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 Acenda

Further reading:
The ‘easy peasy’ approval: Shield exposes $850b super wrap industry
These funds told us they were toxic: how did Macquarie miss it?
How Macquarie ignored its own advice on Shield (and lost $100m)

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 <a href="https://www.acenda.com.au/take-life-on?utm_source=search&amp;utm_medium=search&amp;utm_id=takelifeonbrandcampaign&amp;utm_medium=search&amp;utm_id=takelifeonbrandcampaign&amp;gad_source=1&amp;gad_campaignid=22856140216&amp;gbraid=0AAAAA_s8tYwOt-MVZ3mr4v25QLXCB-OaT&amp;gclid=CjwKCAjwlaTGBhANEiwAoRgXBWy8XDGoncSapNsu1-93tcs26i9Z053RgizN6FBWg8CJuSmECA6yARoCCzYQAvD_BwE">Acenda</a> Further reading: <a href="https://www.afr.com/companies/financial-services/asic-s-test-case-for-850b-super-platform-industry-20250828-p5mqn0" data-stringify-link="https://www.afr.com/companies/financial-services/asic-s-test-case-for-850b-super-platform-industry-20250828-p5mqn0" data-sk="tooltip_parent">The &lsquo;easy peasy&rsquo; approval: Shield exposes $850b super wrap industry</a> <a href="https://www.afr.com/companies/financial-services/shield-first-guardian-disclosed-red-flags-macquarie-equity-trustees-missed-them-20250903-p5ms04" data-stringify-link="https://www.afr.com/companies/financial-services/shield-first-guardian-disclosed-red-flags-macquarie-equity-trustees-missed-them-20250903-p5ms04" data-sk="tooltip_parent">These funds told us they were toxic: how did Macquarie miss it?</a> <a href="https://www.afr.com/companies/financial-services/how-macquarie-ignored-its-own-advice-on-shield-and-lost-100m-20250925-p5mxsb" data-stringify-link="https://www.afr.com/companies/financial-services/how-macquarie-ignored-its-own-advice-on-shield-and-lost-100m-20250925-p5mxsb" data-sk="tooltip_parent">How Macquarie ignored its own advice on Shield (and lost $100m)</a>

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 

Inside the biggest investment scandal in 15 years

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.

Generation X? The federal budget is coming for you

This week, Jesinta Burton and Tom Rabe on the landmark ruling, who won, who lost and why this is just one part of a complex web of legal battles over Gina Rinehart’s fortune.

This podcast is sponsored by Woodside Energy

Further reading:
The sins of the father: Gina Rinehart’s bitter victory
The legal war between the billionaire and her children mirrors the secrecy and power struggles she once faced with the late Lang Hancock.
Battle of the titans gives Pilbara’s quiet achiever his due
Don Rhodes was the man to whom Lang Hancock turned to identify a rich iron ore deposit. Fifty years and a huge court case later, his company is in for a big royalty win.
Rinehart and Rio Tinto to pay, but mining saga cost yet to be revealed
A landmark ruling has found Gina Rinehart’s Hancock Prospecting owes the heirs of her father’s former partner millions in royalties on one of the Pilbara’s most valuable iron ore assets.

This week, Jesinta Burton and Tom Rabe on the landmark ruling, who won, who lost and why this is just one part of a complex web of legal battles over Gina Rinehart&rsquo;s fortune.
This podcast is sponsored by <a href="https://www.woodside.com/who-we-are?gad_source=1&amp;gad_campaignid=19236083177&amp;gbraid=0AAAAApAgpoUY9mniozX45G51epawaefJ8&amp;gclid=CjwKCAjwhLPOBhBiEiwA8_wJHCD566vlhh39EEhLaTlb_6HwlTO3T1F04JXFnSdVzfurNzX3B4s9uBoCiMIQAvD_BwE">Woodside Energy</a> Further reading: <a href="https://www.afr.com/companies/mining/the-sins-of-the-father-gina-rinehart-s-bitter-victory-20260417-p5zoow?utm_source=omny&amp;utm_medium=podcast_notes&amp;utm_campaign=the_fin&amp;utm_content=&amp;utm_term=newsroom">The sins of the father: Gina Rinehart&rsquo;s bitter victory</a> The legal war between the billionaire and her children mirrors the secrecy and power struggles she once faced with the late Lang Hancock. <a href="https://www.afr.com/companies/mining/battle-of-the-titans-gives-pilbara-s-quiet-achiever-his-due-20260416-p5zogl?utm_source=omny&amp;utm_medium=podcast_notes&amp;utm_campaign=the_fin&amp;utm_content=&amp;utm_term=newsroom">Battle of the titans gives Pilbara&rsquo;s quiet achiever his due</a> Don Rhodes was the man to whom Lang Hancock turned to identify a rich iron ore deposit. Fifty years and a huge court case later, his company is in for a big royalty win. <a href="https://www.afr.com/companies/mining/rinehart-to-pay-royalty-bonanza-to-rival-in-battle-of-mining-dynasties-20260415-p5znzs?utm_source=omny&amp;utm_medium=podcast_notes&amp;utm_campaign=the_fin&amp;utm_content=&amp;utm_term=newsroom">Rinehart and Rio Tinto to pay, but mining saga cost yet to be revealed</a> A landmark ruling has found Gina Rinehart&rsquo;s Hancock Prospecting owes the heirs of her father&rsquo;s former partner millions in royalties on one of the Pilbara&rsquo;s most valuable iron ore assets.

Inside the biggest investment scandal in 15 years

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