The Part 8A

The Financial Register | Kangaroofern Media Lab Pty Ltd

The Part 8A is Mencari's news explainer podcast. Miko Santos, the host, will discuss the most significant stories of the day. theregisterau.substack.com

  1. 2d ago

    PHP critical flaw sparks fresh scrutiny of Australia's infrastructure law.

    Host Miko Santos talks with Prof Jill Slay about a critical PHP vulnerability that made headlines for its potential to let an attacker take over a server within minutes. Slay, SmartSat Chair in Cybersecurity at Adelaide University, says the flaws were found deliberately by two separate companies using AI tools, and the unusual part was public disclosure before patching, which prompted governments including Finland to reportedly take websites offline as a precaution. The conversation moves to Slay's recent Independent Review of the Security of Critical Infrastructure Act 2018 for the Minister for Home Affairs, covering gaps around newer technology like rooftop solar and satellites, cascading effects across sectors, and public understanding of critical infrastructure. She argues the PHP episode shows how quickly a software flaw can escalate into a national security problem, and calls for simpler legislation, better communication within organisations, more funding and workforce training. Key topics & takeaways * The PHP flaw was found on purpose by two companies using AI tools, not by accident * Public disclosure before patching, not the flaw itself, caused the global scramble * The SOCI Act review found gaps around solar panels, inverters, batteries and satellites * Cascading effects mean an attack on electricity can hit hospitals and banks * Most people, including some industry staff, don't know what counts as critical infrastructure * The UK's approach includes public discussion forums and a national asset register * Slay expects incremental, not dramatic, change in Australia's infrastructure security by 2030 Follow Part 8A on Spotify and Apple Podcasts so next week’s episode lands in your feed. Truth matters. Quality journalism costs. Your subscription to Mencari directly funds the investigative reporting our democracy needs. For less than a coffee per week, you enable our journalists to uncover stories that powerful interests would rather keep hidden. No corporate influence. No compromises. Just honest journalism when it matters. Guest & Host Information Host: Miko Santos.Guest: Prof Jill Slay is the SmartSat Chair in Cybersecurity at Adelaide University, where she works on satellite cybersecurity and critical infrastructure protection with government, defence and industry. She recently led an independent review of the Security of Critical Infrastructure Act 2018 for the Minister for Home Affairs. https://researchers.adelaide.edu.au/profile/jill.slay Sources, links & further reading * Jill Slay researcher profile – Adelaide University [https://researchers.adelaide.edu.au/profile/jill.slay] * Independent Review of the Security of Critical Infrastructure Act 2018 – mentioned in episode, no link provided This episode is not a sponsored video/audio. If you purchase anything through some of the affiliate links in our product listings, we will receive a small commission. If you’d like to chat more about this topic, I’d love to continue the conversation with you on Twitter @realmikosantos! This podcast is powered by Kangaroofern, Australia's independent podcast management company. Thanks so much for listening to our podcast! If you enjoyed this episode, be sure to subscribe so you'll be notified when a new episode is posted in the Apple podcast, Google podcast, Spotify, Stitcher or via RSS.  If you think others could benefit from listening, please share it on your socials. You can also subscribe to the podcast app on your mobile device.  If you found value in this episode, leave us an Apple Podcast review. Ratings and reviews from our listeners are extremely valuable to us and greatly appreciated. They help our podcast rank higher on Apple Podcasts and expose our show to more awesome listeners like you.  This is a premium episode. If you would like to discuss this with other subscribers or get access to the episodes, visit Financial Register Got a News Tip? Contact our editor via Proton Mail encrypted, X Direct Message, LinkedIn, or email. You can securely message him on Signal by using his username, Miko Santos. While mainstream media serves corporate interests, you deserve the truth. Your Mencari subscription—less than a coffee per week—powers real independent journalism. Our reporters dig into the stories powerful people desperately want buried. No corporate masters. No political handlers. Just the uncomfortable truths that matter most right now. This is journalism without compromise, funded directly by readers who refuse to be misled. If this reporting opened your eyes, hit Restack so others can see what they're missing. Not ready to be paid subscribe, but appreciate the newsletter ? Grab us a beer or snag the exclusive ad spot at the top of next week's newsletter. This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit theregisterau.substack.com/subscribe

    PHP critical flaw sparks fresh scrutiny of Australia's infrastructure law.
  2. Oct 29

