Thursday, November 12, 2026

No matter what you think about Elizabeth Holmes, go see this film

There’s this broader culture of Silicon Valley that she operated within, where everyone’s a liar. You start a company, you lie, you fake it till you make it, and VCs expect it, and it is part and parcel of launching a business. Elon Musk is an incredible liar—lies to the public, lies to regulators, lies to lawmakers, investors, shareholders. That’s part of the game. And she, to me, in many ways, played that same game…


… the real question is: why would you spend time with, or give two hoots about, this woman? She’s a convicted fraudster who’s been subject of a comprehensive book (Bad Blood: Secrets and Lies in a Silicon Valley Startup), documentary (The Inventor: Out for Blood in Silicon Valley) and an OK TV dramatisation (The Dropout).



No matter what you think about Elizabeth Holmes, go see this film


The documentary that follows the Theranos founder and convicted fraudster has finally arrived in Australia. It will exceed your expectations.

You Can See Everything ★★★★★

Directed by Nathan Fielder and Lance Oppenheim

Starring Elizabeth Holmes, Billy Evans, Fielder.

USA, M, 174 min

You Can See Everything, the new documentary following Theranos co-founder and convicted fraudster Elizabeth Holmes, is a delicious final deception in a wonderful year of cinema.

If you want to be part of the cultural conversation – or need to see what America has been talking about for the past month – you must see it, quickly. It’s a rare cultural phenomenon that has critics crawling over each other to top each other’s hyperbole – and spoil crucial details.

Elizabeth Holmes has been an enigmatic figure for a long time. YouTube

This film will exceed your expectations, no matter how much or little you care for Holmes. It is an endlessly captivating curio, but it is not the messiah. It’s a very naughty movie saying less about the subject than it does about the filmmakers, the documentary form, and the nature of truth.

Not that truth needs complicating these days.


On the face of it, the film’s subject, the tech poster girl, is compelling – a person of rare confidence, a fabulist and a trickster. She’s very much a paragon of her Silicon Valley era, who had a net worth of more than $US4 billion by age 30 and was heading to jail before 40, yet she remains indefatigable, noting “All I know is my truth ...”. She is entrancing in action.

The documentary’s style is also a minor mind-bender. It shifts form and tone in ways that amuse, surprise and baffle, but it always remains in some sort of control, capturing and leading the viewer while not wholly answering the multitude of questions.

That controlled imbalance is a talent of the hard-to-classify Nathan Fielder, co-director with Lance Oppenheim. Fielder’s position in contemporary culture has largely been off to the side, despite his previous TV series being broadcast on the high-profile HBO network.

He’s much admired by those, including me, who stumbled across his nebbish yet manipulative comic persona that blurred the boundaries of reality and performance in the faux reality series Nathan For You and The Rehearsal, the second series of which is a mad masterpiece.

He isn’t a mainstream star, partly because, off screen, he doesn’t play the role of celebrity, with clumsy interviews and deflections, most notably in a recent Wired cover story; and partly because his brand of awkward has more of a British comic sensibility.

Until now, his anonymity has allowed him to run wild in plain sight. That’s what allowed him and Oppenheim, who also has the drama Primetimecurrently in release, access to a macabre going-away party.

Holmes invited the co-directors into the home she shares with partner Billy Evans and their two young children, 34 days before she began her 13-year prison sentence for fraud, seemingly without doing her due diligence on the filmmakers (that wasn’t really a thing for her investors either, including the Walton family and Rupert Murdoch).

Fielder inserts himself in their lives while Oppenheim provides no slack, shooting in unstinting close-up. And 34 days becomes three years as, like any winning documentary, the story takes crazy turns that couldn’t be scripted.

Fielder’s style is a performative cinema verite. It’s not particularly new because the observational documentary form has already strayed so far from the quaint, passive style of Frederick Wiseman or DA Pennebaker.

Now the documentarian is observer, participant, agitator, advocate, therapist, star, or eater of McDonald’s exclusively for 30 days. Fielder is all but the latter, an unnerving presence in Holmes’ beachfront rental, content to let silences run and subjects fill the space.

