ASIC seeks compensation from Equity Trustees over Shield failure – 10 October 2025
The Australian Securities and Investments Commission has updated its claim against Equity Trustees to seek compensation stemming from the losses incurred by investors due to the failure of the Shield Master Fund. The $480 million Shield scheme, which was available on the company’s superannuation investment platforms, was frozen in early 2024 amid the regulator’s concerns that it had not adequately disclosed its risks to investors.
‘Oversight was not followed’: Deloitte apologises for AI report – 12 October 2025
Deloitte Australia has apologised for the government report the firm had to reissue because it was found to include artificial intelligence-generated errors and will discipline personnel for failing to vet the material properly. The big four consulting firm, in its first public statement about the issue, conceded the errors “occurred from the use of AI” and said its “review and oversight processes” in the preparation of the report had not been followed
Legal experts warn housing reforms expose planning to corruption risks – 13 October 2025
Legal and environmental experts warn that a new housing reform bill in New South Wales could weaken planning safeguards and increase corruption risk. Concerns include broad ministerial powers, lack of transparency, and absence of anti-corruption safeguards. Some are calling for the bill to be reviewed by ICAC. https://www.news.com.au/national/nsw-act/politics/legal-experts-warn-housing-reforms-expose-planning-to-corruption-risks/news-story/95481865b301dacfdda875efb76f8200
Frustration mounts among Qantas customers as personal data released on dark web – 13 October 2025
Qantas customers whose personal data was posted on the dark web have voiced their concerns and disappointment. Those affected now need to stay vigilant as a second wave of scams will follow, a cyber expert has warned. It is unclear whether Qantas is liable for any privacy law breaches amid speculation that the airline may face severe financial penalties.
As illicit tobacco sales rise into the billions, economist Arthur Laffer puts blame on high tobacco taxation rate – 14 October 2025
Arthur Laffer, an American economist renowned for the Laffer Curve, has recently criticized Australia’s escalating tobacco excise taxes, attributing them to a significant surge in illicit tobacco trade. He argues that such high taxation encourages consumers to seek cheaper, illegal alternatives, thereby diminishing government revenue and fueling organised crime. According to Australian Taxation Office data, the illicit tobacco market is estimated to constitute 18% of all tobacco consumed in the country, equating to approximately 1,656 tonnes in 2022–23. This amounts to an estimated $2.7 billion in evaded excise duty.
Bribery sentence over Victorian Building Authority registration scheme – 14 October 2025
Omer Yuksel, a builder and construction trainer, was sentenced after admitting involvement in a bribery scheme connected to the Victorian Building Authority (VBA). The scheme involved referrals of students and payment for corrupt registration advantages
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ASIC report halts ‘race to the bottom’ on Australian private credit – 15 October 2025
Some of Australia’s largest private credit managers say the corporate regulator’s critical report into the asset class will put the industry on a better footing, and ultimately protect investors from future losses. Andrew Schwartz, the chief executive of $9.5 billion real estate lender Qualitas, said he was “really welcoming” of the Australian Securities and Investment Commission’s October review into private credit.
Tax watchdog launches new probe into current and former PwC partners – 16 October 2025
The country’s tax watchdog is investigating current and former PwC partners for potential code breaches, prolonging the firm’s pain from its long-running scandal over the leaking of government information. The number of individuals and the nature of the Tax Practitioners Board’s inquiries are unclear, but the new probes are expected to be completed by next year. The regulator is also investigating senior figures from other major firms, according to people not authorised to discuss ongoing inquiries.
‘Conflicts of interest’ behind Australian parliamentary official’s $315k retirement payment, report finds – 16 October 2025
An independent “fact-finding mission” into a $315,126 retirement payment to a senior parliamentary department official has found “multiple procedural failures” including overpayment, a disregard for specialist advice and “excessive pressure” applied in the payment’s timing. The report by Sydney barrister Fiona Roughley SC, released Thursday, found there were “conflicts of interest” and “conflicted persons” within the Department of Parliamentary Services involved in the decision-making process.
‘We all have a role to play’: ASIC argues for whole of industry approach to misconduct – 16 October 2025
ASIC has made statements effectively acknowledging that financial misconduct can’t be completely eliminated, but advocates for stronger coordination across the financial services industry to reduce harm
Queensland’s 10-cent container refund scheme referred to crime and corruption commission – 16 October 2025
Ten allegations against Queensland’s container recycling scheme have been referred to the state’s corruption watchdog after a parliamentary inquiry on Thursday revealed allegations of bullying and conflicts of interest. A parliamentary committee revealed claims that the board coordinating the state’s Containers for Change is “dominated” by Coca-Cola and Lion, with several submissions to the inquiry claiming that the two beverage companies have an incentive to reduce the number of containers being recycled in order to lower their costs.
Warnings for explicit deepfakes, ‘image-based abuse’ amid rise of AI technology – 17 October 2025
A senior researcher has warned “99 per cent” of victims of online abuse are women. It comes as detectives look into reports that digitally altered explicit images using the faces of female students from a Sydney high school were circulated online. Police are continuing to investigate after parents reported the incident to Eastwood Police Station on Wednesday night.
