… In this paper, I dare to suggest some answers to the questions posed by Mr Heydon QC. I suggest that it cannot seriously be questioned that standards of fiduciary honesty, and standards of fiduciary care, skill and diligence have indeed fallen in the last century. This conclusion militates very strongly in favour of his conclusion that those owed duties by fiduciaries will not be better off if the fiduciary regime is weakened. And of the potential heirs of the fiduciary empire, statute – most insatiably greedy of all in Mr Heydon’s words – is making the most serious inroads.
David Russell, 2018 WA Lee Equity Lecture: Equity in an Age of Uncertainty, QUT Law Review, volume 18, General Issue 2 pp 137-162.