'Don’t do a Deloitte': the AI stuff-up that ricocheted around the world

Health editor Michael Smith discusses CSL’s remarkable story, why investors have lost faith in the healthcare giant and what Trump has to do with it. This podcast is sponsored by Aussie Broadband Further reading: How CSL went from 'bloated bureaucracy' to $145b global behemothWhen Brian McNamee took on the top job at Commonwealth Serum Laboratories, the government-run entity was barely worth the land it was built on.McNamee vows to stay CSL chairman despite growing investor disquietThe pharmaceutical giant has avoided a board spill, but a market bloodbath arising from declining US vaccine rates has investors seething.‘We have to fix this’: Brian McNamee on turning around CSLCSL was once a market darling, now it’s out of favour and pressure is on board and management to convince sceptical investors of a plan to restructure the business.See omnystudio.com/listener for privacy information.

This week on The Fin, Lucy King and James Eyers on Australia’s crypto ATM boom, how they are being used for investment scams and why Australia is being targeted.This podcast is sponsored by Salesforce Further reading: ‘Devastated’: How I lost $500k in a crypto ATM scamMary, 85, is one of thousands of victims of Australia’s boom in crypto ATM’s, which suck in $275 million a year, and are the “getaway cars” for scammers. Consumers, banks urge outright ban on crypto ATMsHome Affairs Minister Tony Burke will give AUSTRAC powers to restrict the machines, but consumer groups say this won’t stop the danger to older Australians. Labor to crack down on crypto ATMs amid scam surgeNew powers will be handed to regulators to restrict the use of crypto ATMs, which have become a hub for scams and illegal money laundering.See omnystudio.com/listener for privacy information.

This week on The Fin podcast, Edmund Tadros and Paul Karp on Deloitte’s stuff-up, why it became a global story and what it means for the way we use, and value, AI.This podcast is sponsored by SalesforceFurther reading: ‘Oversight was not followed’: Deloitte apologises for AI reportThe firm will discipline personnel over a report that had to be reissued after they failed to vet incorrect AI-generated material in the document.Deloitte’s AI scandal shows consultants need a new strategyThe saga also raises existential questions: for consultants, AI is both a major opportunity and a threat that directly undermines their premium fees.Deloitte to refund government, admits using AI in $440k reportDeloitte will issue a partial refund to the government after admitting that artificial intelligence had been used in the creation of a report littered with errors.See omnystudio.com/listener for privacy information.

This week, senior writer Greg Bearup and Lowy Institute senior fellow Richard McGregor on China's dominance of the local EV and battery market and why that's a security risk. This podcast is sponsored by Salesforce Further reading: Is your Chinese EV a ‘ticking time bomb’?The rapid uptake of electric cars and home batteries from the Asian nation has put Australia’s energy infrastructure at risk of foreign hijack, experts warn.China could disable or detonate Aussie EVs, warns top cyber expertMalcolm Turnbull’s former cybersecurity tsar says Australian government officials should not ride in Chinese-made EVs because of the surveillance risk.‘Crying shame’: Inside the demise of Australia’s only battery makerBrian Craighead spent a decade trying to build an industry. He blames a cash crisis, a glut of Chinese product and shambolic federal policies for its failure.See omnystudio.com/listener for privacy information.

Andrew Hobbs and Tony Boyd on how investors lost $1.2 billion in Shield, First Guardian and Australian Fiduciaries, and how the gatekeepers let it happen.This podcast is sponsored by AcendaFurther reading:The ‘easy peasy’ approval: Shield exposes $850b super wrap industryThese funds told us they were toxic: how did Macquarie miss it?How Macquarie ignored its own advice on Shield (and lost $100m)See omnystudio.com/listener for privacy information.

Senior reporters Jonathan Shapiro and Primrose Riordan on what ASIC's crackdown on LaTrobe Financial and the Jon Adgemis saga tells us about the private credit market, the risks for super investors and whether the golden run is over. This podcast is sponsored by AcendaFurther reading: Private credit faces tougher regulation after damning report La Trobe investment products hit with stop orders by ASIC Deutsche Bank appoints receivers for Adgemis pubs See omnystudio.com/listener for privacy information.

Canberra bureau chief Nicola Smith and Washington correspondent Jessica Gardner on the Pacific defence deals and what to expect when Albanese sits down with Donald Trump.This podcast is sponsored by AcendaFurther reading: Trump and Albanese meet, as PM finally lands White House visitDonald Trump and Anthony Albanese met at a UN reception in New York as it was confirmed they would finally sit down together at the White House next month.China looms large over PM’s embarrassing setbackAustralia faces a diplomatic setback after failing to secure PNG defence treaty, but what it really signals is a growing influence of China in the Pacific.Tears, forgiveness and fury: Kirk remembered as martyr for free speechAllies of Charlie Kirk have vowed to carry on his mission to defeat leftist ideology at a packed service that at times looked more like a campaign rally.See omnystudio.com/listener for privacy information.

Chanticleer columnist James Thomson and banking reporter Angira Bharadwaj on ANZ’s overhaul, why banks are cutting jobs and whether management has lost control of the message. This podcast is sponsored by Acenda Further reading:ANZ’s pragmatic deal for ‘betraying’ Australia deserves no applauseANZ has stitched up a pragmatic settlement with ASIC to give Nuno Matos room to launch his reset. But it shouldn’t distract from what has been shabby governance.‘It’s long overdue’: The cull wiping out thousands of bank jobsAfter a spike in staff numbers since the royal commission, three of the big four banks are wielding the axe, with more than 5000 people exiting the industry.It’s the age of turbulence as Nuno Matos turns ANZ upside-downKnown among some staff as El Nuno, the Lisbon-born chief executive is attracting fear, intrigue and admiration as he cuts staff and overhauls the bank.See omnystudio.com/listener for privacy information.

NSW political correspondent Paul Karp and deputy property editor Michael Bleby on the political leaders declaring war on NIMBYs, whether it will help the country meet its housing supply target and why the bigger problem might be a tradie deficit.This podcast is sponsored by CMC Markets Further reading: How the Woollahra development could redraw politics in Sydney’s eastUrban infill doesn’t just reshape the local environment; it can change the political landscape as well.NSW planning minister says NIMBYs ‘vying to create childless suburbs’Paul Scully has been pushing for higher densities in Sydney, creating a backlash from residents. He says resistance to housing has become “institutionalised”.Property supply chief targets capital gains tax breaks in housing ‘war’As the country begins a discussion about tax, the property industry veteran says the crucial role of housing also demands a big-picture review.See omnystudio.com/listener for privacy information.

Rupert Murdoch's eldest son has finally secured control of the family’s sprawling media empire in a multi-billion dollar settlement with his siblings. Media reporter Sam Buckingham-Jones gives his take on the deal that ends a bitter succession battle. This podcast is sponsored by CMC Markets Further reading: Lachlan Murdoch takes family media empire, paying siblings $5b to exitThe deal brings to an end almost two years of bitter legal wranglings over control, cementing Rupert Murdoch’s eldest son’s leadership at News Corp and Fox.6:42Lisa MurrayWendi Deng emerges on Rupert and Lachlan’s side in Murdoch splitUnlike three of their older half-siblings, the businesswoman’s two children with the billionaire patriarch will keep a stake in the family media empire.See omnystudio.com/listener for privacy information.