    Investor who lost almost $400,000 questions MPs on super collapse

    This episode covers the Shield and First Guardian Master Funds collapse, described by investigative journalist Jarni Blakkarly as Australia's biggest superannuation scandal. Host Miko Santos talks with Blakkarly, creator of the CHOICE and Super Consumers Australia podcast series The Collapse, about how more than 11,000 investors lost over $1.1 billion in retirement savings. Blakkarly explains the lead-generator telemarketing tactics used to funnel people towards unlicensed advice, details ASIC allegations of kickbacks paid to financial advice firms, and walks through liquidator reports showing that much of the First Guardian money was moved into high-risk offshore investments with little chance of recovery. He also describes meeting investors, including Wayne and Suzy, and advocating Melinda Kee's campaign in Canberra. The conversation matters now because the government has proposed reforms to close the regulatory gaps that the collapse exposed, but those reforms have not yet passed. Key topics & takeaways * Timeline of the collapse: ASIC froze Shield Master Fund assets in 2023, shut it down in early 2024; First Guardian collapsed in 2025 * How lead generators (telemarketers without a financial services licence) warm up targets before handing them to licensed advisers * ASIC allegations that six financial advice firms and dozens of advisers received payments tied to client sign-ups, including about $19 million linked to one adviser network * Liquidator reports showing First Guardian funds moved into offshore hotel, property and venture capital investments with little chance of recovery * Recovery estimates: First Guardian near zero cents on the dollar, Shield around 60 cents on the dollar, over many years * Investor advocate Melinda Kee's advocacy and her interviews with federal politicians in Canberra * Why superannuation consumer protections need to match the scale of Australians' retirement savings Listen to all three episodes of The Collapse, out 27 October, at [www.choice.com.au/thecollapsepodcast]. Follow Part 8A on Spotify and Apple Podcasts so next week’s episode lands in your feed. Truth matters. Quality journalism costs. Your subscription to Mencari directly funds the investigative reporting our democracy needs. For less than a coffee per week, you enable our journalists to uncover stories that powerful interests would rather keep hidden. No corporate influence. No compromises. Just honest journalism when it matters. Guest & Host Information Host: Miko Santos, editor of FinancialRegister.com.auGuest: Jarni Blakkarly is a Melbourne-based senior investigative journalist at CHOICE and creator of The Collapse, a three-part podcast from CHOICE and Super Consumers Australia examining the Shield and First Guardian Master Funds collapse. Sources, links & further reading * The Collapse podcast – CHOICE and Super Consumers Australia [www.choice.com.au/thecollapsepodcast] * CHOICE author page – Jarni Blakkarly [https://www.choice.com.au/authors/jblakkarly] * Jarni Blakkarly, About – personal site [https://jarniblakkarly.com/category/about/] * My MEAA Story: Jarni Blakkarly – MEAA [https://www.meaa.org/news/my-meaa-story-jarni-blakkarly/] This episode is not a sponsored video/audio. If you purchase anything through some of the affiliate links in our product listings, we will receive a small commission. If you’d like to chat more about this topic, I’d love to continue the conversation with you on Twitter @realmikosantos! This podcast is powered by Kangaroofern, Australia's independent podcast management company. Thanks so much for listening to our podcast! If you enjoyed this episode, be sure to subscribe so you'll be notified when a new episode is posted in the Apple podcast, Google podcast, Spotify, Stitcher or via RSS.  If you think others could benefit from listening, please share it on your socials. You can also subscribe to the podcast app on your mobile device.  If you found value in this episode, leave us an Apple Podcast review. Ratings and reviews from our listeners are extremely valuable to us and greatly appreciated. They help our podcast rank higher on Apple Podcasts and expose our show to more awesome listeners like you.  This is a premium episode. If you would like to discuss this with other subscribers or get access to the episodes, visit Financial Register Got a News Tip? Contact our editor via Proton Mail encrypted, X Direct Message, LinkedIn, or email. You can securely message him on Signal by using his username, Miko Santos. While mainstream media serves corporate interests, you deserve the truth. Your Mencari subscription—less than a coffee per week—powers real independent journalism. Our reporters dig into the stories powerful people desperately want buried. No corporate masters. No political handlers. Just the uncomfortable truths that matter most right now. This is journalism without compromise, funded directly by readers who refuse to be misled. If this reporting opened your eyes, hit Restack so others can see what they're missing. Not ready to be paid subscribe, but appreciate the newsletter ? Grab us a beer or snag the exclusive ad spot at the top of next week's newsletter. This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit theregisterau.substack.com/subscribe

