Here is a article from a newsletter of the Law Council of Australia about the impact of the Federal Court on the legal scene in Australia (pdf).

Tony Abbott writes:

"Its judgments are accorded high authority, particularly those of
the Full Federal Court. This Court has become the final
Court of Appeal in the bulk of tax matters, as the High Court only
grants special leave where matters of fundamental principle are involved.

The Court’s decisions on section 52 of the Trade Practices Act
have shaped much of Australia’s commercial life, and its
work in the sometimes controversial areas of industrial relations,
migration law and native title regularly sees the Court
featuring in political and media discussion.