This article will discuss key procedural issues that arose during the Philip Morris Asia v Australia arbitration, specifically regarding bifurcation and procedural efficiency. It will then explore how this experience has informed Australia’s engagement in current multilateral investor-State dispute settlement (ISDS) reform efforts. Initiatives to strengthen bifurcation and the handling of claims that constitute an abuse of process are an important aspect of ISDS reform discussions currently occurring through two key multilateral ISDS reform forums – the International Centre for the Settlement of Investment Disputes (ICSID) and the United Nations Commission on International Trade Law (UNCITRAL) Working Group III.