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Peter Ryan
Peter Ryan is the one of the ABC's most experienced journalists, contributing to a range of ABC News programs including the flagship radio current affairs program AM, The World Today, PM and ABC NewsRadio.
With more than 30 years of journalism experience, Peter rejoined the ABC in 2003 as Executive Producer of the ABC Television's Business Breakfast program.
In 2006, he oversaw the development of two new business programs - Lateline Business on ABC Television and Business Today on the ABC's Asia Pacific television service, Australia Network.
Peter's previous journalism career included three years as the ABC's Head of TV News and Current Affairs in Melbourne; more than four years as Bureau Chief and television correspondent at the ABC's Washington Bureau; a year as a producer at the BBC in London; and a range of ABC reporting and producing roles in Melbourne, Sydney, Darwin and the South Pacific.
In addition to journalism, Peter Ryan spent four years in the corporate communications sector as a Director at Weber Shandwick Worldwide and then as a Principal at Porter Novelli in Melbourne.
Peter began his journalism career in newspapers at Sydney's Daily Mirror and he worked in Sydney commercial radio before joining the ABC in 1984.
All copyright and intellectual property used in these reports resides with the Australian Broadcasting Corporation.
There's a high stakes political showdown underway in Washington at the moment over Donald Trump's proposals for more tax cuts in the United States. Some congressional repubicans - who'd normally back Mr Trump - are nervous about how to pay for the additional tax breaks in the face of concerns the proposal could add trillions to Amerca's already massive debt pile. ABC's Peter Ryan explains.
The Reserve Bank board is highly likely to cut its official cash rate by 0.25 percentage points later today down to 3.85 percent. The big question is whether there'll be followup rate cuts later this year with consumer inflation now back in the middle of the RBA's 2 to 3 percent target band. Economist Warren Hogan says there's a risk inflation could make a comeback given the tight jobs market.Reporter: Peter Ryan, Senior Business CorrespondentFeatured: Warren Hogan, economic advisor, Judo Bank
Borrowers paying down steep mortgages are likely to get some extra relief with the Reserve Bank poised to cut official interest rates at tomorrow's board meeting. That would make the second rate cut this year after 13 rate hikes since May 2022 to tame inflation. But economic jury's out on how many more cuts we'll see later this year.Reporter: Peter Ryan, Senior Business CorrespondentFeatured: Besa Deda, chief economist, William Buck
Title: Caption: Borrowers hoping to pay down a mortgage a bit faster will be paying close attention to next week's meeting of the Reserve Bank board and the near certainty of an interest rate cut to 3.85 per cent. While economists think the second rate cut this year is locked in, a surging jobs market could see fewer-than-expected rate cuts later this year. ABC's Peter Ryan explains.Reporter: Peter Ryan, Senior Business CorrespondentFeatured: Keywords:
Title: Investors with more than $3 million in their superannuation accounts at the moment are increasingly nervous about a proposed new tax that will eat into some super earnings that are yet to be sold or realised. There are concerns that more Australians might be hit in the future given that the proposed levy isn't indexed for inflation if it passes into law. Also, the Telecommunications Industry Ombudsman says there's been a rise in complaints as consumers struggle to pay bills during th cost of living crisis. And economists will be watching the April employment update out this morning - the final data as the Reserve Bank considers an interest rate cut next week.
There's been a critical truce in the tariff war between the United States and China after the world's two biggest economies agreed tom slash their tariffs on each other for at least 90 days. But the big question is whether this is just a "pause", did Donald Trump "blink" and could economic hostilities emerge again?
US Treasury secretary claims "substantial progress" has been made on brokering a tariff deal with China after Donald Trump imposed a 145 percent tariff on Chinese exports coming into the US and China hit back in kind. Also in Australia, key economic data out this week is likely to lock in anticipated interest rate cut and more to come later this year.
Title: Donald Trump, Keir Starmer hail limited US-UK trade deal to resolve global tarrif shockCaption: While the big focus is on white smoke in the Vatican where a new pope has been announced,there's encourging economic white smoke with a new trade deal between Britain and the United States. The important breakthrough is the first trade deal the US has signed after Donald Trump paused his global tariffs campaign last month. So who's the winner? ABC's Peter Ryan explains.Reporter: Peter Ryan, Senior Business CorrespondentFeatured: Donald Trump, US president; Sir Keir Starmer; UK president; Sir Crawford Falconer, former UK trade negotiator
Title: US interest rates on hold despite Trump demands to cutCaption: There's more evidence that Donald Trump's campaign of tariffs is clouding the economic outlook in the United States. The US Federal Reserve has once again defied Mr Trump by not cutting interest rates worried the tariffs war could stoke inflation and hurt the US labour market at the same time..
Journalist and humanitarian Iain Finlay died on Tuesday, aged 89, choosing voluntary assisted dying.Mr Finlay, who had amyloidosis, was an accomplished TV and radio journalist and worked for the ABC on This Day Tonight and Beyond 2000.
As Donald Trump's tariffs rock confidence around the world, one of Australia's banking bosses says our economy can weather the storm .. as long as China's economy remains strong. National Australia Bank chief executive Andrew Irvine thinks Australia would be exposed if a tdamaged China cuts back lucrative commodities.
Canadian Prime Minister Mark Carney meets Donald Trump in the the White House for his first talks since becoming Canada's prime minister last week. Mr Carney bluntly told Mr Trump - who wants to make Canada the 51st US state - that Canada will "never be for sale". ABC's Peter Ryan with this analysis.
Donald Trump planning 100pc tariff on US films made offshore; Liberal donors to hold back cash after election rout Caption: The US entertainment industry has reacted with a mixture of alarm and bewilderment after Donald Trump said he'd impose a 100 per cent tariff on all movies produced outside the United States. Also, liberal party donors threaten to end cash lifeline after Labor's landslide win at the weekend.
Having secured a powerful historic majority, does Anthony Albanese now have a clear mandate to tackle major economic reforms with a focus on lifting productivity? ABC's Peter Ryan speaks with AMP chief economist Shane Oliver and Westpac chief executive Anthony Miller. Both agree Labor's landslide is an opportunity to take hard decisions.
