To establish the defence of truth to an imputation of selling properties at exorbitant prices, every material part of the imputation must be proved true, including that there were sales (in the plural where the imputation refers to 'investors') at prices that were 'grossly excessive'. Evidence of low valuations, failed transactions, poor capital growth, or undisclosed commissions does not of itself establish that sales were at exorbitant prices. A trial judge dealing with competing expert valuation evidence must engage with the issues and analysis canvassed by each side and explain why one expert is preferred over another. The defence of contextual truth under s 16 of the Defamation Act 1974 (NSW) involves an evaluative judgment about reputation that should not be made by a Court of Appeal for the first time where there has been no primary determination.
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