  3. Oct 22

    GST rose from 10 to 15 percent explained by RMIT tax expert

    This episode looks at the Grattan Institute's proposal to raise GST from 10 to 15 per cent, a change the think tank says could raise up to $76 billion a year. Host Miko Santos asks Dr Venkat Narayanan, a senior lecturer in accounting at RMIT University, to explain how the GST debate matters now, with Australia relying on personal income tax for about half its revenue. Narayanan sets out why he favours a staged increase starting at 10.5 per cent, why GST is a regressive tax, and what protections pensioners and low income earners would need. He also explains why businesses are largely unaffected by a rate change, because they pass GST on to the final consumer. Key topics & takeaways * Australia gets about 52 per cent of government revenue from income tax versus 13 to 14 per cent from GST, low by OECD standards * Narayanan favours staging any GST rise from 10.5 per cent up to 15 per cent over several years rather than one jump * GST is a regressive tax, hitting people on lower incomes harder as a share of what they earn * Any rise needs matching income tax cuts and increased welfare, including rent assistance and pension concessions * Businesses pass GST straight to consumers and claim it back, so a rate change doesn't affect business tax bills directly * Basic food, health and education remain GST-free under current rules * Narayanan says now is not the right time given interest rate and economic uncertainty, but the policy debate should start Follow The Part 8A on Spotify and Apple Podcasts so next week’s episode lands in your feed. Truth matters. Quality journalism costs. Your subscription to Mencari directly funds the investigative reporting our democracy needs. For less than a coffee per week, you enable our journalists to uncover stories that powerful interests would rather keep hidden. No corporate influence. No compromises. Just honest journalism when it matters. Guest & Host Information Host: Miko Santos, Part 8a podcast.Guest: Dr Venkat Narayanan is a senior lecturer in accounting at RMIT University's School of Accounting, Information Systems and Supply Chain. He is an expert in taxation policy and has undertaken research commissioned by the Australian Taxation Office. Sources, links & further reading * We need to raise the GST – Grattan Institute [https://grattan.edu.au/news/we-need-to-raise-the-gst/] * Is it time to re-think GST? – Mirage News [https://www.miragenews.com/is-it-time-to-re-think-gst-1762446/] * Is it time to re-think GST? – The National Tribune [https://www.nationaltribune.com.au/is-it-time-to-re-think-gst/] This episode is not a sponsored video/audio. If you purchase anything through some of the affiliate links in our product listings, we will receive a small commission. If you want to chat more about this topic, I would love to continue the conversation with you on Twitter @realmikosantos! This podcast is powered by Kangaroofern, Australia's independent podcast management company. Thanks so much for listening to our podcast! If you enjoyed this episode, be sure to subscribe so you'll be notified when a new episode is posted in the Apple podcast, Google podcast, Spotify, Stitcher or via RSS.  If you think others could benefit from listening, please share it on your socials. You can also subscribe to the podcast app on your mobile device.  If you found value in this episode, leave us an Apple Podcast review. Ratings and reviews from our listeners are extremely valuable to us and greatly appreciated. They help our podcast rank higher on Apple Podcasts and expose our show to more awesome listeners like you.  This is a premium episode. If you would like to discuss this with other subscribers or get access to the episodes, visit Financial Register Got a News Tip? Contact our editor via Proton Mail encrypted, X Direct Message, LinkedIn, or email. You can securely message him on Signal by using his username, Miko Santos. While mainstream media serves corporate interests, you deserve the truth. Your Mencari subscription—less than a coffee per week—powers real independent journalism. Our reporters dig into the stories powerful people desperately want buried. No corporate masters. No political handlers. Just the uncomfortable truths that matter most right now. This is journalism without compromise, funded directly by readers who refuse to be misled. If this reporting opened your eyes, hit Restack so others can see what they're missing. Not ready to be paid subscribe, but appreciate the newsletter ? Grab us a beer or snag the exclusive ad spot at the top of next week's newsletter. This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit theregisterau.substack.com/subscribe

    GST rose from 10 to 15 percent explained by RMIT tax expert
  4. Oct 16

    What Labor's visa crackdown actually changes for students, tourists and backpackers

