In an 'all or nothing case' where the offeree has an arguable case and the Calderbank offer is merely a 'walk away offer' (each party to bear own costs), the failure to accept the offer is not unreasonable and does not warrant indemnity costs, regardless of whether the Multicon presumption or the Federal Court approach is adopted.
The full text is available to signed-in members, including the 2 later cases that cite this judgment.