12, 2026
Australia Aims to Curb Property Loss Tax Deductions
The Australian government plans to implement measures aimed at limiting tax deductions in situations where interest expenses tied to rental properties exceed related income, which will raise 3.6 billion Australian dollars ($2.6 billion) over five years, according to a budget released Tuesday.
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May 11, 2026
Australia Preparing Decisions On Capital Gains Tax Issues
Australia is preparing determinations and guidance on five issues related to capital gains taxation, including when anti-avoidance laws may be applied to multiple deferrals of liabilities and how the tax applies when a cryptocurrency is pegged to another cryptocurrency, the Australian Taxation Office said Monday.
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May 05, 2026
2 Firms Guiding Creation Of $7.7B Australian Gold Miner
Mallesons-advised Regis Resources Ltd. and Vault Minerals Ltd., a fellow Australian gold producer represented by Corrs Chambers Westgarth, said Tuesday they will merge in an all-share deal, creating a top Australian producer with a roughly $7.7 billion market capitalization.
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April 23, 2026
Cathay Bank Says Macquarie Hid $100M DTG Rival Acquisition
Cathay Bank sued Macquarie's asset management arm and the former executives of recycling company DTG Enterprises in Washington federal court Wednesday, claiming they tricked lenders into backing a $540 million buyout by misrepresenting DTG's financial viability and concealing a plan to acquire its largest competitor for $100 million.
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April 22, 2026
TMX Buying Cboe's Canada, Australia Exchanges For $300M
Cboe Global Markets Inc., advised by three law firms, said Wednesday it has agreed to sell its Canadian and Australian equities exchanges to Canada's TMX Group Ltd. for a total of $300 million.
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April 17, 2026
Macquarie Selling Romanian Grid Network For About $825M
Premier Energy Group said Friday it has agreed to acquire Romania-based electricity distributor Distributie Energie Oltenia, or DEO, from funds managed by Australia's Macquarie Asset Management for about €700 million ($825 million).
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April 13, 2026
Australia Eyes Higher Penalties For Misconduct By Tax Pros
Australia wants a sizable increase in civil penalties for tax professionals, new categories of misconduct and stronger enforcement capacities for the profession's regulator in response to PricewaterhouseCoopers LLP leaking confidential tax policies to clients, according to the government.
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April 10, 2026
Australia Seeks Tighter Gains Tax On Foreign Residents
Australia is looking to tighten its capital gains tax on taxpayers who reside abroad by expanding the base with regard to real property, the country's Treasury Department said in a consultation.
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April 09, 2026
Australian Court Affirms India's Immunity In $112M Award Suit
Australia's highest court has upheld that India has sovereign immunity in an enforcement case involving a $112 million arbitral award issued in a dispute over a terminated deal to deliver communications services in the country.
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April 09, 2026
FanDuel's Former CLO Goes To Fintech Startup Airwallex
Australia-based financial technology startup Airwallex will continue its expansion into the U.S. market next week as the company welcomes the former chief legal officer of FanDuel as its new compliance officer.
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