That's my thinking as well. He would have known that there wasn't a chance in hell he could ever pay that back, nor could he reasonably have believed this situa

That's my thinking as well. He would have known that there wasn't a chance in hell he could ever pay that back, nor could he reasonably have believed this situation might change in the future. I would expect this, combined with the amount, extravagance, and opportunistic nature of this whole thing, to show intent to defraud. (But I don't know much about Australia's legal system.)