Having secured a powerful historic majority, does Anthony Albanese now have a clear mandate to tackle major economic reforms that both Labor and the Coalition have put in the too hard basket for years? AMP chief economist Shane Oliver discusses the options with ABC’ Peter Ryan.
It's six weeks to go before Donald Trump is inaugurated as US president and big global investors are scrambling to prepare for his economic policies that include hefty tariffs in what's likely to be a new era of protectionism for the world's biggest economy.The ABC's senior business correspondent Peter Ryan speaks with Juan Delgado, co-chief executive Hamilton Lane Hamilton Lane - a private markets investment firm with around a trillion US dollars in assets under management.
With Australia's economy teetering on the brink of recession, business groups are warning that "chickens are coming home to roost' because successive governments have shyed away from major economic reforms. While the focus is on data showing an economy propped up for by government spending, there's a warning that big investors are staying away from Australia because of policies perceived to be anti-business.Reporter: Peter Ryan, Senior Business CorrespondentFeatured: Bran Black, CEO, Business Council of Australia; Andrew McKellar, CEO, Australian Chamber of Commerce & IndustryKeywords:
With Australia's economy close to flatlining, the heat is turning up on the Reserve Bank to bring forward interest rate cuts to avoid a recession. Official figures show barely any economic growth in the most recent quarter and just 0.8 percent over the year.The outcome is bad news for the federal government with next year's federal election to be fought on the theme of strong economic management.Reporter: Peter Ryan, Senior Business CorrespondentFeatured: Jim Chalmers, Federal Treasurer
Australia's economy is limping along on at its slowest pace since the 1990s recession excluding the pandemic and only held up by government spending, according the latest GDP figures out this lunchtime. The National Accounts reveal an economy on life support as aggressive interest rate rises and the high cost of living bite into business and consumer spending.
The board of the $94 billion CBUS industry superannuation fund has been told to improve its governance and to demonstrate its "partnership" payments to the Construction, Forestry and Maritime Employees Union are in the best interests of its members. The investigation was triggered after serious allegations about misconduct by board members, who are affiliated with the rogue construction union.
Reserve Bank governor Michele Bullock has warned underlying inflation is still too high to consider interest rate cuts. Also, insurance giant IAG has swallowed up the insurance arm of Queensland icon RACQ in a deal worth $855 million. But IAG boss Nick Hawkins tells ABC’s Peter Ryan the RACQ brand will be maintained and there’ll be no job cuts.
Inflation remains stubborn in the United States, with a monthly indicator showing consumer prices rose slightly in October. With inflation still above the US Federal Reserve’s inflation target of 2 per cent, economists are betting the pace of US rate cuts in 2025 will be slower than expected. Also, Donald Trump nominates China hawk Jamieson Greer to be US Trade Secretary to enforce his planned tariffs on Canada, Mexico and China.
The Albanese government is being warned to resist a pre-election cash splash amid forecasts that the budget bottom line is facing its worst deterioration on record - excluding the pandemic.The latest budget monitor from Deloitte Access Economics warns the federal government can no longer rely on previous windfalls from the commodities boom to protect the budget bottom line.Reporter: Peter Ryan, Senior Business CorrespondentFeatured: Stephen Smith, partner, Deloitte Access EconomicsKeywords:
Australia's Future Fund - a public wealth fund set up nearly 20 years ago by the federal government -is getting a big shakeup. It's board has been given a new directive to focus on the Albanese government's priority projects of housing, renewable energy and infrastructure. But what are the risks that politics could erode the Fund's independence? Peter Ryan explains.
Australian businesses are failing at the fastest rate since the pandemic as painfully high interest rates take their toll, according to the credit reference agency CreditorWatch. The insolvencies are being exacerbated as the Australian Taxation Office attempts to recover $35 billion in outstanding debt, with the 29,000 businesses owing an average $100,000.Reporter: Peter Ryan, Senior Business CorrespondentFeatured: Ivan Colhoun, chief economist, CreditwatchKeywords:
The Business Council of Australia is warning that Australia's living standards will plunge in the years ahead unless the federal government tackles stalled productivity.And Woolworths is grilled at the ACCC’s supermarket inquiry about whether it uses “land banking” to stymie competition.
National Australia Bank is being sued for allegedly failing to help 345 customers in financial distress. Corporate regulator ASIC claims the bank didn't respond to hardship applications before a 21 day deadline. ASIC chairman Joe Longo speaks with ABC's Peter Ryan.Reporter: Peter Ryan, Senior Business CorrespondentFeatured: Joe Longo, ASIC chairmanKeywords:
The head of the industry superannuation giant CBUS has apologised for delayed payouts for around 10,000 customers making death and disability claims. Chief executive Kristian Fok made a last minute appearance before a senate committee which is putting Australia's $3.9 trillion superannuation system under the microscope.Reporter: Peter Ryan, Senior Business CorrespondentFeatured: Kristian Fok, CBUS chief executive; Andrew Bragg, liberal senator
Optus chief executive Stephen Rue has promised to weed out and sack staff who fail to meet the telco's ethical and legal standards. Mr Rue inherits a reputational crisis after Optus sales staff in Darwin and Mount Isa were accused of exploiting indigenous Australians and people with disabilities .. selling them mobile gear they didn't want, didn't need and couldn't afford.Reporter: Peter Ryan, Senior Business CorrespondentFeatured: Stephen Rue, Optus chief executiveKeywords:
Industry superannuation giant CBUS is in hot water with the corporate regulator ASIC over its alleged mishandling of insurance claims to grieving families and people with disabilities.Meanwhile, NSW Liberal senator Andrew Bragg is ramping up pressure for CBUS chairman Wayne Swan – a former Labor treasurer – to front the Senate Economics Committee.