    This episode covers Labor's visa crackdown, the topic of host Miko Santos's conversation with Melbourne-based immigration lawyer Johanna Bertumen Nonato. She breaks down which changes are already law and which are still just announcements, starting with student visas losing the ability to include secondary applicants and visitor visas now carrying a mandatory no-further-stay condition. The conversation covers why construction and housing trades are picking up extra weight in the skilled points system, even though the legislation for that formula hasn't landed yet. Nonato also addresses the Coalition's proposal that onshore workers return home before reapplying, and closes with practical advice on checking a migration agent's credentials before acting on their guidance. The episode matters for anyone mid-application or advising someone who is. Key topics & takeaways * Most student visas and the 485 visa can no longer include secondary applicants, with ASEAN/Pacific exemptions under strict conditions * Visitor visas now carry a mandatory 8503 no-further-stay condition, affecting onshore partner, parent and child visa plans * Working holiday visa ballots cap second-year places at 45,000 and third-year at 5,000 * Construction and housing trades get extra points under skilled visas, but the points formula itself hasn't been legislated yet * Points outcomes for occupations like nursing versus trades still depend on individual profile, not occupation alone * Employer sponsored visa salary threshold now sits at $79,423 plus super * Checking a migration agent against the MARA register matters more than forum anecdotes Follow The Part 8A on Spotify and Apple Podcasts so next week’s episode lands in your feed. Truth matters. Quality journalism costs. Your subscription to Mencari directly funds the investigative reporting our democracy needs. For less than a coffee per week, you enable our journalists to uncover stories that powerful interests would rather keep hidden. No corporate influence. No compromises. Just honest journalism when it matters. Guest & Host Information Host: Miko Santos, Part8a podcast.Guest: Johanna Bertumen Nonato is a Melbourne-based immigration lawyer who writes and speaks on Australian visa policy for the Filipino-Australian community. She has previously appeared on SBS Filipino discussing skilled migration changes. bridgeaus.com.au Sources, links & further reading * BS Filipino podcast episode on visa changes and skilled migration priority – SBS [https://www.sbs.com.au/language/filipino/en/podcast-episode/visa-changes-which-jobs-are-australias-priority-for-skilled-migration/dr8lielmq] * New Core Skills list opens job prospects – The Philippine Times [https://philtimes.com.au/new-core-skills-list-opens-job-prospects/] * BridgeAus website [https://bridgeaus.com.au/] * BridgeAus TV YouTube channel [https://www.youtube.com/@bridgeaustv4360] This episode is not a sponsored video/audio. If you purchase anything through some of the affiliate links in our product listings, we will receive a small commission. If you want to chat more about this topic, I would love to continue the conversation with you on Twitter @realmikosantos! This podcast is powered by Kangaroofern, Australia's independent podcast management company. Thanks so much for listening to our podcast! If you enjoyed this episode, be sure to subscribe so you'll be notified when a new episode is posted in the Apple podcast, Google podcast, Spotify, Stitcher or via RSS.  If you think others could benefit from listening, please share it on your socials. You can also subscribe to the podcast app on your mobile device.  If you found value in this episode, leave us an Apple Podcast review. Ratings and reviews from our listeners are extremely valuable to us and greatly appreciated. They help our podcast rank higher on Apple Podcasts and expose our show to more awesome listeners like you.  This is a premium episode. If you would like to discuss this with other subscribers or get access to the episodes, visit Financial Register Got a News Tip? Contact our editor via Proton Mail encrypted, X Direct Message, LinkedIn, or email. You can securely message him on Signal by using his username, Miko Santos. While mainstream media serves corporate interests, you deserve the truth. Your Mencari subscription—less than a coffee per week—powers real independent journalism. Our reporters dig into the stories powerful people desperately want buried. No corporate masters. No political handlers. Just the uncomfortable truths that matter most right now. This is journalism without compromise, funded directly by readers who refuse to be misled. If this reporting opened your eyes, hit Restack so others can see what they're missing. Not ready to be paid subscribe, but appreciate the newsletter ? Grab us a beer or snag the exclusive ad spot at the top of next week's newsletter. This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit theregisterau.substack.com/subscribe

