The key to understanding what any public policy argument is
really about is to look at whose money is at stake on each side of it.
So it is with the vicious fight over class action litigation. The Morrison government has come out swinging, announcing that it’s going to force third party litigation funders into the financial services and managed investments regime under the Corporations Act 2001 and Australian Securities and Investment Commission (ASIC) oversight (up to now it’s been an unregulated industry).
Attorney-General Christian Porter has declared class actions to be the work of the devil; the Coalition is increasingly parroting the line of big corporates, to the effect that these cases are confected assaults on the efficient functioning of business, turning minor legal issues into rivers of money.