Teenage workers excluded from superannuation because they work less than 30 hours a week is discriminatory, according to the Super Members Council. Chief executive Misha Schubert wants to overturn a historical quirk in super rules could add $10,000 to a retirement nest egg. Reporter: Peter Ryan, Senior Business CorrespondentFeatured: Jessica Dawson, teenage worker; Misha Schubert, chief executive, Super Members Council; Tyrone O'Neill, REST superKeywords:
Teenage workers excluded from superannuation because they work less than 30 hours a week is discriminatory, according to the Super Members Council. Chief executive Misha Schubert wants to overturn a historical quirk in super rules which could add $10,000 to a retirement nest egg. Employer groups worry the super to under-18s could be an additional impost for businesses.Reporter: Peter Ryan, Senior Business CorrespondentFeatured: Misha Schubert, chief executive, Super Members CouncilKeywords:
Australia's economy won't avoid Trump tariffs hit. Treasurer Jim Chalmers warns of a temporary impact on economic output and potentially higher inflation. But Dr Chalmers says he's ready to work with the incoming Trump administration.
US Federal Reserve chairman Jerome Powell says he won't quit and that Donald Trump has no power to sack him. Mr Powell was standing firm against interference from the incoming president after cutting US interest rates by 0.25 percentage points.Reporter: Peter Ryan, Senior Business CorrespondentFeatured: Jerome Powell, chairman US Federal ReserveKeywords:
Title: US Federal Reserve chair says Donald Trump has no power to sack himCaption: US Federal Reserve chairman Jerome Powell says he won't quit and that Donald Trump has no power to sack him. Mr Powell was standing firm against interference from the incoming president after cutting US interest rates by 0.25 percentage points.Reporter: Peter Ryan, Senior Business CorrespondentFeatured: Jerome Powell, chairman US Federal ReserveKeywords:
Title: US Federal Reserve chair says Donald Trump has no power to sack himCaption: US Federal Reserve chairman Jerome Powell says he won't quit and that Donald Trump has no power to sack him. Mr Powell was standing firm against interference from the incoming president after cutting US interest rates by 0.25 percentage points.Reporter: Peter Ryan, Senior Business CorrespondentFeatured: Jerome Powell, chairman US Federal ReserveKeywords:
Wall Street rockets on decisive Trump victory - but jitters about US China trade war by Peter Ryan
National Australia Bank chief executive Andrew Irvine speaks with ABC senior business correspondent Peter Ryan about Donald Trump's decisive victory. Mr Irvine says while the outcome provides certainty, he's cautious about Mr Trump's plans to ramp up tariffs on goods brought into the US - warning Australia would be hurt by a global trade war with China. Mr Irvine was speaking after the NAB revealed a six percent fall in full year profit to just under $7 billion.Reporter: Peter Ryan, Senior Business CorrespondentFeatured: Andrew Irvine, National Australia Bank chief executive
With the Albanese government in unofficial election mode, the Reserve Bank governor Michele Bullock urged against any cash slurge to entice voters. The warning was directed at Treasurer Jim Chalmers after the RBA board decided - as expected - to leave interest rates on hold .. unprepared to declare victory in the fight against inflation.Reporter: Peter Ryan, Senior Business CorrespondentFeatured: Michele Bullock, Reserve Bank governor
It's a nailbiting week for the direction of the global economy, with the US presidential election expected to go down to the wire. ABC’s Peter Ryan looks at the potential fallout here in Australia.
As you consider making ends meet during a cost of living crisis .. there's news that more than 1200 big companies paid no tax in the last financial year.Naturally this will probably leave a bit of a sour taste for many listeners .. but there are good reasons according to the Australian Taxation Office.
Telecommunications giant Optus has been accused of exploiting vulnerable Australians - including First Nations people and people with disabilities - for allegedly selling them goods and services they didn't want or need.The explosive allegations relate to hundreds of Optus customers including some who were pursued by debt collectors in what the ACCC has described as inappropriate and fraudulent sales conduct.Reporter: Peter Ryan, Senior Business CorrespondentFeatured: Gina Cass-Gottlieb, ACCC chair
February rate cut on horizon after inflation fall as Woolworths confirms price deflation by Peter Ryan
The outlook for slowing inflation in today's quarterly CPI update is unlikely to pave the way for an early interest rate cut. Economist Warren Hogan says the Reserve Bank will be focusing on underlying inflation which strips out one-offs like energy rebates and a six percent fall in petrol prices. Mr Hogan says there's a risk the RBA might be force to raise interest rates again if inflation remains stubbornly high.Reporter: Peter Ryan, Senior Business CorrespondentFeatured: Warren Hogan, economic adviser, Judo BankKeywords:
In a move that could represent a big challenge to Qantas' domination of the skies in this country, Qatar Airways is seeking to buy a 25 per cent stake in Virgin Australia. But the deal will need approval from the Foreign Investment Review Board and the competition watchdog the ACCC.Reporter: Peter Ryan, Senior Business CorrespondentFeatured: Jayne Hrdlicka, Virgin Australia CEO; Jim Chalmers, Treasurer; Peter Dutton, Opposition leader; Roger Montgomery, fund manager
To rising tensions in the Middle East and how the risks of a wider conflict are rattling financial markets...The global price of oil - which was already creeping higher - has surged after Iran launched a barrage of missiles at Israel earlier this morning.
In a move that could represent a big challenge to Qantas' domination of the skies in this country, Qatar Airways is seeking to buy a 25% stake in Virgin Australia. But the deal will need approval from the Foreign Investment Review Board and the competition watchdog the ACCC.
Title: Back-to-back budget surplus to "strong economic management" claims Caption: Next year's federal election will be dominated by the health of the economy under Labor in the face of interest rates that look like staying higher for longer and stubborn inflation. Treasurer Jim Chalmers has confirmed sa back-to-back budget surplus with last financial year's confirmed at a higher $15.8 billion. But do Australians care if the budget is in surplus or deficit and will claims of responsible economic management sway voters next year?Reporter: Peter Ryan, Senior Business CorrespondentFeatured: Josh Frydenberg, former Treasurer (archive); Jim Chalmers, Treasurer; Jackie Lambie, independent senator; Dr Brendan Rynne, KPMG chief economist
Next year's federal election will be dominated by the health of the economy under Labor - in the face of interest rates that look like staying higher for longer .. and stubborn inflation.So it's probably not surprising that when the federal government has any good economic news to push, they'll be running hard.And that's the case this morning the Treasurer spruiking a back to back budget surplus - though falling tax revenue from weaker commodity prices and a slowdown in China means the good news won't last.
