On The Call

A new report suggests that Australia has seen the strongest first half in venture funding since 2022 — but the number of deals is actually a quite a bit lower. Meanwhile, the conversation around Chinese AI is heating up with the release of new frontier model Kimi K3 and Xi Jinping’s speech at a major Chinese AI conference.We discuss:The numbers in the new Cut Through Venture reportWhether the reduction in deal numbers is a warning sign — or just evidence of where the market is going globallyThe ongoing instability in software investment, in Australia and beyondHow AI is changing the venture capital landscapeChina’s ambitions in AIAustralia’s position in the AI boom between the US and China.On The Call is a weekly live conversation with the Capital Brief newsroom on the stories driving the agenda in Australia's centres of power.Stand-in host James Hennessy sits down with Capital Brief's journalists to dissect what we're watching and why it matters, and answer questions from our subscribers live.Subscribe to join our weekly live discussion on Thursdays at 12pm AEST: https://www.capitalbrief.com/on-the-call/Sign up to our free weekly newsletter, The Edition: https://www.capitalbrief.com/newsletters/the-edition/

AI giant Anthropic is circling Australia, with reports suggesting it is looking to secure a massive amount of data centre capacity Down Under. That has kicked off a cycle of debate about what companies will build those data centres, whether copyright reform will be needed, and the biggest question of all: is this good for Australia?We discuss:The leaked request for proposal which revealed Anthropic's Australian plansThe shares that popped on the newsThe uncertainty over whether Anthropic plans to train new models hereA counterintuitive take on the copyright reform debateWhy former industry minister Ed Husic is a skeptical voiceThe growing data centre backlash in AustraliaHow the global markets are feeling about the AI boomOn The Call is a weekly live conversation with the Capital Brief newsroom on the stories driving the agenda in Australia's centres of power.Host Harshdeep Kaur sits down with Capital Brief's best journalists to dissect what we're watching and why it matters, and answer questions from our subscribers live.Subscribe to join our weekly live discussion on Thursdays at 12pm AEST: ⁠https://www.capitalbrief.com/on-the-call/Sign up to our free weekday newsletter, The Edition: ⁠https://www.capitalbrief.com/newsletters/the-edition/

KPMG's whistleblower scandal has snowballed into a reckoning for the Big Four. A number of senior executives have resigned. Lendlease has ended its 68 year old relationship with the firm. Government departments, including the Reserve Bank of Australia and the Australian National Audit Office have put their contracts with the firm for its own whistleblower service under review. Now, Assistant Treasurer Daniel Mulino is weighing tougher rules for the sector.We discuss:KPMG's whistleblower scandal and the parliamentary testimony that took it to the next level.The cascading resignations and client losses, including the RBA, ATO and Australian National Audit Office dropping KPMG's FairCall service.Are Australia's whistleblower protection laws strong enough?The role of external law firms Ashurst and Allens in KPMG's internal investigations.The callback to PwC’s tax scandal and EY allegations over the Prime Minister's bank details and what they say about cultural issues across the Big Four.Assistant Treasurer Daniel Mulino's consultation paper and the case for splitting audit from consulting.On The Call is a weekly live conversation with the Capital Brief newsroom on the stories driving the agenda in Australia's centres of power.Host Harshdeep Kaur sits down with Capital Brief's best journalists to dissect what we're watching and why it matters, and answer questions from our subscribers live.Subscribe to join our weekly live discussion on Thursdays at 12pm AEDT: https://www.capitalbrief.com/on-the-call/Sign up to our free weekly newsletter, The Edition: https://www.capitalbrief.com/newsletters/the-edition/

