D. Optional exercise on equity

Section 38(4) of the Civil and Administrative Tribunal Act 2013 (NSW) provides as follows:

(4) The Tribunal is to act with as little formality as the circumstances of the case permit and according to equity, good conscience and the substantial merits of the case without regard to technicalities or legal forms.

Question: Does that mean that the Tribunal must apply the body of principles ‘developed by the Court of Chancery prior to 1873, as modified since by courts administering that jurisdiction’. Explain your answer.

Please keep your answer to between 30 to 100 words.