The Fin

This week on The Fin podcast, United States correspondent Matthew Cranston and International editor James Curran on why the presidential race has been turned on its head, how the candidates and their running mates match up and what they would mean for the world if they make it to the White House.This podcast is sponsored by Team Global ExpressFurther reading: Obamas ignite Harris campaign but warn of tight raceThe former president told a roaring crowd the vice president would not be a self-centred leader like Trump, but instead focus on improving Americans’ lives. Kamala Harris’ big test this week: Policy or personality All eyes will be on the vice president at the Democratic National Convention as she tries to keep momentum going in the race for the White House. Democrats now the American dreamers Democrats have become the true believers in the American mission. Republicans will be more prudential in assessing foreign policy capacities.See omnystudio.com/listener for privacy information.

This week on The Fin podcast, professional services editor Edmund Tadros on the rise of a sales-driven culture at PwC, why the firm bungled its response to the tax leaks scandal, and why it has failed to move on. This podcast is sponsored by Team Global Express Further reading: ‘We couldn’t believe it’: Insiders reveal how PwC unravelled as scandal broke The inside story of how PwC transformed from dull accountant into a sales-driven firm that would tear itself apart.‘I’ll make you more money’: Inside Seymour’s CEO pitchThe candidates had unofficial campaign managers and developed manifestos. Lobbying was done in the office, over drinks, during the weekend. And like any good election, the voters’ main concern was what was in it for them.‘Nerds gone wild’: Inside PwC’s last party before it all blew upIt is the days-long party now described as the last hurrah before the storm of the tax leaks. Within six months, the scandal would change the firm forever.See omnystudio.com/listener for privacy information.

This week on The Fin podcast, senior reporter Jonathan Shapiro on ANZ’s bond trading scandal, whether the bank lied about its market activity to get on the deal in the first place and who should be accountable. This podcast is sponsored by Team Global Express Further reading:ANZ bond trading scandal ‘risks unknown’: MacquarieMacquarie analysts have run the numbers on what ANZ’s bond scandal could do to its profits whilst conceding some costs are hard to measure.ANZ says bond trading scandal fallout could extend to the very topThe ANZ board may be forced to take action against the bank’s chief executive Shayne Elliott and other senior managers over the misleading trading data submitted to the federal government and investigations into its workplace culture.The ANZ scandal is a bombshell in two actsThe issues engulfing the bank’s trading team are not about complicated bond trades. It’s about an alleged double act of deceit and manipulation of the taxpayer.See omnystudio.com/listener for privacy information.

This week on The Fin podcast, resources reporter Peter Ker discusses whether Andrew Forrest's green hydrogen dream was a fantasy and what his retreat means for the government’s green energy plans and Fortescue’s future. This podcast is sponsored by Team Global ExpressFurther reading: Green hydrogen too ‘expensive and inefficient’: Finkel Former chief scientist Alan Finkel – who devised Australia’s first clean hydrogen strategy – now says we are “unlikely to use hydrogen for storage of electricity”. Forrest says Element Zero execs burned bridges ‘like Nazis’ Fortescue chairman Andrew Forrest has distanced himself from surveillance tactics used against former employees, but fully supported the IP lawsuit against them. Labor’s hydrogen dream stalls as Fortescue slims down H2 vision Fortescue will cut 700 jobs and slow its push into green hydrogen in a blow to the Albanese government’s plan to make Australia a hydrogen superpower supported by more than $8 billion of taxpayer funded incentives. See omnystudio.com/listener for privacy information.

This week on The Fin, Financial Review workplace correspondent David Marin-Guzman on what was uncovered in his nine-month investigation into the CFMEU, why the response shocked union insiders and whether this time, there might be lasting change. This podcast is sponsored by Smartsheet. Further reading: ‘The dam is breaking’: Setka resignation blow to culture of fear The CFMEU boss’ departure was a shock even to his own officials, but it is a watershed moment for the culture of silence and intimidation that has ruled the construction industry. Caught on film: How Setka and the CFMEU wield their power Videos show John Setka delivering a suitcase message to a rival’s home, and other officials issuing threats and boasting of the union’s total control. Albanese to push aside CFMEU bosses The Albanese government will seek to appoint an external administrator to clean up the CFMEU, sidelining its national and state leaders. The MUA is also considering whether to split from the CFMEU. See omnystudio.com/listener for privacy information.

In this special bonus episode of The Fin, United States correspondent Matthew Cranston on why Joe Biden pulled out of the presidential race, what happens next and whether Kamala Harris is the candidate to take on Donald Trump. This podcast is sponsored by Smartsheet. Further reading: Harris is younger and fitter than Biden, but that’s the easy bit The vice president is a more physically and mentally capable campaigner who might cut through to some voters who Biden didn’t reach, but is that enough to beat Donald Trump? Biden urges unity to beat Trump after stunning race exit The US president ended his re-election campaign after fellow Democrats lost faith in him. Kamala Harris, 59, immediately accepted his endorsement. Trump skips reset moment, doubles down on MAGA magic Donald Trump had the chance of a lifetime to reinvent himself following an assassination attempt. But why on earth would he do that? See omnystudio.com/listener for privacy information.

