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In ESG

Australia: Federal budget 2024-25 – Key takeaways for the Energy Transition

by , , , and 9 Mins Read

As Australia transitions to net zero, the 2024-25 Australia federal budget handed down on 14 May 2024 contains significant initiatives relating to renewable energy, hydrogen, critical minerals, green metals, low carbon liquid fuels and clean energy technology, with the AUD 22.7 billion “Future Made in Australia” package as a centerpiece. Through new or additional incentives and other funding, the Australian Government aims to attract investment in key industries for the energy transition and make Australia “a renewable energy superpower” as well as add value to the resources sector, particularly critical minerals, and strengthen economic resilience and security.

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In Corporate Compliance

Australia: Changes to Australian Franchise Laws set for later this year

by , , and 4 Mins Read

Our 16 February 2024 Client Alert reported on the recommendations of the Federal Government’s Independent Review of the Franchising Code of Conduct (“Code”). 

We noted that the recommendations were largely sensible and light touch and that the Review considered that the Code was generally fit-for-purpose.

The Government has now released its formal response, adopting the Review recommendations in full.

In Cybersecurity, Data and Tech

Australia: Public consultation on National Classification Reform

by , and 6 Mins Read

On 4 April 2024, the Minister for Communications opened consultation on significant and comprehensive stage two reforms to the National Classification Scheme (“Scheme”). The Scheme is comprised of a number of laws and regulatory instruments – together, operating as a regulatory framework for classifying films, certain publications and computer games under cooperative arrangements between the Commonwealth, and the States and Territories. In addition, the Scheme directly underpins the online content scheme in Part 9 of the Online Safety Act 2021 (Cth) (“OSA” ) and informs elements of the broadcast television self-classification requirements in place under industry codes of practice under the Broadcasting Services Act 1992 (Cth).

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In AML & Financial Services Regulatory

Australia: Long awaited buy now pay later reforms arrive

by , and 6 Mins Read

On 12 March 2024, the Australian Government released exposure draft legislation on Buy Now, Pay Later products (“BNPLs”) for public consultation. This follows the Government’s previous consultation on the regulatory framework for BNPLs, and growing calls to regulate the BNPL industry in order that these products might have similar or the same protections that exist for consumer credit products in Australia.

In Cybersecurity, Data and Tech

Australia: Australian Senate to establish Select Committee on AI – submissions close 10 May 2024

by , , , , , , and 3 Mins Read

On 26 March 2024, the Australian Senate resolved to establish the Select Committee on Adopting Artificial Intelligence (“Committee”) to inquire into and report on the opportunities and impacts arising out of the adoption of AI technologies in Australia.
The Committee’s inquiry provides an important opportunity for Australian companies to shape the future direction of Australia’s AI-related regulatory reforms as the Government continues to formulate its position on the regulation of AI.

In Antitrust / Competition

Australia: Paving the way for a single mandatory suspensory merger control system

by , and 1 Min Read

On 10 April 2024, the Treasurer Dr Jim Chalmers MP announced a major change to Australia’s merger control regime with the introduction of a new single mandatory, suspensory merger control system. The Australian Competition and Consumer Commission (ACCC) will be the key decision maker and given stronger powers to examine transactions, including serial acquisitions and mergers by businesses with substantial market power. The notification thresholds remain a critical unknown piece and will be subject to further consultation.

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In Antitrust / Competition

Australia: ACCC compliance and enforcement priorities in 2024/25

by , and 8 Mins Read

On 7 March 2024, the Chair of the Australian Competition and Consumer Commission (ACCC), Gina Cass-Gottlieb, announced the ACCC’s compliance and enforcement priorities for 2024/25 and the market studies and advocacy work that the ACCC would continue this year.
Ms. Cass-Gottlieb identified a range of industry sectors, as well as specific competition and consumer law issues that will be the focus of the ACCC’s compliance and enforcement activities for 2024/25. Many of these areas continue from last year.

In Anti-Corruption

Australia: Does your company have adequate procedures in place to prevent corruption?

by 8 Mins Read

The Australian government has, after many years of deliberation, passed the Crimes Legislation Amendment (Combatting Foreign Bribery) Bill 2023 which introduces a new indictable corporate offence of failing to prevent foreign bribery.
This offence will apply where an associate of a company has committed bribery in relation to a foreign public official for the profit or gain of the company. The company will be liable unless it can establish that it has ‘adequate procedures’ in place to prevent the commission of bribery by its associates.

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