Holmes gives as good as she gets. Her complicated personality is one thing – is she merely PT Barnum or a cold-faced killer? – but then there’s her excruciating partner. She just wants to be believed; Billy has a heightened need for control.

Fielder’s intrigue in both characters is compelling and sucks you in until he vacillates and hints at empathy, open to the robotic Holmes having a peculiar kind of humanity. Or not.

He’s so deft knowing when and how to shift the form and the story, while his frequent editor Adam Locke-Norton maintains a thrilling momentum. And Oppenheim provides a cinematic feel to what might have been claustrophobic. I can’t recall a three-hour film that has gripped me like this.

But I have questions. Many questions. Is it journalism? No. Nothing is tested, or verified – it’s all merely allowed to hang. The film’s title is an unresolved statement. Does it get to the bottom of Holmes’ mad personality? No. Arguably, it merely confuses any hard preconceptions. This documentary is more about the documentarians themselves; the compromises they make, the way their intrusion shapes behaviour, and the tricks they pull to entertain.

Then there’s a facile commercial question: will this be the first documentary to be nominated for the Academy Awards’ best picture? Surely.

But the real question is: why would you spend time with, or give two hoots about, this woman? She’s a convicted fraudster who’s been subject of a comprehensive book (Bad Blood: Secrets and Lies in a Silicon Valley Startup), documentary (The Inventor: Out for Blood in Silicon Valley) and an OK TV dramatisation (The Dropout).

But that’s the joy of this absorbing, inventive film. If the subject doesn’t get you, the storytelling will. And I have many more questions. Let’s discuss in the foyer.

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     is a film writer and reviewer for The Australian Financial Review.

    Before they started paying them to leave, the federal government embarked on a spree to expand the bureaucratic middle.

    A Canberra Times analysis of Australian Public Service Commission's employment data between June 2023 and June 2026 revealed the public service expanded its Executive Level (EL) cohort by nearly 21 per cent, outpacing the growth of the APS 1 to 6 and Senior Executive Service (SES) bands. 
    Australian Public Service Commissioner Jacqui Curtis. Picture by Sitthixay Ditthavong
    Australian Public Service Commissioner Jacqui Curtis. Picture by Sitthixay Ditthavong
    It meant the federal government added more than 10,000 new EL staff to the wage bill during the four-financial-year period.
    Between June 2025 and June 2026, the total number operational staff (APS 1 to 4) fell by about 5000 and the number of SES staff dropped by 33 while the EL ranks continued to increase with more than 1100 staff added. 

    Public service expanded middle executives then paid millions for them to leave

    Public service expanded middle executives then paid millions for them to leave


    Before they started paying them to leave, the federal government embarked on a spree to expand the bureaucratic middle.

    A Canberra Times analysis of Australian Public Service Commission's employment data between June 2023 and June 2026 revealed the public service expanded its Executive Level (EL) cohort by nearly 21 per cent, outpacing the growth of the APS 1 to 6 and Senior Executive Service (SES) bands. 
    Australian Public Service Commissioner Jacqui Curtis. Picture by Sitthixay Ditthavong
    Australian Public Service Commissioner Jacqui Curtis. Picture by Sitthixay Ditthavong
    It meant the federal government added more than 10,000 new EL staff to the wage bill during the four-financial-year period.
    Between June 2025 and June 2026, the total number operational staff (APS 1 to 4) fell by about 5000 and the number of SES staff dropped by 33 while the EL ranks continued to increase with more than 1100 staff added. 

    Four years of public service growth

    Executive Level roles outpaced operational staff across four financial years.