This week on The Fin, economics correspondent Michael Read explains why inflation has proved stickier than expected and raised the stakes for the Reserve Banks's big policy gamble. This podcast is sponsored by Smartsheet. Further reading:https://www.afr.com/policy/economy/inflation-hits-six-month-high-raising-risk-of-a-rate-rise-20240626-p5jot7Investors say there is now a one-in-three chance of an August interest rate rise after inflation accelerated to its highest rate in six months and economists warned price pressures remained too strong. https://www.afr.com/policy/economy/rba-won-t-be-influenced-by-europe-and-canada-on-rate-cuts-20240607-p5jk4zThe Reserve Bank of Australia will not be swayed by interest rate cuts in Canada and Europe, says deputy governor Andrew Hauser, as he warns that high inflation is having “toxic” effects on households and preventing businesses from expanding. https://www.afr.com/policy/economy/rba-board-split-in-doubt-as-libs-dig-in-20240509-p5in16Treasurer Jim Chalmers could be forced to shelve his signature plan to create a specialist interest rate-setting board at the Reserve Bank of Australia after a breakdown in talks with the Coalition.See omnystudio.com/listener for privacy information.

This week on The Fin podcast, senior reporters Jonathan Shapiro and Aaron Weinman on why private credit is booming, who’s making money from it and what happens if the golden age comes to an end. This podcast is sponsored by Smartsheet. Further reading: ‘Marking their own homework’: Inside Australia’s $200b unregulated private credit boomCredit products are being launched a mile-a-minute, promising plenty of returns buoyed by high rates. But behind the euphoria, there’s plenty of disquiet. Fortunes to be made as the private credit boom is going publicOnce a cottage industry, private credit is now attracting billions of dollars, reshaping the financial system and minting new fortunes. Wylie’s Tanarra eyes $1b for new credit fund, snares ex-HSBC bankerThe firm’s latest tilt at private credit will provide long-term loans for investment-grade companies that typically raise capital in overseas bond markets.See omnystudio.com/listener for privacy information.

This week on The Fin, International editor James Curran on why a group of former navy commanders, defence officials and submarine officers believe AUKUS has been set up to fail.This podcast is sponsored by Smartsheet. Further reading:‘A cruel joke’: Why AUKUS might leave Australia strandedA group of defence experts says that the Albanese government is on course for a financial and strategic AUKUS disaster, in the final part of an exclusive series.AUKUS ‘moonshot’ may be a tragically expensive failureIt is alarming that both Coalition and Labor politicians fail to acknowledge the risk that Australia could be left with no submarine capability by the end of the 2030s.Morrison’s ‘longest night’: Inside the making of AUKUSThe military agreement is a mess and risks leaving Australia with no submarine capability at all by the late 2030s. The cloak of secrecy that secured the deal could now be its undoing.3:50Lisa MurraySee omnystudio.com/listener for privacy information.

Inside the most talked-about stock market float in over a decade. This week on the Fin, Chanticleer columnist Anthony Macdonald and senior reporter Primrose Riordan on the story behind Guzman y Gomez, why it was one of the most talked-about floats in years and whether the hype is justified. This podcast is sponsored by Smartsheet. Further reading: Guzman y Gomez IPO pop to $3b lifts hopes for listingsThe Mexican-themed restaurant chain’s value topped $3 billion on its debut, and there are hopes this will rekindle a stagnating market for local sharemarket listings, Can Guzman y Gomez’s New Yorker frontman prove everyone wrong?Managers say the IPO is too riddled with cushy perks for insiders to offer value. Founder Steve Marks disagrees. Guzman y Gomez float a bet on a maverick founder and his grand plansThe Mexican-themed restaurant chain’s founder is pitching big growth. He’s not an overnight success story, but the riches are there if he can make it work.See omnystudio.com/listener for privacy information.

This week on The Fin podcast, Europe correspondent Hans van Leeuwen on why Emmanuel Macron has rolled the dice and whether politics is being dragged to the right.Further reading: Macron has poured on the petrol. Someone will get burntThe President hopes to prove that votes for the right in Europe were just voters venting steam. If he’s wrong, the consequences will be felt far beyond France. UK’s likely next PM copies Albanese election playbookLabour leader Keir Starmer unveiled a policy manifesto containing almost no new policies, confirming just a handful of tax tweaks if his party is elected on July 4. What Aussie business can expect from Europe’s far-right shiftBoth sides of politics in Europe will back industrial policies designed to onshore or diversify supply chains – and that’s the space where Australia plays.See omnystudio.com/listener for privacy information.

Only 9% of indigenous Australians have native title & they "don't walk around like billionaires". This week on The Fin podcast, Peter Ker and Ronald Mizen talk about whether it’s delivering for Indigenous Australians and why there are now calls for reform.Further reading: Call to reform Mabo’s $1b native title dividendNative title groups hosting Australia’s iron ore industry are holding more than $1 billion of net assets in trusts, but after 32 years of the native title regime, there is little to show for the vast majority of Indigenous Australians. ‘Disgraceful’ government neglect costs Indigenous funds $1bTwo big government funds set up to benefit Indigenous people without native title rights were shackled for decades by the investment equivalent of stuffing money under a mattress. Long walk to treaty resumes in a fractured federationThe Albanese government has backed away from a promise to strike a treaty with Indigenous Australians. In a federal policy vacuum, some states are picking up the baton.See omnystudio.com/listener for privacy information.

This week on The Fin, technology editor Paul Smith and columnist and senior writer John Davidson explain how AI is moving to the edge and what that means for jobs, energy use and investor returns. Further reading:Apple’s Siri to get its shot at AI redemptionOnce the best (and only) AI assistant on phones and other devices, Siri has fallen into disrepair. Next week, Apple is expected to announce a host of improvements. Alex Pollak is already investing in ‘the very next’ NvidiaA shift in where AI queries are being handled has opened up the investment field to more chipmakers, and to apps we haven’t even dreamed of yet. Why CBA’s AI future needs more reimaginingA US trip left CBA chief executive Matt Comyn with questions to which he doesn’t have all the answers. It’s a common theme across the Australian business world.See omnystudio.com/listener for privacy information.