    What Labor's visa crackdown actually changes for students, tourists and backpackers
  5. Oct 9

    Card surcharge ban: loopholes, higher prices and the return of cash

    This episode covers the card surcharge ban and what it actually means for shoppers and small business owners. Host Miko Santos talks with Dr Marian Makkar, a marketing academic at RMIT University, about why the surcharge ban has pushed some retailers to raise base prices instead of removing the cost altogether. Makkar explains that the ban stops surcharges but not other fees, such as platform or service charges, leaving a loophole retailers can still use legally. She argues the shift to a single final price makes it harder for consumers to see what they're actually paying for. The conversation moves into how this could push more people back toward cash, particularly younger consumers used to tap-and-go and buy-now- Key topics & takeaways * Why Makkar thinks the surcharge ban should have shifted costs from banks to retailers, not onto small businesses * How some retailers have folded the surcharge into higher sticker prices instead of removing it * The loophole: the ban covers surcharges but not platform, service or other fees * Why cash in hand could make consumers more careful spenders than tap-and-go * Why younger consumers may find a return to cash harder, given buy-now-pay-later habits * Who Makkar thinks should lead financial literacy education: parents, schools, community and not-for-profit groups Follow The Part 8A on Spotify and Apple Podcasts so next week’s episode lands in your feed. Truth matters. Quality journalism costs. Your subscription to Mencari directly funds the investigative reporting our democracy needs. For less than a coffee per week, you enable our journalists to uncover stories that powerful interests would rather keep hidden. No corporate influence. No compromises. Just honest journalism when it matters. Guest & Host Information Host: Miko Santos, presenter of Part 8a.Guest: Dr Marian Makkar is a marketing academic at RMIT University in Melbourne, working on consumer culture, luxury consumption and the sharing economy. She spent 14 years in PR and luxury retail before moving into academia. https://www.marianmakkar.com/ Sources, links & further reading * Marian Makkar personal site – https://www.marianmakkar.com/ * Marian Makkar research page – https://www.marianmakkar.com/research * Marian Makkar profile – The Conversation – https://theconversation.com/profiles/marian-makkar-674218 * Dr Marian Makkar profile – RMIT University – https://www.rmit.edu.au/about/schools-colleges/economics-finance-and-marketing/research/research-groups/cctmd-research-group/members/dr-marian-makkar Content warnings & disclaimers This episode discusses cost of living pressure and financial hardship. Comments on investing, lending and scams are general commentary, not personal financial advice. This episode is not a sponsored video/audio. If you purchase anything through some of the affiliate links in our product listings, we will receive a small commission. If you want to chat more about this topic, I would love to continue the conversation with you on Twitter @realmikosantos! This podcast is powered by Kangaroofern, Australia's independent podcast management company. Thanks so much for listening to our podcast! If you enjoyed this episode, be sure to subscribe so you'll be notified when a new episode is posted in the Apple podcast, Google podcast, Spotify, Stitcher or via RSS.  If you think others could benefit from listening, please share it on your socials. You can also subscribe to the podcast app on your mobile device.  If you found value in this episode, leave us an Apple Podcast review. Ratings and reviews from our listeners are extremely valuable to us and greatly appreciated. They help our podcast rank higher on Apple Podcasts and expose our show to more awesome listeners like you.  This is a premium episode. If you would like to discuss this with other subscribers or get access to the episodes, visit Financial Register Got a News Tip? Contact our editor via Proton Mail encrypted, X Direct Message, LinkedIn, or email. You can securely message him on Signal by using his username, Miko Santos. While mainstream media serves corporate interests, you deserve the truth. Your Mencari subscription—less than a coffee per week—powers real independent journalism. Our reporters dig into the stories powerful people desperately want buried. No corporate masters. No political handlers. Just the uncomfortable truths that matter most right now. This is journalism without compromise, funded directly by readers who refuse to be misled. If this reporting opened your eyes, hit Restack so others can see what they're missing. Not ready to be paid subscribe, but appreciate the newsletter ? Grab us a beer or snag the exclusive ad spot at the top of next week's newsletter. This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit theregisterau.substack.com/subscribe