The latest Capital Brief/DemosAU poll shows the Coalition's primary vote has collapsed 5% in a single month, putting the Liberal party closer to the Greens than to One Nation. Meanwhile, Labor's CGT and negative gearing reforms have passed the Senate after a deal with the Greens.We discuss:The Coalition's freefall and why Angus Taylor is struggling to cut through.One Nation's social media dominance. Whether or not preference flows will work in Pauline Hanson’s favour.The global trend of insurgent right-wing parties cannibalising the centre-right.Labor's  loss of female support and what's driving itThe Greens deal with Labor to pass the CGT and negative gearing tax reforms - SMSF borrowing to buy propertyEucalyptus founder Tim Doyle's provocative call for founders to stop their uproar about CGT reformOn The Call is a weekly live conversation with the Capital Brief newsroom on the stories driving the agenda in Australia's centres of power.Host Harshdeep Kaur sits down with Capital Brief's best journalists to dissect what we're watching and why it matters, and answer questions from our subscribers live.Subscribe to join our weekly live discussion on Thursdays at 12pm AEDT: https://www.capitalbrief.com/on-the-call/Sign up to our free weekly newsletter, The Edition: https://www.capitalbrief.com/newsletters/the-edition/

Labor revealed its long-awaited CGT carve-outs for startups and small businesses minutes before Capital Brief went live with this conversation. Meanwhile, complexities arise around Canva's path to IPO as its first investor puts forward the bear case.We discuss:The nuts and bolts of the CGT carve-out announcement.What the Innovative Business CGT Concession will mean for startups, VCs and ESOP holders.The challenges yet to be resolved, including defining what a startup actually is.How the startup sector grew up in public through this fight, and what it means for its relationship with CanberraAlbanese's pivot to talking about One Nation Bill Tai's leaked comments on Canva's IPO challenges and the bear case for Australia's beloved design giant.Canva's awkward transition from SaaS darling to AI company.On The Call is a weekly live conversation with the Capital Brief newsroom on the stories driving the agenda in Australia's centres of power.Host Harshdeep Kaur sits down with Capital Brief's best journalists to dissect what we're watching and why it matters, and answer questions from our subscribers live.Subscribe to join our weekly live discussion on Thursdays at 12pm AEST: https://www.capitalbrief.com/on-the-call/Sign up to our free weekly newsletter, The Edition: https://www.capitalbrief.com/newsletters/the-edition/

This week, Newspoll had One Nation jumping ahead of Labor on the primary vote, confirming what the exclusive DemosAU and Capital Brief poll first revealed last month. Meanwhile, frustration over the government's capital gains tax reforms continues to mount.We discuss:One Nation's polling surge and why both Labor and the Coalition have been slow to respond.Tony Abbott's new role as President of the Liberal Party.Expectations for the upcoming Victorian state election.Why the CGT changes are both a political and policy mistake. Malcolm Turnbull's call to separate residential and non-residential CGT changes.The government’s too little too late CGT consultations.Australia's $422 passport — the most expensive in the world. On The Call is a weekly live conversation with the Capital Brief newsroom on the stories driving the agenda in Australia's centres of power.Host Harshdeep Kaur sits down with Capital Brief's best journalists to dissect what we're watching and why it matters, and answer questions from our subscribers live.Subscribe to join our weekly live discussion on Thursdays at 12pm AEST: https://www.capitalbrief.com/on-the-call/Sign up to our free weekly newsletter, The Edition: https://www.capitalbrief.com/newsletters/the-edition/

The collapse of Dashdot — one of Australia's most prominent buyer's agencies — raises a bigger question about whether the property market is hitting an inflection point. Meanwhile, Anthropic files for a blockbuster IPO in a trillion-dollar race with SpaceX and OpenAI.We discuss:Dashdot's collapse being a significant signal of a turning property market.The role of negative gearing  and CGT changes in investor appetite Rising insolvency risks across property-related businesses, from buyer's agents to mortgage brokersThe political difficulty of making housing more affordable when existing owners are disadvantagedAnthropic's Claude Mythos expansion to 200 organisations and the confusion in Australia about who's on the listAnthropic, OpenAI, and SpaceX racing to be first to IPO Whether or not public markets can absorb three trillion-dollar floats at onceOn The Call is a weekly live conversation with the Capital Brief newsroom on the stories driving the agenda in Australia's centres of power.Host Harshdeep Kaur sits down with Capital Brief's best journalists to dissect what we're watching and why it matters, and answer questions from our subscribers live.Subscribe to join our weekly live discussion on Thursdays at 12pm AEST: https://www.capitalbrief.com/on-the-call/Sign up to our free weekly newsletter, The Edition: https://www.capitalbrief.com/newsletters/the-edition/