    All series are visible.
    APS 1 - 6
    EL
    SES
    2026202520242023115,499115,499124,991124,991133,835133,835130,706130,70649,42649,42654,24154,24158,64658,64659,75059,75032063206342834283581358135483548194,004196,062182,660168,131
    Made with Flourish • Create a chart
    The employment data showed a difference in executive-level density between front-line and policy-focused areas.
    For example, Services Australia operated with about 25 APS 1 to 6 staff for every EL 2 manager. However, specialised intelligence and defence agencies had a higher concentration of senior roles.
    Upper management made up nearly 41 per cent of the workforce at the Office of National Intelligence while the Australian Submarine Agency had about three APS 1 to 6 staff for every EL 2 manager.
    Former finance deputy secretary Stephen Bartos said that within the public service, there was a longstanding view that policy work was more prestigious than front-line service delivery work, which drove up classification levels and inflated the middle-management ranks of those agencies.
    "You are getting these days EL 2s doing jobs that used to be done by EL 1s, SES 1s doing jobs that used to be done by EL 2s, and what that means is that your salary bill keeps going up," he said.
    In those agencies, the structural incentives for leadership skewed towards adding more senior managers rather than maintaining a broader operational staff base, Mr Bartos said.
    "Typically agencies don't reduce their senior levels ... the incentives go the other way round," he said. 
    "The more deputy secretaries they have reporting to them, the more important they feel, and it's something where there's incentives for senior people to surround themselves with other senior people."
    Mr Bartos said extensive redundancy programs could create capability gaps if they removed junior staff who would otherwise gain the experience needed for senior roles.

    Find your agency’s operational staff ratio

    Use the dropdown to see how many APS workers support the executive level

    2.72.72.532.532.652.652.692.69
    Made with Flourish • Create a chart
    "If you create gaps where there aren't that pool of people at more junior levels who've become trained up so that they can take on more senior jobs, you can end up getting inexperienced people being pushed into jobs that they're not really suited for," Mr Bartos said.
    In 2026, a number of departments and agencies offered voluntary redundancy rounds explicitly targeting executive-level positions with individual payouts reaching comfortably upwards of $100,000.
    The National Indigenous Australians Agency (NIAA) opened redundancies to its EL ranks, getting rid of 56 staff from that level as its senior positions reduced by more than 7.5 per cent. The agency's latest annual report showed it paid out about $9.7 million in staff exits, up from about $1.3 million in 2024-25.
    The Fair Work Ombudsman also specifically targeted its EL ranks for redundancies, which resulted in 13 exits and a total payout of about $2.2 million, an average of about $166,000. The agency forked out $922,000 in staff exit payments in 2024-25.
    EL 1 and EL 2 workers at the Social Services department made up nearly half of its finalised 302 departures following its redundancy rollout, where one employee was paid out at $188,000 while others were paid upwards of $170,000.
    The payouts were due to the longevity of EL staff in the public service. The APSED also showed that EL 1 and EL 2 positions have a median service length of 13 years and 17 years respectively.
    During Senate estimates, the Employment department revealed five of its executives left and it needed to rebalance its workforce as it was actively recruiting more front-line employees. The department had also accepted 91 redundancies so far in 2026-27. 
    The massive redundancy wave in the public service led to the departures of thousands of staff with the Home Affairs department racking up the highest bill of nearly $75 million spent on staff exits.
    UNSW Canberra public sector management expert David Schmidtchen cautioned the data captured only part of the workforce trend. He said the initial EL workforce expansion might have been necessary because of government policy demands. 
    "The level of EL 1 and EL 2 is ... the engine room of management at the APS," Mr Schmidtchen said. "That cohort of middle managers is very important for the delivery of outcomes for departments and agencies. So their growth is in line with the demand most of the time."
    Mr Schmidtchen said the wave of redundancies was an inevitable response to economic pressures forcing the government to find savings, but warned the cuts risked losing critical institutional knowledge from departments. 
    "It's very difficult to capture [and] to know what's leaving the building," he said.
    The public service might not be at the end of its redundancy wave as the Albanese government has warned that a lot of difficult decisions need to be made.
    Finance and Public Service Minister Katy Gallagher warned there would be more spending cuts in the public service as the mid-year budget update approached and Prime Minister Anthony Albanese said the government was always looking for efficiencies in the public service.
    Ray Athwal

    Ray Athwal

    Data Journalist
    Ray Athwal is a data journalist interested in data-driven stories. Got a tip or an idea to share? Email him at ray.athwal@austcommunitymedia.com.au or on Signal @rayathwal.10