In collaboration with FTI Consulting, ACICA has released a report detailing the recent trends and future of commercial arbitration in Australia.
Based on responses from over 100 respondents, the report analyses the underlying data of the 223 arbitrations identified with an ‘Australian Connection’, of which 111 were international and 109 domestic (3 did not specify jurisdiction). These unique arbitrations saw a total amount of $35 billion in dispute.
Unsurprisingly, construction, engineering and infrastructure (43%), as well as the oil and gas sectors (20%) were the most dominant in the arbitrations identified, with mining and resources also significantly represented (13%).
The report highlighted lack of diversity as a concern, with more than 90% of arbitration tribunal members in cases with an Australian connection being male. With diversity being a focal point globally, these figures highlight a key area of improvement for the industry.
Arbitration remains a well-respected avenue for dispute resolution, with 80% of survey respondents representing they were ‘satisfied’ with the arbitration process. Even so, some still feel the true potential of arbitration in Australia ‘remains untapped’.
View and download the 2020 Australian Arbitration Report from the ACICA website here »