Based on the results of recent High Court judgments, Australia’s federal structure of corporate law is now considered to be under substantial challenge. This paper discusses an overview of the modern developments of Corporate Law in Australia. The paper is divided into three. The first part of the paper reveals the recent innovations in terms of legislation and policy advanced by the government. The second part discusses the milestone decisions promulgated by the High Court. The third part is the conclusion regarding the future steps by the High Court. There have been criticisms on the High Court’s decisions that the trend has been an “uncommon law” system in terms of not abiding by the precedence. It should be noted that the Australian law is a common law system and the decision of the High Court should be based on precedent laid down by previous cases. The paper proposes that while the general trend of the High Court has been “uncommon,” recent developments in the High Court has been a “common” trend because the High Court has always favoured the corporations as protected by the Corporations Act in ruling recent cases.