OpenAI CEO Sam Altman's giant pixelated head looming over CBA chief executive Matt Comyn at the bank's inaugural AI summit is a somewhat honest depiction of Australia’s place in the global AI economy at present. While CBA wants to lead Australia’s AI race, technology giants are still the ones wielding the power.Meanwhile, in the aftermath of the federal budget the big four banks and Macquarie have called time on negative gearing, folding to intense pressure and formally tightening policies around lending to investors using the tax break.We discuss:Sam Altman's appearance at CBA’s AI conference and his mixed messages The impending collision between CBA's war on extractive US tech and its deepening AI partnershipsWhether Altman's pitch for Australia as a data centre superpower is an honest vision or consolation prizeCBA and Westpac as the hardest hit banks from the negative gearing changesWhy the banks are rolling over on negative gearingShifting political sentiment on housing affordability and negative gearingOn The Call is a weekly live conversation with the Capital Brief newsroom on the stories driving the agenda in Australia's centres of power.Host Harshdeep Kaur sits down with Capital Brief's best journalists to dissect what we're watching and why it matters, and answer questions from our subscribers live.Subscribe to join our weekly live discussion on Thursdays at 12pm AEST: https://www.capitalbrief.com/on-the-call/Sign up to our free weekly newsletter, The Edition: https://www.capitalbrief.com/newsletters/the-edition/

The backlash to Labor's federal budget — and its capital gains tax changes — have not slowed down since last week's episode. If anything, it has heated up. The startup sector has been particularly vocal, and Labor ministers are feeling the heat. We discuss:Where the loudest opposition is coming from.Why Labor seems to have misjudged what the response was going to be.The consultation process, and why a scattershot approach from the startup community might not pay off.How the Coalition is going in for the attack under Angus Taylor.Why, in the background, biotech and life sciences firms are unhappy about changes to the  refundable R&D tax incentive.On The Call is a weekly live conversation with the Capital Brief newsroom on the stories driving the agenda in Australia's centres of power.Host Harshdeep Kaur sits down with Capital Brief's best journalists to dissect what we're watching and why it matters, and answer questions from our subscribers live.Subscribe to join our weekly live discussion on Thursdays at 12pm AEST: ⁠https://www.capitalbrief.com/on-the-call/Sign up to our free weekday newsletter, The Edition: ⁠https://www.capitalbrief.com/newsletters/the-edition/

Labor’s federal budget is one of the most significant in years regarding tax reform. The government is betting big on housing affordability by proposing an overhaul to negative gearing and capital gains tax — a decision that’s faced heavy criticism from the startup and VC sector.We discuss:The core elements of the federal budget.The surprising attention given to startups in the budget announcement.Why founders and venture capitalists are concerned about the 50% capital gains tax discount being axed across asset classes.The threat of founders relocating to lower-tax jurisdictions.How Labor’s broken promise on tax reform is a calculated gamble on young voters.The focus of the Opposition’s budget response. On The Call is a weekly live conversation with the Capital Brief newsroom on the stories driving the agenda in Australia's centres of power.Host Harshdeep Kaur sits down with Capital Brief's best journalists to dissect what we're watching and why it matters, and answer questions from our subscribers live.Subscribe to join our weekly live discussion on Thursdays at 12pm AEST: ⁠https://www.capitalbrief.com/on-the-call/⁠Sign up to our free weekly newsletter, The Edition: ⁠https://www.capitalbrief.com/newsletters/the-edition/⁠

It was a big week for banks. NAB, Westpac and ANZ posted their half-year earnings this week, projecting a rosy outlook as the RBA struck a far more sombre tone with its latest rate decision. Commonwealth Bank was also in the news after Apple’s submission to a parliamentary inquiry into digital wallets, where the tech giant singled out the bank as being ‘self-serving’.Meanwhile, at the Macquarie Australia Conference, the heads of corporate Australia’s biggest companies all had an AI anecdote.We discuss:The decade-long drama between Apple and CBAWhat the big four bank earnings actually tell us about the economyMichelle Bullock's unusually gloomy rate decision commentaryThe credit boom hiding beneath the cost-of-living conversationWhy every CEO needs a "banger AI anecdote" right nowWisetech's Richard White and his excitement over his non-human workforceQantas, Fortescue and Wesfarmers’ share how they are using AIThe disconnect between investor optimism and economic realityOn The Call is a weekly live conversation with the Capital Brief newsroom on the stories driving the agenda in Australia's centres of power.Host Harshdeep Kaur sits down with Capital Brief's best journalists to dissect what we're watching and why it matters, and answer questions from our subscribers live.Subscribe to join our weekly live discussion on Thursdays at 12pm AEDT: ⁠https://www.capitalbrief.com/on-the-call/⁠Sign up to our free weekly newsletter, The Edition: ⁠https://www.capitalbrief.com/newsletters/the-edition/

