Sykes v Reserve Bank of Australia [1999] FCA 746

FEDERAL COURT OF AUSTRALIA

Sykes v Reserve Bank of Australia [1999] FCA 746 TRADE PRACTICES – representation with respect to future matter – representation without reasonable grounds – damages recoverable for misleading conduct – Trade Practices Act 1974 (Cth) ss 51A and 82 CAUSATION AND RELIANCE – acts done in reliance upon misrepresentations amount to sufficient connection for causation – causation a question of fact to be determined by commonsense and experience in the facts of a particular case – whether applicants relied on representation of release date of notes in purchasing equipment and engaging in production of their product – whether commercial opportunity lost as a result of misrepresentation DAMAGES – loss of commercial opportunity – form of economic loss – quantum for future possibilities and past hypothetical situations determined by degree of probability WORDS AND PHRASES – "causation", "reliance" "loss of opportunity", "degree of probability" Trade Practices Act 1974 (Cth) ss 51A and 82 Sykes v Reserve Bank of Australia (1997) 151 ALR 579, cited Sykes v Reserve Bank of Australia (1998) 158 ALR 710, followed Sellars v Adelaide Petroleum NL (1994) 179 CLR 332, applied March v E & M H Stramare Pty Ltd (1991) 171 CLR 506, applied Commonwealth v Amann Aviation Pty Limited (1991) 174 CLR 64, applied Malec v J C Hutton Pty Limited (1990) 169 CLR 638, followed PETER SYKES, BEVERLEY MAY SYKES AND POLYBANK PTY LIMITED v RESERVE BANK OF AUSTRALIA

NG 941 OF 1994 TAMBERLIN J SYDNEY 4 JUNE 1999

IN THE FEDERAL COURT OF AUSTRALIA

NEW SOUTH WALES DISTRICT REGISTRY NG 941 OF 1994

BETWEEN: PETER SYKES

First Applicant

BEVERLEY MAY SYKES

Second Applicant

POLYBANK PTY LIMITED

(ACN 051 634 158)

Third Applicant

AND: RESERVE BANK OF AUSTRALIA