This week's podcast guests are Canberra Bureau Chief Tom McIlroy and Foreign affairs and Defence correspondent Andrew Tillet. They join Lisa Murray and Phil Coorey to discuss the coalition's plan to increase defence spending, the erosion of trust in institutions and the potential risks of following American political trends in Australia.

This week's podcast guests are Canberra Bureau Chief Tom McIlroy and Foreign affairs and Defence correspondent Andrew Tillet. They join Lisa Murray and Phil Coorey to discuss the coalition's plan to increase defence spending, the erosion of trust in institutions and the potential risks of following American political trends in Australia.

A weekly podcast from The Australian Financial Review that examines the biggest stories in business, markets and politics, and why they matter, explained by the best financial journalists in the country.

Search The Fin and follow us wherever you get your podcasts.

A weekly podcast from The Australian Financial Review that examines the biggest stories in business, markets and politics, and why they matter, explained by the best financial journalists in the country.
Search The Fin and follow us wherever you get your podcasts.

A weekly podcast that examines the biggest stories in business, markets and politics, and why they matter.

The Fin

All the latest episodes from all of the AFR's podcasts. 

All the latest episodes from all of the AFR's podcasts.&nbsp;

Latest episodes 

Election 2025: Why Albo has a spring in his step and Dutton's big bet on defence

Financial Review wealth editor Joanna Mather and reporter Andrew Hobbs on how Labor’s new tax rules reshape investment strategies and what that means for you.

This podcast is sponsored by Westpac

Further reading: 
Albanese says CGT is going back to 1999. That’s not quite trueLabor’s proposed capital gains tax inflation model is different from Paul Keating’s in two ways that mean investors will typically pay more tax.
The game has changed – what investors need to know
The budget measures have jolted many wealth plans. We ask the professionals about tips for first home buyers, property and share investors, retirees and those with trusts.
‘Ludicrous’: Modelling shows bucket companies face even bigger tax hitFurther examination of the budget papers shows the penalty tax rate that will apply to bucket companies could be as high as 70 per cent, tax specialists say.

Financial Review wealth editor Joanna Mather and reporter Andrew Hobbs on how Labor&rsquo;s new tax rules reshape investment strategies and what that means for you.
This podcast is sponsored by <a href="https://www.westpac.com.au/">Westpac</a>
Further reading:&nbsp; <a href="https://www.afr.com/policy/tax-and-super/albanese-says-cgt-is-going-back-to-1999-that-s-not-quite-true-20260520-p5zyy0?utm_source=omny&amp;utm_medium=podcast_notes&amp;utm_campaign=the_fin&amp;utm_content=&amp;utm_term=newsroom">Albanese says CGT is going back to 1999. That&rsquo;s not quite true</a> Labor&rsquo;s proposed capital gains tax inflation model is different from Paul Keating&rsquo;s in two ways that mean investors will typically pay more tax. <a href="https://www.afr.com/wealth/personal-finance/the-game-has-changed-what-investors-need-to-know-20260514-p5zwp7?utm_source=omny&amp;utm_medium=podcast_notes&amp;utm_campaign=the_fin&amp;utm_content=&amp;utm_term=newsroom">The game has changed &ndash; what investors need to know</a> The budget measures have jolted many wealth plans. We ask the professionals about tips for first home buyers, property and share investors, retirees and those with trusts. <a href="https://www.afr.com/wealth/tax/ludicrous-modelling-shows-bucket-companies-face-even-bigger-tax-hit-20260518-p5zygc?utm_source=omny&amp;utm_medium=podcast_notes&amp;utm_campaign=the_fin&amp;utm_content=&amp;utm_term=newsroom">&lsquo;Ludicrous&rsquo;: Modelling shows bucket companies face even bigger tax hit</a> Further examination of the budget papers shows the penalty tax rate that will apply to bucket companies could be as high as 70 per cent, tax specialists say.

What the budget means for your wealth (and did Boomers win?)

Jessica Gardner on why Xi Jinping is the quiet winner from the war, how much the conflict has cost Donald Trump and what it means for the midterm elections and the rest of his presidency.

This podcast is sponsored by Westpac

Further reading:
MAGA still supports war strongman Trump. But that’s not enough
On the streets of Miami and Palm Beach, havens for Donald Trump supporters, the president’s war in Iran gets unswerving trust – or at least the benefit of the doubt.

Off the reins: Xi, Trump set for summit with a difference
Neither leader needs any more drama than they already have, so they will instead seek an easy path to stability in the world’s most important bilateral relationship.

