This document is a media release issued by the Australian Government on 5 August 2026, announcing the Swiss Federal Supreme Court's dismissal of set-aside proceedings initiated by Clive Palmer and his Singaporean corporate vehicle, Zeph Investment Pte Ltd, against the Commonwealth of Australia.

The underlying dispute involved an AUD 300 billion investor-State arbitration claim brought under the ASEAN-Australia-New Zealand Free Trade Agreement (AANZFTA). The claim concerned Western Australian legislation affecting the proposed Balmoral South Iron Ore Project. The arbitral tribunal previously issued a unanimous decision declining jurisdiction, finding that Zeph Investment Pte Ltd did not qualify as a protected investor with a covered investment under the applicable treaty framework.

The Swiss Federal Supreme Court rejected the applicants' challenges to the tribunal's jurisdictional award, confirming that the claimant did not meet the requisite criteria of a foreign investor entitled to treaty protections. Consequently, the Court upheld the tribunal's dismissal of the claims and ordered the applicants to bear the costs of the proceedings, concluding a legal defense by Australia that reportedly spanned over three years and incurred AUD 13 million in costs.