With the federal budget less than two weeks away, surging inflation and a war-driven energy shock are forcing the government to rewrite its budget narrative in real time.Meanwhile, Senator Tim Ayres backs ‘balanced’ immigration, defends the National Reconstruction Fund and targets hyperscalers for more AI dealsWe discuss:CPI at 4.6% and what it means for the budgetWhy "resilience" is Labor's new budget buzzwordThe blame the government may be subjected to if high fuel prices continueCapital gains tax reform and the housing affordability debateWhy no one in Canberra wants to talk about the skills shortageThe migration debate and One Nation's anti-growth agendaThe National Reconstruction FundTim Ayres’ comments to Capital Brief on hyperscalers and AI infrastructure On The Call is a weekly live conversation with the Capital Brief newsroom on the stories driving the agenda in Australia's centres of power.Host Harshdeep Kaur sits down with Capital Brief's best journalists to dissect what we're watching and why it matters, and answer questions from our subscribers live.Subscribe to join our weekly live discussion on Thursdays at 12pm AEDT: https://www.capitalbrief.com/on-the-call/Sign up to our free weekly newsletter, The Edition: https://www.capitalbrief.com/newsletters/the-edition/

Canva has launched Canva AI 2.0 in the design giant's biggest transformation yet. Meanwhile, healthcare company Cochlear saw its share price crash 40% on an earnings downgrade.We discuss:Capital Brief's scoop on Canva's IPO timingCanva's AI 2.0 and the end-to-end design pivotThe death of seat-based SaaS pricingIs Canva building AI or just wrapping it?Cochlear's 40% single day share price collapseMiddle East disruption and weakening consumer sentimentWhy healthcare stocks aren't always defensiveOn The Call is a weekly live conversation with the Capital Brief newsroom on the stories driving the agenda in Australia's centre of power.Host Harshdeep Kaur sits down with Capital Brief's best journalists to dissect what we're watching and why it matters, and answer questions from our subscribers live.Subscribe to join our weekly live discussion on Thursdays at 12pm AEDT: https://www.capitalbrief.com/on-the-call/Sign up to our free weekly newsletter, The Edition: https://www.capitalbrief.com/on-the-call/

The latest Capital Brief/DemosAU poll shows Australians want the government to keep its distance from US President Donald Trump as the Middle East conflict deepens.The poll shows that 47% of Australians disagree with the statement that the US was a "reliable military ally", compared with 28% who agreed and 25% who did not know.Meanwhile, corporate regulators APRA and ASIC have urged corporate Australia to get its house in order as Anthropic's latest model Mythos raises cyber risk.We discuss:The news of the day: Allbird's pivot from shoes to AIWhat the latest Capital Brief/DemosAU poll shows about Australians souring on TrumpHow One Nation navigates rising support with fading Trump approvalGlobal right-wing parties vs America FirstAnthropic's Claude Mythos model explainedWhy regulators are urging corporate Australia to prepareWhy super funds are seeking ACCC approval to share cyber intelOn The Call is a weekly live conversation with the Capital Brief newsroom on the stories driving the agenda in Australia's centres of power.Host Harshdeep Kaur sits down with Capital Brief's best journalists to dissect what we're watching and why it matters, and answer questions from our subscribers live.Subscribe to join our weekly live discussion on Thursdays at 12pm AEDT: https://www.capitalbrief.com/on-the-call/Sign up to our free weekly newsletter, The Edition: https://www.capitalbrief.com/newsletters/the-edition/