    Card surcharge ban: loopholes, higher prices and the return of cash
  6. Oct 2

    RBA cash rate rise to 4.60 per cent: what it means for mortgages, rents and inflation

    This episode covers the Reserve Bank's latest cash rate rise, up a quarter point to 4.60 per cent, the fourth increase this year and the highest level since late 2011. Host Miko Santos speaks with Dr Angel Zhong, finance academic and Deputy Dean of Research and Innovation at RMIT University, about who is hurt first and why. Zhong estimates a typical mortgage holder faces $90 to $120 in extra monthly repayments once lenders pass on the rise and explains how renters can also face increases when landlords pass on their own higher costs. The conversation moves to why underlying inflation, measured by the trimmed mean at 3.6 per cent, has stayed elevated for three months, touching on labour market tightness, weak productivity, an ongoing oil shock, and a live debate about whether AI data centres are adding to price pressures. Zhong also flags the risk of unreliable social media financial advice when households are under strain. Key topics & takeaways * RBA raises cash rate to 4.60 per cent, the fourth rise this year and highest since late 2011 * Typical mortgage holders face $90 to $120 extra in monthly repayments * Renters exposed to landlord cost pass-through, subject to state rent-increase rules * Trimmed mean inflation at 3.6 per cent for three months, still above the 2-3 per cent RBA target * The drivers of sticky inflation include a tight labour market, weak productivity, and an oil shock affecting shipping and groceries. * Debate over whether AI data centre demand for chips and electricity is contributing to inflation. * Financial stress raises risk of households turning to unreliable social media finance advice. Follow The Part 8A on Spotify and Apple Podcasts so next week’s episode lands in your feed. Truth matters. Quality journalism costs. Your subscription to Mencari directly funds the investigative reporting our democracy needs. For less than a coffee per week, you enable our journalists to uncover stories that powerful interests would rather keep hidden. No corporate influence. No compromises. Just honest journalism when it matters. Guest & Host Information Host: Miko Santos, presenter of Part 8a.Guest: Dr Angel Zhong is Deputy Dean, Research and Innovation in the School of Economics, Finance and Marketing at RMIT University, and a regular media commentator on monetary policy, retail investing and financial markets. https://www.rmit.edu.au/profiles/z/angel-zhong Sources, links & further reading * Dr Angel Zhong profile – RMIT University https://www.rmit.edu.au/profiles/z/angel-zhong * RBA says inflation upside risks are getting concerningly real – Banking Daily https://www.bankingdaily.com.au/articles/rba-says-inflation-upside-risks-are-getting-concerningly-real * Short-term pain, long-term gain – Riverine Herald https://www.riverineherald.com.au/news/short-term-pain-long-term-gain Content warnings & disclaimers This episode discusses cost of living pressure and financial hardship. Comments on investing, lending and scams are general commentary, not personal financial advice. This is not a sponsored video/audio. A small commission will be paid to us if you purchase anything through some of the affiliate links in our product listings. If you want to chat more about this topic, I would love to continue the conversation with you on Twitter @realmikosantos! This podcast is powered by Kangaroofern, Australia's independent podcast management company. Thanks so much for listening to our podcast! If you enjoyed this episode, be sure to subscribe so you'll be notified when a new episode is posted in the Apple podcast, Google podcast, Spotify, Stitcher or via RSS.  If you think others could benefit from listening, please share it on your socials. You can also subscribe to the podcast app on your mobile device.  If you found value in this episode, leave us an Apple Podcast review. Ratings and reviews from our listeners are extremely valuable to us and greatly appreciated. They help our podcast rank higher on Apple Podcasts and expose our show to more awesome listeners like you.  This is a premium episode. If you would like to discuss this with other subscribers or get access to the episodes, visit Financial Register Got a News Tip? Contact our editor via Proton Mail encrypted, X Direct Message, LinkedIn, or email. You can securely message him on Signal by using his username, Miko Santos. While mainstream media serves corporate interests, you deserve the truth. Your Mencari subscription—less than a coffee per week—powers real independent journalism. Our reporters dig into the stories powerful people desperately want buried. No corporate masters. No political handlers. Just the uncomfortable truths that matter most right now. This is journalism without compromise, funded directly by readers who refuse to be misled. If this reporting opened your eyes, hit Restack so others can see what they're missing. Not ready to be paid subscribe, but appreciate the newsletter ? Grab us a beer or snag the exclusive ad spot at the top of next week's newsletter. This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit theregisterau.substack.com/subscribe

