In 1986 Murrandoo, a successful property developer, needed finance for a new property development on the Gold Coast. He approached his bank and was told by the branch manager of the bank that a loan could be arranged in a foreign currency at a low rate of interest if he was interested. At a later meeting, another bank officer spoke about the advantages of such a loan against the Australian dollar, which was strong at that time.
As a result of these conversations, Murrandoo borrowed the equivalent of A$1million in Japanese yen. At the time of the loan, the exchange rate for the Australian dollar against yen was 1:130. Over the next few years, the values of the Australian dollar fell against the yen to 1:65, effectively doubling his debt to the bank.
Has Murrandoo any recourse against the bank under the Trade Practices Act?