The US-Iran war entered a chaotic new chapter following the unravelling of a short-lived ceasefire, with Israel striking Lebanon and Iran closing the Strait of Hormuz once again.Meanwhile, AI infrastructure company Firmus raises $750 million at an $8 billion valuation as it barrels towards its highly anticipated IPO.We discuss:The collapse of the US-Iran ceasefire.Market reaction and oil prices.How Australian political leaders have responded to Trump's inflammatory war rhetoric.Iran's meme war and the new frontier of digital propaganda.Firmus's $750 million raise and Nvidia's circular investment strategy.Firmus' IPO roadshow and the Tasmanian bet.On The Call is a weekly live conversation with the Capital Brief newsroom on the stories driving the agenda in Australia's centres of power.Host Harshdeep Kaur sits down with Capital Brief's best journalists to dissect what we're watching and why it matters, and answer questions from our subscribers live.Subscribe to join our weekly live discussion on Thursdays at 12pm AEDT: https://www.capitalbrief.com/on-the-call/Sign up to our free weekly newsletter, The Edition: https://www.capitalbrief.com/on-the-call/

This week Anthropic CEO Dario Amodei signed a memorendum of understanding with the Australian government during his tour in the country. During the trip Amodei spoke to a roomful of politicians in Canberra, telling them that the technology his company builds could upend labour markets supercharge cyberattacks, and arrive faster than any government is equipped to handle.Meanwhile Canva has moved to rally fears of job cuts after a since deleted internal post from co-founder Cliff Obrecht sent alarm bells ringing inside the company.We discuss:Anthropic's Australia tour & MOUAnthropic's safety-first positioningAnthropic's political positioning and AI doomsaying as a strategyXero and Anthropic's dealCanva's job cut fearsThe Jevons ParadoxDonald Trump's national address and Anthony Albanese's national address.On The Call is a weekly live conversation with the Capital Brief newsroom on the stories driving the agenda in Australia's centres of power.Host Harshdeep Kaur sits down with Capital Brief's best journalists to dissect what we're watching and why it matters, and answer questions from our subscribers live.Subscribe to join our weekly live discussion on Thursdays at 12pm AEDT: https://www.capitalbrief.com/on-the-call/Sign up to our free weekly newsletter, The Edition: https://www.capitalbrief.com/on-the-call/

This week Capital Brief revealed that Canva has acquired Melbourne-based digital out-of-home advertising startup Doohly for $30 million.The Australian design software giant is accelerating its push into broader marketing technology ahead of its well anticipated IPO.Meanwhile One Nation's result in South Australia has become a warning shot for the major parties.We discuss:Canva's Doohly acquisition and its broader goal to own end-to-end marketing.How Canva's acquisition spree forms its AI defence strategy.Figma's performance since its IPO in July 2025.The future of physical advertising.One Nation's performance in the South Australia elections.Drivers behind the right-wing surge.Generational discontent in the major political parties.One The Call is a weekly live conversation with the Capital Brief newsroom on the stories driving the agenda in Australia's centres of power.Host Harshdeep Kaur sits down with Capital Brief's journalists to dissect what we're watching and why it matters, and answer questions from our subscribes live.Subscribe to join our weekly live discussion on Thursdays at 12pm AEDT: https://www.capitalbrief.com/on-the-call/Sign up to our free weekday newsletter, The Edition: https://www.capitalbrief.com/on-the-call/

Furniture retailer Koala has announced a $68 million IPO on the ASX - a scaled-back but closely watched float.Meanwhile, Atlassian's mass layoffs have rattled staff and raised deeper questions about the company's future amid the SaaSpocolypse.We discuss:Koala's IPO pricing Why the float was shelved last year and why they're pushing ahead nowThe scarcity of consumer brand stocks on the ASXFounder Dany Milham's previous failure with Milkrun and Australia's maturing attitude towards failureThe surprising connection between Koala and healthtech EucalyptusAtlassian's 1,600 job cuts and why it's been hit hard by AI evolutionThe cultural shift inside Atlassian ahead of the layoffsOn The Call is a weekly live conversation with the Capital Brief newsroom on the stories driving the agenda in Australia's centres of power.Host Harshdeep Kaur sits down with Capital Brief's journalists to dissect what we're watching and why it matters, and answer questions from our subscribers live.Subscribe to join our weekly live discussion on Thursdays at 12pm AEDT: https://www.capitalbrief.com/on-the-call/Sign up to our free weeklday newsletter, The Edition: https://www.capitalbrief.com/newsletters/the-edition/