    RBA cash rate rise to 4.60 per cent: what it means for mortgages, rents and inflation
  7. Sep 27

    OpenAI Medicare breach explained: why "rogue AI" is the wrong label, with AI ethicist Dr Rebecca Johnson

    The OpenAI Medicare breach made headlines as a case of “rogue AI”. Dr Rebecca Johnson, an AI evaluation and governance researcher, rejects that label. On The Part 8A, she tells host Miko Santos that the agent did what its settings allowed. The failure sits with the people at OpenAI who designed the test, chose Australia as the place to run it, and waited weeks to tell anyone. She explains why most AI tests only check whether the model got the right answer, not how it got there. She also covers why Silicon Valley’s values don’t transfer neatly to Australia and why a popular ethics benchmark was built on a Reddit forum. Her argument for policymakers is direct. After the OpenAI Medicare breach, Australia should demand logs of these experiments and the right to run its independent tests on AI models designed with local communities. She says we’re moving too slowly. Key topics & takeaways * Why calling it “rogue AI” shifts blame away from the company that built and tested the agent * The gap between outcome-based testing (did it get the answer?) and trajectory-based testing (did it break through a wall to get there?) * How using Australia as a live test environment reflects values that clash with ours, according to Johnson * OpenAI’s slow notification, sent to a public Services Australia inbox rather than by phone * Johnson’s case for independent, Australian-designed AI evaluations: “Someone checking their own homework” isn’t good enough * Value pluralism, and why Sam Altman’s idea of taking the “median value of the planet” would drown out smaller communities * Bad proxies in AI benchmarks, from a Reddit forum used as a Sources, links & further reading * OpenAI’s agent hacked Australia’s Medicare website, PM Albanese says – Fortune [https://fortune.com/2026/09/23/openai-agent-hacks-australia-medicare-sam-altman-anthony-albanese/] * Medicare Australia: “Extreme concern” over OpenAI breach of health database – CNN [https://www.cnn.com/2026/09/23/business/australia-openai-agent-hack-intl-hnk] * OpenAI says agent hacked Australian government website without being told to do so – CNBC [https://www.cnbc.com/2026/09/24/openai-agent-hacked-australian-government-website-.html] * Medicare hack alert went to inbox checked once a day and took five days to be escalated – SBS News [https://www.sbs.com.au/news/article/openai-agent-hacked-medicare-albanese-reveals/qas79d9ta] * Measuring the Machine: Evaluating Generative AI as Pluralist Sociotechnical Systems – Rebecca Johnson, doctoral thesis [https://arxiv.org/pdf/2604.20545] * World Values Survey – World Values Survey Association [https://www.worldvaluessurvey.org] * Aligning AI With Shared Human Values (the ETHICS dataset) – Hendrycks et al. [https://arxiv.org/abs/2008.02275] * Machine Bias – ProPublica [https://www.propublica.org/article/machine-bias-risk-assessments-in-criminal-sentencing] Content warnings & disclaimers Contains brief strong language (the name of a Reddit forum) and discussion of racial bias in the US criminal justice system. Follow The Part 8A on Spotify and Apple Podcasts so next week’s episode lands in your feed. Truth matters. Quality journalism costs. Your subscription to Mencari directly funds the investigative reporting our democracy needs. For less than a coffee per week, you enable our journalists to uncover stories that powerful interests would rather keep hidden. No corporate influence. No compromises. Just honest journalism when we need it most. Five Key Takeaways * A $250 “curiosity click” on a fake Shark Tank-endorsed investment ad grew into a $2.6 million loss within three months, partly because the scammers used a legitimate-looking 100-point identity check to build trust early on. * Banks let large, unusual transfers through — including $1.1 million in under three hours — because Sylvia had sent money to the same account before, and the pattern wasn’t flagged as new. * Anti-money-laundering reporting obligations sit with government regulators, not with the customer. Sylvia argues that’s the biggest structural gap letting scams slip through. * Australia’s new Scams Prevention Framework is meant to share responsibility across banks, telcos and platforms, but Sylvia says it’s made recovery harder, since victims now have to build a case against multiple large institutions with almost no information of their own. * Sylvia co-founded the Scam Victim Alliance after meeting other seven-figure-loss victims at a 2024 Canberra press conference. The group now runs weekly support sessions and helps survivors through the AFCA complaints process. Detailed Synopsis Content note: this episode discusses financial loss, disputes with banks and, briefly, thoughts of suicide. If any of this affects you, you can contact Lifeline at 13 11 14. The ClickIt started with $250 and a television show. Sylvia was scrolling Facebook in 2019 when she saw an ad for a trading platform claiming a Shark Tank endorsement. She watched the show regularly and recognised some of the people who were quoted in the comments. Out of curiosity, she clicked through and paid $250 to open an account. Worst case, she thought, that’s all she’d lose. The SetupThe platform didn’t ask for real money straight away. It asked for identification: a driver’s licence, proof of address, and a “100-point check”, exactly like opening a bank account. To a finance professional who runs the same checks on her own clients, the process looked like diligence, not danger. She topped up to $10,000 as a starting point. Every step made the platform feel more legitimate. The EscalationOver the following months, the amounts grew. One transfer alone moved $1.1 million in under three hours. Her bank didn’t flag it, because she’d sent money to that account before. By the time Sylvia understood what was happening, she had lost $2.6 million. The FalloutThe public response was harsh. After a news story about her case ran on Facebook, one comment read: “I’m glad she’s not my accountant.” Others suggested that if she had so much money, she must be greedy for wanting more.Sylvia says the loss itself wasn’t the hardest part. It was watching people question her professional judgement and her character at the same time. During the worst of it, she says she thought seriously about ending her life. What kept her going was the thought of the friends who had lent her money and trusted her to pay it back. Finding Each OtherSylvia lobbied on her own for years, with limited effect. That changed in 2024, when she met a group of fellow scam victims at a press conference in Canberra, supported by an advocate she names as Debbie Pope. Between just three people in that room, total losses exceeded $5 million.Sylvia says standing with people who understood exactly what she’d been through, without judgement, was the moment the isolation started to lift. That meeting became the starting point for the Scam Victim Alliance. The Fight With the BanksSylvia is currently in disputes with three of Australia’s big four banks: the one she sent money from, the one that handled a mortgage refinance during the scam, and the one that held the scammer’s receiving account. She estimates she’s spent around $250,000 on legal fees, with no resolution.She argues that anti-money-laundering reporting obligations are owed to the government, not the customer, and that the current system leaves victims with almost no leverage when something goes wrong. Building the AllianceThe Scam Victim Alliance is volunteer-run. It holds a weekly online support session every Wednesday night, open to victims of any scam type and any size of loss, from a few thousand dollars to the $12 million case Sylvia says is the largest she’s aware of. The group connects people with a psychologist where needed and helps them collect evidence for the AFCA complaints process, the formal channel for disputing a bank or financial firm’s decision. Her AdviceSylvia’s message is blunt. If someone you don’t know calls you every day, that’s unusual, not normal relationship-building. If you’re being pushed to act urgent… This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit theregisterau.substack.com/subscribe

