Conduct and culture

Allegations against senior executives: The raft of allegations concerning conduct and culture within large organisations, including against senior executives, continued throughout 2025. Some of these allegations have led to regulatory investigations, and in the case of Steadfast, led to a trading halt.¹ These matters continue to have a significant impact on the individuals and organisations involved.
Corporate whistleblower laws: In 2025, we saw the conclusion of ASIC's first civil penalty proceedings under the reformed corporate whistleblower regime. Queensland coal producer TerraCom admitted to engaging in detrimental conduct towards a whistleblower, and agreed to pay a penalty of $7.5 million and $1 million for ASIC's costs as part of a settlement agreement. Separately, the Federal Court determined that TerraCom's directors had not breached their duties to exercise care and diligence in relation to the matter. In another matter,² the Federal Court provided guidance on the types of disclosures that may qualify for protection under the corporate whistleblower regime. In particular, the court observed that the context of the whistleblower regime indicates that it is intended to protect disclosures of information that are of relevance to the regulatory functions of ASIC, APRA or another federal authority (including compliance, enforcement and discipline). However, the information need not indicate conduct that is an offence or contravention of law.
Psychosocial health and safety: In December 2025, the Occupational Health and Safety (Psychological Health) Regulations 2025 were introduced in Victoria, imposing new duties on employers to manage psychosocial risks in the workplace. This aligns the state with other Australian jurisdictions where such duties already exist. Throughout 2025, enforcement action in the psychosocial health and safety space continued to increase. Of particular note was SafeWork NSW issuing a prohibition notice to halt a redundancy process at the University of Technology Sydney. This is the first time we are aware of that a safety regulator has issued a prohibition notice in relation to a workplace change process.

Private sector whistleblower reforms: we expect the Government to publish a discussion paper and undertake public consultation as to its review of the corporate whistleblower regime. The review was scheduled to commence by July 2024 and appears to remain in its early scoping phase.
Public sector whistleblower reforms: we also expect the Government to propose further changes to the federal public sector whistleblower regime, including the establishment of a Whistleblower Ombudsman, following public consultation in late 2025.
Psychosocial health and safety: we expect that enforcement action in the psychosocial health and safety space will continue to increase, with a particular focus on workplace change and fatigue-related health and safety risks.

Corporate conduct: ASIC, APRA.
Health and safety: Comcare, SafeWork NSW, WorkSafe Victoria, Workplace Health and Safety Queensland, SafeWork SA, WorkSafe WA, WorkSafe Tasmania, NT WorkSafe and WorkSafe ACT.

The key sectors of focus for regulators include:

Corporate conduct: financial services, entertainment and media.
Health and safety: high-risk industries (eg mining and construction).
Workplace relations: large organisations, and industries with significant gender and/or power imbalances (eg healthcare).

Conduct and culture

What have been the key regulatory and enforcement developments in Australia in 2025?

What are the likely regulatory and enforcement developments in Australia in 2026?

Who are the key regulators in relation to this area?

What are the key sectors of focus?

Footnotes