With the war in Iran intensifying, markets continue to swing wildly. This week saw $90 billion wiped off the ASX as oil prices jumped. While the market has since rebounded, investors are left guessing whether US president Donald Trump will hold firm or blink.Meanwhile, Capital Brief and the Tech Council of Australia co-hosted an event at Parliament House on digital regulation. Assistant productivity minister Andrew Leigh delivered a keynote on the government's plan to boost innovation.We discuss:ASX sell off and market swingsThe TACO tendencyRBA rates decision and corporate response amid conflict in the Middle EastAustralia's exposure to the Strait of HormuzLabor's balancing act ahead of the budgetCapital Brief's event with the Tech Council of AustraliaDr. Andrew Leigh's argument on the role of policy in tech innovationAtlassian layoffsOn The Call is a weekly live conversation with the Capital Brief newsroom on the stories driving the agenda in Australia's centres of power.Host Harshdeep Kaur sits down with Capital Brief's journalists to dissect what we're watching and why it matters, and answer questions from our subscribers live.Subscribe to join our weekly live discussions on Thursdays at 12pm AEDT: https://www.capitalbrief.com/on-the-call/Sign up to our free weekday newsletter, The Edition: https://www.capitalbrief.com/newsletters/the-edition/

Amid intense geopolitical instability - a war in Iran, oil prices surging and markets destabalised - the Australian government is pulling together its May budget which is expected to tie together its ambitious plans with a fresh nation building agenda.This week we saw a glimpse of what that might look like. Prime Minister Anthony Albanese wrote an Ideas piece for Capital Brief on why Labor is backing the high speed rail project.In other news this week, fund manager Magellan and investment bank Barrenjoey announced a merger and Capital Brief investigated a very secretive venture capital fund.We discuss:The Prime Minister's pitch for high speed rail.Why Australia has been discussing the high speed rail project for decades.Political voices skeptical of the project.The merger story of Magellan and Barrenjoey.The merged entity's possible future as the next Macquarie.Our investigation on VC fund Marbruck.On The Call is a weekly live conversation with the Capital Brief newsroom on the stories driving the agenda in Australia's centres of power.Host Harshdeep Kaur sits down with Capital Brief's journalists to dissect what we're watching and why it matters, and answer questions from our subscribers live.Subscribe to join our weekly live discussions on Thursdays at 12pm AEDT: https://www.capitalbrief.com/on-the-call/Sign up to our free weekday newsletter, The Edition: https://www.capitalbrief.com/newsletters/the-edition/

On The Call is a weekly live conversation with the Capital Brief newsroom on the stories driving the agenda in Australia’s centres of power. Host Harshdeep Kaur sits down each week with our journalists to dissect what we’re watching and why it matters, and answer questions from our subscribers, live.

One Nation is on the brink of overtaking Labor on primary votes, according to the latest Capital Brief/Demos AU findings. In the same week, Australia’s first major AI-related job cuts landed as a viral “AI doomsday” blogpost rattled Wall St.Host Harshdeep Kaur is joined by editor in chief John McDuling and ideas editor James Hennessy for this week’s conversation.We discuss:What the latest Capital Brief/Demos AU poll shows about One Nation's continued rise.Whether or not this polling surge is merely a "protest vote".The role of immigration policy in driving voters to the right.How One Nation is picking up votes from the GreensAI skepticism amongst Australians.Wisetech attributing its job cuts to AI.Safety Culture founder returns as CEO to rebuild the company as AI threat on SaaS ramps up.Citrini Research's viral blogpost and "ghost GDP"On The Call, a weekly live conversation with the Capital Brief newsroom on the stories driving the agenda in Australia’s centres of power. Host Harshdeep Kaur sits down with Capital Brief’s journalists to dissect what we’re watching and why it matters, and answer questions from our subscribers, live. Subscribe to join our weekly live discussion on Thursdays at 12pm AEDT.Sign up to our free weekday newsletter, The Edition.