Trump says US-Iran ceasefire on ‘massive life support’
The US president accused Tehran of reneging on a promise to drop its nuclear ambitions as part of a deal to end the war, which threatens his meeting with Xi Jinping.

Jessica Gardner on why Xi Jinping is the quiet winner from the war, how much the conflict has cost Donald Trump and what it means for the midterm elections and the rest of his presidency.
This podcast is sponsored by <a href="https://www.westpac.com.au/">Westpac</a>
Further reading: <a href="https://www.afr.com/world/north-america/maga-still-supports-war-strong-man-trump-but-that-s-not-enough-20260418-p5zoz1?utm_source=omny&amp;utm_medium=podcast_notes&amp;utm_campaign=the_fin&amp;utm_content=&amp;utm_term=newsroom">MAGA still supports war strongman Trump. But that&rsquo;s not enough</a> On the streets of Miami and Palm Beach, havens for Donald Trump supporters, the president&rsquo;s war in Iran gets unswerving trust &ndash; or at least the benefit of the doubt.
<a href="https://www.afr.com/world/north-america/off-the-reins-distracted-xi-trump-set-for-summit-with-a-difference-20260509-p5zv8i?utm_source=omny&amp;utm_medium=podcast_notes&amp;utm_campaign=the_fin&amp;utm_content=&amp;utm_term=newsroom">Off the reins: Xi, Trump set for summit with a difference</a> Neither leader needs any more drama than they already have, so they will instead seek an easy path to stability in the world&rsquo;s most important bilateral relationship.
<a href="https://www.afr.com/world/middle-east/trump-says-us-iran-ceasefire-on-massive-life-support-20260512-p5zvu7?utm_source=omny&amp;utm_medium=podcast_notes&amp;utm_campaign=the_fin&amp;utm_content=&amp;utm_term=newsroom">Trump says US-Iran ceasefire on &lsquo;massive life support&rsquo;</a> The US president accused Tehran of reneging on a promise to drop its nuclear ambitions as part of a deal to end the war, which threatens his meeting with Xi Jinping.

How much is the Iran war costing Donald Trump?

Phillip Coorey on the first year of the Albanese’s government’s second term, what’s happening with property taxes and how the biggest loser in the budget will be Gen X.

This podcast is sponsored by Westpac

Further reading:
Prime minister arrests popularity decline, One Nation plateaus: poll
Anthony Albanese’s handling of the petrol crisis has improved his personal ratings and is helping to prop up Labor’s vote.
Anthony Albanese sees the populist writing on the wall
As Labor prepares for a Hastie-led opposition, the PM is ready to break promises so Labor can court younger voters and save it from the parties of grievance
CGT change to tax existing investments based on length of ownership
The Albanese government plans to transition investors to a new capital gains tax regime through a hybrid grandfathering system.

Phillip Coorey on the first year of the Albanese&rsquo;s government&rsquo;s second term, what&rsquo;s happening with property taxes and how the biggest loser in the budget will be Gen X.
This podcast is sponsored by <a href="https://www.westpac.com.au/">Westpac</a>
Further reading: <a href="https://www.afr.com/politics/federal/pm-arrests-popularity-decline-one-nation-plateaus-poll-20260501-p5zsuy?utm_source=omny&amp;utm_medium=podcast_notes&amp;utm_campaign=the_fin&amp;utm_content=&amp;utm_term=newsroom">Prime minister arrests popularity decline, One Nation plateaus: poll</a> Anthony Albanese&rsquo;s handling of the petrol crisis has improved his personal ratings and is helping to prop up Labor&rsquo;s vote. <a href="https://www.afr.com/politics/federal/albanese-reveals-his-plan-to-fend-off-one-nation-20260427-p5zrbs?utm_source=omny&amp;utm_medium=podcast_notes&amp;utm_campaign=the_fin&amp;utm_content=&amp;utm_term=newsroom">Anthony Albanese sees the populist writing on the wall</a> As Labor prepares for a Hastie-led opposition, the PM is ready to break promises so Labor can court younger voters and save it from the parties of grievance <a href="https://www.afr.com/policy/tax-and-super/cgt-change-to-tax-existing-investments-based-on-length-of-ownership-20260503-p5zt9x?utm_source=omny&amp;utm_medium=podcast_notes&amp;utm_campaign=the_fin&amp;utm_content=&amp;utm_term=newsroom">CGT change to tax existing investments based on length of ownership</a> The Albanese government plans to transition investors to a new capital gains tax regime through a hybrid grandfathering system.

Election 2025: Why Albo has a spring in his step and Dutton's big bet on defence

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