As the federal government and economists debate ways to ease the housing crisis, the Reserve Bank is warning that falling interest rates could trigger a renewed real estate boom.The concerns raised in the RBA's Financial Stability Review caps a week of speculation about possible policy changes on negative gearing and capital gains tax discounts as ways to ease the housing crisis.
The prime minister Anthony Albanese is continuing to walk back speculation that his government will take changes to negative gearing and capital gains tax discounts to next year's election.Mr Albanese says he has "no plans" to tweak the tax breaks for property investors .. but the story is refusing to die as a debate over broader tax reform intensifies given the housing supply crisis.Also OECD secretary-general Mathias Cormann sees "green shoots" as inflation slows, allowing central banks to cut interest rates.
"I have no plans to do it" - PM slaps down negative gearing changes on 2GB by Peter Ryan
Prime Minister Anthony Albanese has refused to emphatically rule out changes to negative gearing and capital gains tax discounts ahead of next years election. Reports this morning that Federal Treasury is reviewing the current tax breaks have fuelled speculation that the Albanese government might revisit similar policy tweaks that contributed to Labor's election loss in 2019.Reporter: Peter Ryan, Senior Business CorrespondentFeatured:Anthony Albanese, Prime Minister;Jane Hume, Shadow Finance Minister;Aruna Sathanapally, CEO, Grattan Institute
Changes to negative gearing and capital gains tax discounts have been downplayed by a spokeperson for Treasurer Jim Chalmers. The Age and Sydney Morning Herald report that federal officials have started work on options to scale back the tax breaks on housing investment. Also, Reserve Bank governor Michele Bullock says this morning's monthly inflation outcome will be distorted on one-offs including federal and state energy subsidies which will take headline inflation artificially lower.Reporter: Peter Ryan, Senior Business CorrespondentFeatured: Jane Hume, Shadow Finance Minister; Michele Bullock, Reserve Bank governor
Reserve Bank governor Michele Bullock is facing a major communications challenge later today when she's widely expected to leave interest rates on hold at 4.35 percent.Ms Bullock has previously warned a interest rate cut is unlikely until next year given still-high inflation and a resilient jobs market.Also will Coles and Woolworths apologise the alleged deception on discounts or strike a settlement with the ACCC to cauterise the damage?
Breaking news - ACCC taking Woolworths, Coles to court. Allege consumers were misled on discounts. by Peter Ryan
Supermarket giants Woolworths and Coles are being taken to court for allegedly misleading consumers about price discounts on hundreds of products. The Australian Competition & Consumer Commission claims consumers have been duped by promotions about discounts that were "illusory". The Federal Court action comes as Australians continue to hurt from then high cost of living and allegations earlier this year that supermarkets have been price gouging.Reporter: Peter Ryan, Senior Business CorrespondentFeatured: Gina Cass Gottleid, ACCC chair; Nick McKim, Greens senatorKeywords:
Finance minister Katy Gallagher has branded pressure from The Greens to force a Reserve Bank interest rate cut as "economically irresponsible". As the Reserve Bank board prepares for a two day meeting, Greens treasury spokesman Nick McKim says Treasurer Jim Chalmers should intervene with a never-used power to force a rate cut - a move that Senator Gallagher says would undermine RBA independence.Reporter: Peter Ryan, Senior Business CorrespondentFeatured: Katy Gallagher, Finance Minister
This time yesterday, there was high excitement about a supersized interest rate cut in the United States.One of the big questions is whether that half a percentage point reduction would influence Australia's Reserve Bank to do the same.Unfortunately the news isn't good for anyone holding out for relief on their mortgage repayments.
The US Federal Reserve has slashed interest rates by half a percentage point amid concerns that the world's biggest economy might be headed towards a recession. Anthony Albanese has hosed down hopes for a rate cut in Australia saying the US is cutting from higher levels. Federal Reserve chairman Jerome Powell says the looming presidential election played no role in rate cut considerations.Reporter: Peter Ryan, Senior Business CorrespondentFeatured: Jerome Powell, chairman, US Federal Reserve; Jeremy Gundlach, investor; Donald Trump, US presidential candidate; Anthony Albanese, Prime MinisterKeywords:
In a move that could influence other central banks around the world, the US Federal Reserve has cut interest rates by a larger-than-usual half a percentage point. Federal Reserve chairman Jerome Powell says the US economy remains strong, but he's flagged the likehood of more rate cuts to protect the softening US jobs market amid fears about a recession by the end of the year. Reporter: Peter Ryan, Senior Business Correspondent Featured: Jerome Powell, chairman, US Federal Reserve Keywords:
It seems the short-lived love affair between the Prime Minister and big business has come to an abrupt end. The Business Council has told Anthony Albanese that making profits shouldn't be "taboo" and that business shouldn't be a scapegoats for the government's current economic woes.Reporter: Peter Ryan, Senior Business CorrespondentFeatured: Geoff Culbert, Business Council president; Anthony Albanese, Prime Minister; Warren Hogan, economist
It's becoming abundantly clear that the short-lived love affair between the Prime Minister and big business has come to an abrupt end.Mr Albanese copped more than a few swipes at last night's Business Council fo Australia annual dinner in Sydney. BCA president Geoff Culbert says success and making a profit appears to be "taboo" and that business shouldn't be a scapegoat for some of Mr Albanese's economic woes.
Prime Minister Anthony Albanese is bracing for a most likely frosty reception when he catches up with top business chiefs this evening with many upset about his government's economic policies.The Business Council of Australia appears to be losing patience and is campaigning hard ahead of next year's federal election.
There'll be massive attention on the US Federal Reserve later this week and the near-certainty of an interest rate cut.The big question is whether this will be a 0.25 percent point cut, or a supersized 0.5 percent point reduction given rising fears about a recession in the US by the end of the year.
Australia's banks and telcos have welcomed proposed tough new lews to crack down on the scourge of scams.The legislation if passed will put greater pressure on banks, telcos and tech giants to shield consumers from criminal gangs that have been fleecing consumers of billions of dollars thorugh predatory texts and email messages.Reporter: Peter Ryan, Senior Business CorrespondentFeatured: Ilya Fomin, scams victim; Stephen Jones, financial services minister; Anna Bligh, Australian Banking AssociationKeywords:
The momentum for global interest rate cuts has picked up with the European Central Bank the latest to move lower.The ECB's decision is the backdrop to a bigger excitement about rate cuts - with the US Federal Reserve almost certain to deliver long awaited rates relief next week.
