High court: Financial regulation and a vulnerable indigenous community
High court: Financial regulation and a vulnerable indigenous community Journal Article
LSJ: Law Society of NSW Journal
Abstract: In this much anticipated litigation, ('ASIC v Kobelt' [2019] HCA 18) the High Court majority (4:3) dismissed ASIC's appeal against an outback store owner, Mr Kobelt. For about a decade, he operated a 'book-up' credit system for his customers; Indigenous persons in a remote community. ASIC alleged his system was unconscionable. Despite the diverging views of the Court, the decision sheds light on confronting social issues in remote Indigenous communities while contributing to the jurisprudence on statutory unconscionability in Australia.