Phil Tarrant and Major General (Ret'd) Dr Marcus Thompson examine the growing debate over Australia's economic direction, drawing on Chris Uhlmann's recent article in The Australian on the "Argentinisation" of Australia.

They unpack the risks posed by weak productivity, rising regulation, higher costs, and falling investment – and ask what sustained economic underperformance could mean for housing, business confidence, and the nation's broader strategic strength.

Because if Australia enters an increasingly contested world from a position of economic weakness, its ability to fund defence, build sovereign capability, and protect its national interests becomes a much bigger question.

AI is pushing financial institutions to modernise, but the answer is not to replace everything. Banks should focus on the technology, data, and processes that directly support business outcomes.

AI is putting modernisation back on the executive agenda as legacy systems increasingly limit banks' ability to adopt AI, access data in real time, and respond to regulatory and resilience demands. Atos executives Dee Lawler and Matthew Hughes argue modernisation is now a business issue, not simply a technology refresh.

"The objective to modernise isn't to modernise the technology or the most technology," Hughes says. "It's to modernise the technology that matters most."

But banks should resist the temptation to make AI the answer to everything. Leaders should first identify the business outcome they want, then determine what is holding them back – whether that is technology, data, processes, skills, or risk. Incremental modernisation can reduce operational risk while allowing organisations to measure returns, with resilience and business continuity built into the design.

The takeaway for financial services leaders is simple: modernise where technology is constraining growth, efficiency, customer experience, or resilience – not simply because AI has created a sense of urgency.

Enjoy,
The Cyber Uncut team

Daniel Croft and David Hollingworth break down the essential AI and security news of the week, from sovereign capability to cyber crime, and fighting property scams.

Hollingworth and Croft open the podcast with a breakdown of why Australian banks are standing up a new partnership program to promote the growth and adoption of local AI innovators – and explain why it's an important step in Australia's AI journey.

At the same time, NSW has said it is taking steps to combat the rise of AI in classrooms by tackling the technology and its impact on the HSC. It's a good move.

It's sadly been another bad week for Australian data finding its way onto the dark web via ransomware actors, with patient data once again compromised. But despite the hackers' claims that they hit NSW Health, the department has denied any such intrusion; the threat actor is definitely boasting, but the data is nonetheless real – Cyber Daily just doesn't know where it came from.

And, finally, we sit down with PEXA's chief information security officer, Graham Fairley, to talk property scams: how they work, what a recent survey reveals, and how property buyers can protect themselves.

Enjoy,
The Cyber Uncut team