After months of pressure, the chief executive of Nine Entertainment Mike Sneesby has announced he's leaving the media giant. Mr Sneesby's departure comes after major cultural issues at Nine including allegations of sexual harrassment by former staff and the controversial exit of Nine's chairman, the former federal Treasurer Peter Costello. Reporter: Peter Ryan, Senior Business CorrespondentFeatured: Stephen Mayne, sharemarket activist
A long-awaited interest rate cut in the United States looks almost certain after more good news on the pace inflation overnight.So could that add to the pressure for rate cuts here in Australia ?The advice is - don't get your hopes up too much.
The global oil price falls another 3 percent to under US$70 a barrel amid fears about a US recession, China slowdown and as OPEC cuts its demand outlook.Also, the Irish government has been ordered to recovered 13 billion Euros (A$21 billion) from Apple as a sweetheart tax deal unravels.The European Court of Justice has ruled Apple received unfair tax treatment back in 2016 that artificially reduced the tech giant's tax burden to as low as 0.005% in 2014.
The collapse in traditional mail deliveries is continuing with Australia Post reporting volumes in its letters business dropping to an all time low.Australia Post chief executive Paul Graham says letter volumes are back at levels last seen in the 1950s.The rapid decline in "snail mail" drove a full year loss of $88.5 million before tax for Australia Post though this is an improvement on a $200 million loss a year ago.
Australian business leaders are becoming increasingly frustrated with attacks from all side of politics where companies that make a profit are often accused of price gouging consumers.The anger tipped over the edge when Matt Comyn - the normally compased chief executive of the Commonwealth Bank - hit back against what he called "insidious" and "populist" policies, in particular attacks from The Greens.
Qantas chief executive Vanessa Hudson is confident that the airline's reputation is slowly recovering after damaging turbulence under her predecessor Alan Joyce. That was the main message from Ms Hudson's first set of full year financial results which saw the Qantas profit fall by 28 percent to $1.2 bilion. Vanessa Hudson speaks with ABC's Peter Ryan.Reporter: Peter Ryan, Senior Business CorrespondentFeatured: Vanessa Hudson, Qantas chief executive
Signs of moderating inflation in July can most likely be put down to the temporary impact of federal and state energy rebates. The Reserve Bank is likely to "look through" the slowing to 3.5 percent in July (from 3.8 percent) and will focus on the quarterly CPI update due on October 30.
Woolworths chief executive Brad Banducci has pushed back on political heat and ongoing claims that the supermarket giant puts profits ahead of the interests of customers and suppliers. Mr Banducci has used his final appearance as Woolies boss to acknowledge the higher cost of living while posting a 93 percent fall in full year profit to $108 million.Reporter: Peter Ryan, Senior Business CorrespondentFeatured: Brad Banducci, CEO, Woolworths
BHP has warned that China's demand for Australian iron ore has probably plateaued as the world's second biggest economy continues to slow.The mining giant's chief executive Mike Henry says the boom days for iron ore exports are probably over. But he's now feeding another boom with the world's appetite for copper seemingly insatiable.
Coles chief executive Leah Weckert has played down a $1.1 billion full year profit as the supermarket giant balances returns to shareholders with customers hurting from the high cost of living. In response to political and consumer heat over alleged price gouging, Ms Weckert says the Coles profit has remained modest despite a painful period of high inflation.Reporter: Peter Ryan, Senior Business CorrespondentFeatured: Leah Weckert, Coles chief executive
The outgoing chief executive of the private health insurer N-I-B has questioned the future viabililty of the public healthcare system and has warned Medicare is already unsustainable.Delivering his final set of financial results, Mark Fitzgibbon says the current taxpayer-funded health system won't be able to handle the pressures of the rapidly ageing population .. and that at some stage wealthier Australians might soon have to pay their own way.
The federal government is planning a charter of aviation rights for customers and a new independent ombudsman to oversee complaints about cancelled and delayed flights. Former ACCC chairman Rod Sims has welcomes the crackdown but wants to see measures to force greater competition between airlines to cut ticket prices.Reporter: Peter Ryan, Senior Business CorrespondentFeatured: Catherine King, Transport Minister; Rod Sims, former ACCC chairman
"The time has come". US Federal Reserve chair Jerome Powell used four words to signal US interest rates will be cut in September. Some traders see a supersized cut of half a percentage point now that Mr Powell has declared victory over inflation.
Treasurer Jim Chalmers has decided to retain his power to override decisions made by the Reserve Bank board - but will limit its potential use to extreme circumstances. Dr Chalmers is trying to broker a deal with the Coalition to get legislative changes recommended by the Reserve Bank review passed by the end of the year.Reporter: Peter Ryan, Senior Business CorrespondentFeatured: Jim Chalmers, Treasurer
Treasurer Jim Chalmers has decided to retain his power to override decisions made by the Reserve Bank board - but will limit its potential use to extreme circumstances.Finance Sector Union sees Bank of Queensland job cuts as code for more bank branch closures.
Bank of Queensland plans to cut as many as 400 jobs as owner-managed branches are taking inhouse and under corporate control. The Finance Sector Union national secretary Julia Angrisano says a two week consultation period is inadequate and warns the job cuts herald the closure of more bank branches.
There's more evidence that Australia might be on track to a recession by the end of the year.The warning from Deloitte Access Economics comes as companies report a hiring freeze with concerns that as many as 100,000 jobs could be axed over the next year.
There's a glimmer of hope that the pace of currently eyewatering insurance premium increases might soon start slowing. IAG chief executive Nick Hawkins says with inflation slowing, motor insurance premium bill shock could be gradually reduced. Revealing a 7.9pc rise in full year profit to $898 million, Mr Hawkins says the company wants to minimise the impact of premium increases on customers.Reporter: Peter Ryan, Senior Business CorrespondentFeatured: Nick Hawkins, chief executive, IAG
With the US presidential race now looking "neck and neck", greater attention is being paid to the economic policies of the presumptive Democratic candidate Kamala Harris.Ms Harris is trying to distinguish herself from republican candidate Donald Trump with big spending social programs and a controversial pledge to raise the US corporate tax rate to 28 percent.