    OpenAI Medicare breach explained: why "rogue AI" is the wrong label, with AI ethicist Dr Rebecca Johnson
  8. Sep 24

    Money mules and money laundering in Australia: how graph theory tracks dirty money

    Episode summary Money mules are often ordinary people. Many are international students or others trying to make ends meet, recruited through job ads that promise $1,000 for an hour’s work. In this episode of The Part 8A from The Financial Register, host Miko Santos talks with Professor Asha Rao, a mathematician and cybersecurity expert at RMIT University. They look at money laundering in Australia the way a mathematician does: strip away the dollars and map only the connections. Rao explains why laundering is so hard to spot inside the dense web of everyday banking, and why most cases surface only when someone spends far beyond their income. She shows how graph theory can shrink hundreds of thousands of accounts down to a network small enough for police to check. She also unpacks a tension in Australia’s AML/CTF Act. The secrecy that stops criminals learning how they’re caught also leaves researchers without data. The incoming Scams Prevention Framework won’t touch money laundering directly, she says. Her advice to anyone offered easy money: don’t react straight away. Key topics & takeaways * What a money laundering network looks like as a mathematical graph, and why nothing in the picture gives it away * Why laundering usually comes to light only when someone on a $50,000 salary suddenly owns yachts and houses * How “work from home, earn $1,000” job ads turn international students into money mules who find out only when police knock * Why police focus on stopping mules rather than blaming them, and where banks and AUSTRAC fit in * How the AML/CTF Act’s secrecy rules starved open research of data for a decade, until IBM released simulated transaction data * How graph theory narrows a network of 400,000 people to 10 or 20 accounts, giving police a starting point rather than a crystal ball * Rao’s rule for any too-good-to-be-true offer: count to 10 slowly before you react at all Timestamps * [00:00] Cold open – how criminals blend into millions of ordinary transactions * [01:12] Meet the guest – Professor Asha Rao, RMIT University * [02:38] Laundering as a graph – nodes, edges and a very dense network * [05:24] The $1,000-an-hour job ad – how money mule schemes recruit * [09:52] Blame the students or the banks? – AUSTRAC, bank penalties and what police actually do * [11:10] The data problem – why the AML/CTF Act stops banks sharing, and what that means for research * [15:02] What the Enron emails showed – shrinking a huge network to 10–20 nodes * [17:12] Protecting the innocent – how investigators check a small flagged network * [24:17] Should the law change? – why Rao wants detection methods kept secret * [25:33] The Scams Prevention Framework – why it won’t tackle money laundering * [27:32] Parting advice – don’t react, let your brain catch up Guest & host information Host: Miko Santos, journalist and founder of Kangaroofern Media Lab, host of The Part 8A from The Financial Register. Guest: Professor Asha Rao is Professor of Mathematics and Cyber Security at RMIT University and a former Associate Dean of Mathematical Sciences there. In 2020 she became the first female director (interim) of the Australian Mathematical Sciences Institute. Her research applies graph theory to problems including money laundering detection. She was inducted into the 2021 Victorian Honour Roll of Women in the Trailblazer category. Sources, links & further reading * AUSTRAC and CBA agree $700m penalty – AUSTRAC [https://austrac.gov.au/node/260] * IBM Transactions for Anti Money Laundering (AML) dataset – IBM Research via Kaggle [https://www.kaggle.com/datasets/ealtman2019/ibm-transactions-for-anti-money-laundering-aml] * Realistic Synthetic Financial Transactions for Anti-Money Laundering Models – Altman et al. [https://arxiv.org/pdf/2306.16424] * Money laundering typologies and indicators – AUSTRAC [link needed] * Scams Prevention Framework – Australian Treasury [link needed] * Enron email dataset [link needed] * Professor Asha Rao, Victorian Honour Roll of Women 2021 – Victorian Government [https://www.vic.gov.au/professor-asha-rao] Content warnings & disclaimers Correction: In the episode, the penalty paid by Commonwealth Bank is recalled as about $1.2 billion. The penalty agreed between AUSTRAC and CBA was $700 million, resolving Federal Court proceedings over serious breaches of AML/CTF laws. austrac Follow The Part 8A on Spotify and Apple Podcast so next week’s episode lands in your feed. Truth matters. Quality journalism costs. Your subscription to Mencari directly funds the investigative reporting our democracy needs. For less than a coffee per week, you enable our journalists to uncover stories that powerful interests would rather keep hidden. No corporate influence. No compromises. Just honest journalism when we need it most. Five Key Takeaways * A $250 “curiosity click” on a fake Shark Tank-endorsed investment ad grew into a $2.6 million loss within three months, partly because the scammers used a legitimate-looking 100-point identity check to build trust early on. * Banks let large, unusual transfers through — including $1.1 million in under three hours — because Sylvia had sent money to the same account before, and the pattern wasn’t flagged as new. * Anti-money-laundering reporting obligations sit with government regulators, not with the customer. Sylvia argues that’s the biggest structural gap letting scams slip through. * Australia’s new Scams Prevention Framework is meant to share responsibility across banks, telcos and platforms, but Sylvia says it’s made recovery harder, since victims now have to build a case against multiple large institutions with almost no information of their own. * Sylvia co-founded the Scam Victim Alliance after meeting other seven-figure-loss victims at a 2024 Canberra press conference. The group now runs weekly support sessions and helps survivors through the AFCA complaints process. Detailed Synopsis Content note: this episode discusses financial loss, disputes with banks and, briefly, thoughts of suicide. If any of this affects you, you can contact Lifeline at 13 11 14. The ClickIt started with $250 and a television show. Sylvia was scrolling Facebook in 2019 when she saw an ad for a trading platform claiming a Shark Tank endorsement. She watched the show regularly and recognised some of the people who were quoted in the comments. Out of curiosity, she clicked through and paid $250 to open an account. Worst case, she thought, that’s all she’d lose. The SetupThe platform didn’t ask for real money straight away. It asked for identification: a driver’s licence, proof of address, and a “100-point check”, exactly like opening a bank account. To a finance professional who runs the same checks on her own clients, the process looked like diligence, not danger. She topped up to $10,000 as a starting point. Every step made the platform feel more legitimate. The EscalationOver the following months, the amounts grew. One transfer alone moved $1.1 million in under three hours. Her bank didn’t flag it, because she’d sent money to that account before. By the time Sylvia understood what was happening, she had lost $2.6 million. The FalloutThe public response was harsh. After a news story about her case ran on Facebook, one comment read: “I’m glad she’s not my accountant.” Others suggested that if she had so much money, she must be greedy for wanting more.Sylvia says the loss itself wasn’t the hardest part. It was watching people question her professional judgement and her character at the same time. During the worst of it, she says she thought seriously about ending her life. What kept her going was the thought of the friends who had lent her money and trusted her to pay it back. Finding Each OtherSylvia lobbied on her own for years, with limited effect. That changed in 2024, when she met a group of fellow scam victims at a press conference in Canberra, supported by an advocate she names as Debbie Pope. Between just three people in that room, total losses exceeded $5 million.Sylvia says standing with people who understood exactly what she’d been thro… This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit theregisterau.substack.com/subscribe

    Money mules and money laundering in Australia: how graph theory tracks dirty money

About

The Part 8A is Mencari's news explainer podcast. Miko Santos, the host, will discuss the most significant stories of the day. theregisterau.substack.com