A new Banking Code of Practice is on the horizon
Background The Australian Banking Association’s (ABA) Banking Code of Practice (the Code) contains a set of contractually enforceable industry standards that customers and small businesses can expect subscribing banks to uphold. The Code has been in place in various forms since 1993, including a range of protections that are intended to complement and set higher […]
ReadmoreThe City of Melbourne Street Network is Changing – Have your say on the Future Streets Framework
The City of Melbourne (Council) has proposed the Future Streets Framework (Framework). The Framework seeks to implement the strategic directions of the Transport Strategy 2030, which seeks to reallocate more space to people walking and cycling in the Melbourne CBD, reduce central city through-traffic and transform precincts around major transport interchanges into pedestrian thoroughfares. New […]
ReadmoreASIC commences proceedings against Vanguard Investments
Further to our series of articles on ESG, on 24 July 2023 ASIC commenced proceedings seeking declarations, pecuniary penalties and adverse publicity orders against Vanguard Investments Australia Ltd (Vanguard) alleging misleading conduct in relation to claims about the applicability of environmental, social and governance (ESG) criteria applied to investments in an investment fund offered by […]
ReadmoreMinister intervenes in the ‘Great Wall’ of high rise development in Frankston
Last week the Minister for Planning approved Amendment C162, which applies the Design and Development Overlay Schedule 14 (DDO14) on an interim basis (until 27 October 2023), to land bordered by Nepean Highway, Kananook Creek Boulevard, Beach Street and Wells Street, Frankston (the Amendment). The Amendment amends Planning Scheme Map No. 4DDO and inserts a […]
ReadmoreBuild-to-Rent short series | Subdivisional solutions
The Gadens Build-to-Rent short series will focus on emerging property and development issues that affect Build-to-rent (BTR) projects – covering planning, subdivision structuring, fund through models and management issues. Click through the following links to read each instalment. Build-to-Rent short series | Has the planning scheme caught up? Subdivisional solutions BTR Projects often seek to […]
ReadmoreBuild-to-Rent short series | Has the planning scheme caught up?
The Gadens Build-to-Rent short series will focus on emerging property and development issues that affect Build-to-rent (BTR) projects – covering planning, subdivision structuring, fund-through models and management issues. Click through the following links to read each instalment. Build-to-Rent short series | Subdivisional solutions Has the planning scheme caught up? As BTR projects are increasing in popularity […]
ReadmoreBuy Now Pay Later: ‘Walks like a duck’ regulation announced
On 22 May 2023, the Treasury announced that the Buy Now Pay Later (BNPL) industry will be regulated under the National Consumer Credit Protection Act 2009 (Credit Act). The move was announced by the financial services minister and assistant treasurer, Stephen Jones MP, at the Responsible Lending & Borrowing Summit. The announcement confirms that the […]
ReadmoreA novel approach to review of ‘too high’ land valuations in Victoria
On 9 March 2023 the Victorian Civil and Administrative Tribunal (VCAT) has sought to settle a much contested area of law in respect to the review of a valuation of land in the preliminary decision in S & JG Investments Pty Ltd v Valuer-General Victoria (Land Valuation) [2023] VCAT 246 (S & JG Investments). In […]
ReadmoreGreening Melbourne: Amendment C376 Melbourne Planning Scheme (Sustainable Building Design Amendment)
The City of Melbourne has set a goal to hit net zero emissions by 2040. Currently, buildings in the Melbourne CBD account for approximately 66% of the City’s total carbon emissions. By comparison, throughout the rest of Victoria, buildings account for approximately 25% of total carbon emissions. What does Amendment C376 propose to do? Amendment […]
ReadmoreIs your rent review void? VCAT finds a cap on CPI review void under Section 35(2) of the RLA
A recent decision of the Victorian Civil and Administrative Tribunal (VCAT), has found that a cap on a CPI review falls foul of section 35(2) of the Retail Leases Act 2003 (Vic) (RLA) resulting in the rent being determined by market review in accordance with section 35(7) of the RLA. In this case, Q St […]
ReadmoreRegulatory action for greenwashing is upon us
Last week, the Australian Securities and Investments Commission (ASIC) commenced civil penalty proceedings for alleged greenwashing against Mercer Superannuation (Australia) Limited (Mercer). This is in addition to ASIC having issued penalty notices to at least four companies for alleged greenwashing, since October 2022. Last year, ASIC identified investigating greenwashing and taking enforcement action where greenwashing […]
ReadmoreIs it really chicken! VCAT says no, confirming Landlords are entitled to withhold consent to an assignment of lease
A recent VCAT decision, Southern Restaurants Pty Ltd v United Petroleum Pty Ltd [2022] VCAT 666, has confirmed that an objective test applies under Section 60(1)(a) of the Retail Leases Act 2003 (Vic) when landlords are looking to refuse consent to an assignment of a lease on the basis that an assignee proposes to use […]
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