The Reserve Bank board has cited low tolerance for inflation staying higher for longer. The minutes from the RBA board’s most recent meeting signalled rates risk being hiked if inflation doesn’t return to the 2 to 3 percent target by late 2025.
Minutes from the Reserve Bank board's meeting a fortnight ago could shed more light on the implications of the China slowdown and the sliding iron ore price. Petrol retailer AMPOL dials back its rollout of EV changing points because of problems connecting with the electricity grid. Fintech CITRO backed by AMP reveals the top 30 retirement destinations.
Treasurer Jim Chalmers has sounded the alarm on the plunging price of iron ore which could mean serious headwinds for Australia's economic fortunes.Analysis by Treasury has found that falling iron ore demand from China could create a $3 billion hole in tax revenue over the next four years.
Reserve Bank governor Michele Bullock has doubled-down on her warning that it's too early to be thinking about cutting interest rates.Fronting a parliamentary hearing in Canberra, Ms Bullock said inflation was still too high and not expected to return to the RBA's target band until the end of next year .. meaning mortgage relief for borrowers is a long way off.The ABC's senior business correspondent Peter Ryan has been watching the hearings.
While interest rates look like staying higher for longer in Australia, there's been a shock interest rate cut across the ditch in New Zealand.The decision took markets by surprise, raising questions about trust in projections provided by the Reserve Bank of New Zealand.
Commonwealth Bank chief executive Matt Comyn is continuing to bet the Reserve Bank will cut interest rates in November.That's despite last week's warning from RBA governor Michele Bullock that rates look like stayng on hold until the end of the year.Mr Comyn was backing his economics team as he delivered a six percent fall in full year profit to $9.48 billion .. while acknowledging some borrowers are struggling to meet their repayments.Matt Comyn spoke with ABC's Peter Ryan.
Commonwealth Bank chief executive Matt Comyn is continuing to bet the Reserve Bank will cut interest rates in November.That's despite last week's comments from RBA governor Michele Bullock that rates look like stayng on hold until the end of the year.Mr Comyn was backing his economics team as he delivered a six percent fall in full year profit to $9.48 billion while acknowledging some borrowers are struggling to meet their repayments.Matt comyn spoke with the ABC's Peter Ryan.
A report out today from the Council of Small Business Orgainsations of Australia (COSBOA) and the global financial services company Square says many small to medium business are struggling in the face of economic storm clouds. I speak with COSBOA chief executive Luke Achterstraat.Also, CBA's full year profit falls 6pc to $9.48 billion.
These might be challenging times for household budgets, but the CEO of the electronics retailer JB Hi Fi Terry Smart says people are still spending despite a long period of softening consumer demand.Also Reserve Bank deputy governor Andrew Hauser slams some market economists as "false prophets".
It's now almost a fortnight since the regional airline Rex collapsed leaving around 600 staff out of work.As insolvency experts trawl through the cause of Rex's demise, several interested parties are assessing Rex’s books. ABC's Peter Ryan speaks with Rex administrator Sam Freeman.
It's been a rocky year so far for Australian companies with increasing pressure from inflation, high interest rates and the outlook for a slowing economy.But this week, we'll get a range of updates from some big corporate names .. and a snapshot of how consumers are faring.
Global markets have tumbled on growing fears about a rapid economic slowdown in the United States.The heavy selling came despite an interest rate cut from the Bank of England overnight .. and signs the US Federal Reserve will begin cutting rates in September.
Westpac and Commonwealth Bank are predicting the Reserve Bank might cut interest rate in November as underlying inflation continties to slow. Rates look like coming down globally after US Federal Reserve chair Jerome Powell signalled a rate cut for September. Also, the Australian Financial Complaints Authority says consumer gripes surged 9pc to 105,000 in 2023/2024.Reporter: Peter Ryan, Senior Business CorrespondentFeatured: Jerome Powell, chair, US Federal Reserve; Justin Untersteiner, Australian Financial Complaints AuthorityKeywords:
Most people know the frustration dealing with banks and insurances companies when they have a gripe about their treatment.A new report from the Australian Financial Complaint Authority will ring a few bells because it shows financial complaints rise by 9 percent to 105,000 in the last financial year.The biggest gripes are about the way banks and insurance companies deal with customers, highlighting "cookie cutter" responses where customers are left in the dark.But the surge in complaints has been driven by the prevalence of scams which rose by 81 percent.AFCA's chief operating office Justin Untersteiner spoke with the ABC's senior business correspondent Peter Ryan.
The Federal Government has refused to rule out providing an financial lifeline to Rex Airlines which fell into administration overnight.W hile Rex's regional services look like surviving, more than 600 jobs could be in jeopardy.The airline's capital city routes - where it tried and failed to compete with Qantas - have been axed.Reporter: Peter Ryan, Senior Business CorrespondentFeatured: Marcus Blackie, King Island mayor; Sam Freeman, administrator, Michael Kaine, Transport Workers Union; Jim Chalmers, Treasurer; Catherine King, transport minister; Jayne Hrdlicka, CEO, Virgin Australia
The federal government is under pressure to take an equity stake in Rex Airlines which fell into voluntary administration overnight.The collapse of the regional carrier comes after it tried and failed to take on Qantas and Virgin on major capital city routes.Rex's collapse could mean as many as 850 workers will be made redundant.
The federal government is under pressure to take an equity stake in Rex Airlines which fell into voluntary administration overnight. The collapse of the regional carrier comes after it tried and failed to challenge Qantas on major capital city routes. Rex's collapse could mean as many as 850 workers will be made redundant.Reporter: Peter Ryan, Senior Business CorrespondentFeatured: Michael Kaine; Transport Workers Union; Sam Freeman, administratorKeywords:
Regional carrier Rex Airlines is on the brink of collapse after a failed bid to challenge Qantas and Virgin on major Australian routes. Also I speak with Australian Foundation Investment Company (AFIC) and tomorrow's quarterly inflation update and rate rise fears.
