The Applicant brought an action against the Commonwealth of Australia, the Secretary to the Department of Treasury and the Chief Executive Officer of the Australian Office of Financial Management for failing to disclose the economic effects of climate change on exchange-traded Australian Government Bonds (eAGBs). The respondents filed an application seeking orders to strike-out the Applicant’s Amended Statement of Claim and to refuse leave to file a Second Amended Statement of Claim.
Murphy J held, first, that the proceeding should continue as a representative proceeding. His Honour determined that there was sufficient shared interest between the Applicant and the represented persons. Further, it was not necessary to have notified the represented persons of the action at this stage of proceedings. Second, his Honour held that the Applicant’s claims made pursuant to a disclosure duty and under the Public Governance, Performance and Accountability Act 2013 should be struck-out as the Applicant did not have standing to being those claims. The consequence was that the proceeding was discontinued as against the second and third respondents. Third, Murphy J declined to strike out the Applicant’s claim of misleading and deceptive conduct, determining that the pleading was sufficient at this stage to move forward.
Michael Hodge QC (with K Foley) appeared for the Respondents, instructed by the Australian Government Solicitor.
The judgment is published here.