Statements based on hypothetical modelling that do not purport to predict the actual financial performance of a particular business are not representations 'with respect to any future matter' under s 51A of the Trade Practices Act. In franchise negotiations between commercially sophisticated parties, where the franchisor has made clear that it is for the franchisee to investigate feasibility, does not provide earnings information, and facilitates contact with existing franchisees, no reasonable expectation of disclosure of existing franchisees' financial performance arises. Reliance by the representee is irrelevant to whether conduct is misleading or deceptive under s 52; it is relevant only to causation of loss under s 82.
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