Regional carrier Rex Airlines is on the brink of collapse after a failed bid to challenge Qantas on major Australian routes. The possibility that Rex will go into voluntary adminstration puts 2,000 jobs in jeopardy and follows the demise of the discount airline Bonza earlier this year.Reporter: Peter Ryan, Senior Business CorrespondentFeatured: Roger Montgomery, fund manager; Michael Kaine, Transport Workers Union; Catherine King, transport minister; Anthony Albanese, prime minister
Financial services giant AMP says few younger Australians are tapping parents for a loan from the "bank of mum and dad". A survey of 2,000 people also found that retirees or people approaching retirement would like to help their kids but are anxious their own nest eggs might run out.Reporter: Peter Ryan, Senior Business CorrespondentFeatured: Ben Hillier, head of retirement, AMP
A major economic forecaster is warning that another interest rate rise would wipe out wage rises and stage three tax cuts that have provided some support to struggling households. Deloiitte Access Economics says next month's Reserve Bank board meeting next month is "make or break" and that a rate rise could risk a recession. Also, business payments platform Xero says sales growth has declined for the first time since 2021 and that while there's been continued jobs growth, employers are limiting oay rises to staff.
There are fresh warnings that the worst impacts of last Friday's global cyber outage are just starting to hit. While the cyber security company Crowdstrike has taken responsibility for briefly taking much of the world offline .. criminal hackers are busy exploiting the uncertainty created by the outage trying to con unsuspecting businesses and consumers. Also, corporate regulator ASIC charges four people in "pump & dump" share manipulation conspiracy.
Include the family home in the aged pension assets test for homes valued over $2.1m, make downsizers exempt from stamp duty. Actuaries Institute report recommends urgent change as way to free up housing supply and encourage retirees to downsize. I speak with report author and Deloitte partner Andrew Boal.
Australian employment jumped well beyond expectations in June, yet the jobless rate still ticked higher as more people went looking for work, a mixed report that leaves open the question of whether interest rates need to rise further.
What's behind the 700 job cuts at Andrew Forrest's Fortescue Metals Group? by Peter Ryan
The International Monetary Fund warns stubbon inflation, especially in the services sector, means interest rates might need to stay higher for longer. Also the IMF singles out rising protectionism means global reforms such as the transition to renewables could be delayed.
Australia's major banks have been accused of using complex backdoor funding techniques to fund fossil fuel companies as a way of getting around climate change commitments. Environmental investor group Market Forces claims bank efforts to get around the Paris Agreement eight years ago amount to "greenwashing". Also US gun and ammunition stocks after Trump assassination attempt.Response from ANZ to Market Forces report: "our emissions reduction pathways for power generation, oil and gas and thermal coal sectors have reduced by 25%, 30% and 96% respectively, bet 2020/23 ... we will have largely exited all thermal coal miners by 2030"
Australia's major banks have been accused of using backdoor funding techniques to fund fossil fuel companies as a way of getting around climate change commitments. Environmental investor group Market Forces claims bank efforts to get around the Paris Agreement eight years ago amount to "greenwashing".Reporter: Peter Ryan, Senior Business CorrespondentFeatured: Kyle Robertson, banks analyst, Market Forces
Donald Trump assassination attempt: little fallout expected on financial markets. But AMP chief economist Shane Oliver says it adds to uncertainty and concerns about stability in the US. Warns on bigger worries about Trump's economic policies - if elected in November. Also, corporate regulator ASIC outs some major banks for overcharging vulnerable customers.
The pay for CEOs at Australia's top companies has fallen slightly, with a survey showing the median CEO pay packet has marginally dipped - to just under four million dollars a year. But the Australian Council of Superannuation Investors (ACSI) says most top ranking bosses will struggle by thanks to eyewatering bonuses.Reporter: Peter Ryan, Senior Business CorrespondentFeatured: Ed John, executive manager, Australian Council of Superannuation Investors; Stephen Mayne, shareholder activistKeywords:
The shipping crisis in the Red Sea from continuing attacks by Houthi militants is likely to stoke global inflation pressures and risk another Reserve Bank interest rate rise. Economist Chris Richardson says there are also global jitters about Donald Trump's possible election as US president and a ramped-up trade war with China.
The case for cutting official interest rates in the United States is gaining momentum - but "just yet".That's the message from the chairman of the US Federal Reserve Jerome Powell who's hosing down rate cut speculation despite signs that inflation is continuing to moderate.Also, US weather forecasters Accuweather has put a number of the full cost of Hurricane Beryl of between US$28-32 billion for damage and economic loss.
Former ASIC chair James Shipton has backed the findings of a scathing senate report into the corporate regulator which he's decribed as flawed and in need of reform. A senate economics committee report has urged an overhaul of ASIC and wants it broken up into two agencies claiming pressures on the regulator have facilitated white collar crime.Reporter: Peter Ryan, Senior Business CorrespondentFeatured: James Shipton, former chair, Australian Securities & Investments Commission
The chance of an interest rate rise as early as next month remains a risk after the Reserve Bank board warned that any inflation spike could require urgent action to bring it down. The alarm is contained in the minutes from the RBA's most recent board meeting which was held a fortnight ago before inflation unexpectedly jumped in the May monthly reading revealed last week.
Former federal Treasurer Peter Costello has resigned as chair of Nine Entertainment after a damaging altercation with a News Corporation reporter at Canberra Airport last week. Current deputy chair Catherine West has been elevated to replace Mr Costello. Her challenge will be lead cultural change at the media organisation after allegations of sexual harrassment and inappropriate behaviour levelled at former Director of News, Darren Wick.Reporter: Peter Ryan, Senior Business CorrespondentFeatured: Stephen Mayne, shareholder activist
Donald Trump's historic conviction on 34 criminal counts of faslisfying records is being watched by economists for geopolitical risks with every sign Donald Trump will still contest the Presidential election - despite being a convicted felon.
Radio legend Bob Rogers dies aged 97. Toured with The Beatles on their 1964 world tour by Peter Ryan
A surprise uptick in headline inflation to 3.6pc in the year to April means interest rates could stay higher for longer. Economist Warren Hogan urges the Reserve Bank to take out some insurance and deliver an emergency rate hike. Also - tributes flow for Australian radio legend Bob Rogers who's died aged 97 after a 78 year broadcasting career. He covered the world tour of The Beatles in 1964 where he become briefly known as the "fifth" Beatle.
A surprise rebound in consumer inflation is likely to pressure the Reserve Bank to leave interest rates higher for longer. Headline inflation has defied forecasts by ticking higher to 3-point-6 percent in the 12 months to April.Reporter: Peter Ryan, Senior Business Correspondent
A survey from the consumer advocacy group CHOICE says victims of scams are unfairly carrying the burden and claims banks aren't doing enough to stop sophisticated criminal gangs.Also .. economists are watching today's monthly update on headline inflation and whether the Reserve Bank can be more confident about interest rate cuts later this year.
It's now almost a month since the regional airline Bonza collapsed and was placed into administration.And while it's early days in terms of a corporate restructure or resusitation .. it's a stressful time for Bonza staff who haven't been paid their wages or entitlements.The Federal Court has given administrators Hall Chadwick an additional two months to find a buyer.
Critical updates out this week are likely to provide more evidence the economy is slowing .. and whether inflation is falling fast enough for the Reserve Bank to consider interest rate cuts later this year.
Origin Energy chief executive Frank Calabria is confident the delayed closure of the country's biggest coal fired power station will provide greater certainty of "keeping the lights on". Mr Calabria says new 2027 closure of the Eraring station north of Sydney will allow enough time to make the difficult transition to renewables.Reporter: Peter Ryan, Senior Business CorrespondentFeatured: Frank Calabria, Origin Energy, chief executive
The cost of living gap is widening between younger and older Australians .. as pressures from high interest rates and painfully high rents force hard decisions in households.That's the finding of a consumer spending report out this morning from the Commonwealth Bank.
Australians returning from strife-torn New Caledonia have been warned travel insurance policies might not pay out because of exclusions for riots and civil unrests. French president Emmanuel Macron has arrived in the French territory to broker a political solution between indigenous Kanaks seeking independence and colonial descendents who are loyal to France.Reporter: Peter Ryan, Senior Business CorrespondentFeatured: Emmanuel Macron, French president; Jimmy Nauona, Kanak and Socialist National Liberation Front; Andrew Hall, chief executive, Insurance Council of Australia.Keywords:
Telstra's plans to sack 2,800 workers - or 9 percent from its 31,000 workforce - is mainly about meeting profit guidance in a competitive world for telcos.In restructures, staff are often seen as the first option given the weight on costs and immediate talks have begin with 377 workers.Telstra shares were 2.7 percent lower by yesterday's close as investors appeared uncertain about the cost-cutting strategy.Telstra CEO Vicki Brady reaffirmed Telstra's underlying profit guidance of between $8.4 billion and $8.7 billion for this financial year.
Telstra has revealed plans to sack up to 2,800 workers or 9 percent of its workforce under a major restructure. Telstra CEO Vicki Brady says the cuts are necessary to improve productivity and to deliver on more data demand from customers. The Communications Workers Union says it's "appalled" and was "blind-sided" by the decision.Reporter: Peter Ryan, Senior Business CorrespondentFeatured: Vicki Brady, Telstra chief executive; Jim Chalmers, Federal Treasurer; James Perkins, Communication Workers Union
There could be a much-needed lifeline for the struggling casino operator Star Entertainment with doubts it will be able to keep it's licence to operate in Sydney.A consortium of cashed-up suitors is eyeing Star's casino assets as an inquiry in New South Wales considers the gaming giant's future.
Australia's major banks have pledged to do a better job in helping customers deal with mortgage stress from interest rate hikes and the rising cost of living. The Australian Banking Association - which represents the big banks - says "there's always room for improvement". The corporate regulator ASIC found many borrowers who sought assistance dropped out in frustration at the hardship process.Reporter: Peter Ryan, Senior Business CorrespondentFeatured: Anthony Hyland, Commonwealth Bank customer; Alan Kirkland, ASIC commissioner; Anna Bligh, CEO, Australian Banking Association
Australia's major banks have pledged to do a better job in helping customers deal with mortgage stress from interest rate hikes and the rising cost of living.The Australian Banking Association - which represents the big banks - says "there's always room for improvement".That's after the corporate regulator ASIC found many borrowers who sought assistance dropped out in frustration at the hardship process.The Association's chief executive Anna Bligh is speaking with the ABC's senior business correspondent Peter Ryan.
Corporate watchdog ASIC has told major banks they need to do more to help borrowers in mortgage distress or risk facing legal action. The ASIC investigation found banks and non-bank lenders aren't doing enough to ease the pain and that many borrowers who had their repayments deferred fell back into arrears as soon as the hardship assistance ended.Reporter: Peter Ryan, Senior Business CorrespondentFeatured: Kevin Naidoo, Commonwealth Bank customer; Joe Longo, ASIC chairman; Dr Domenique Meyrick, co-CEO, Financial Counselling Australia
Money markets are now factoring in a 50 percent chance of a Reserve Bank interest rate cut after the April unemployment rate surged to 4.1 percent. Economist Stephen Koukoulas says the RBA board needs to consider a rate reduction at its next meeing on June 18 to avoid a hard economic landing.Reporter: Peter Ryan, Senior Business CorrespondentFeatured: Stephen Koukoulas, economist
As economists and lobby groups continue to sift through the federal budget, concerns remain that it works against the Reserve Bank's strategy to tame high inflation - and to eventually cut interest rates.Meanwhile, bets for interest rate cuts in the United States are back on the radar after consumer prices dipped slightly to 3.4pc over the year, down from 3.5pc.
With the federal budget out of the way, there's now a major focus on any economic data that shows inflation remains a risk to hope of Reserve Bank interest rate cuts. The latest data update is wages growth which has come in at a slightly slower pace in the first quarter of this year.Reporter: Peter Ryan, Senior Business CorrespondentFeatured: Bran Black, CEO, Business Council of AustraliaKeywords:
With the federal budget out of the way, there's now a major focus on any economic data that shows inflation remains a risk to hope of Reserve Bank interest rate cuts. The latest data update is wages growth which has come in at a slightly slower pace in the first quarter of this year.Reporter: Peter Ryan, Senior Business CorrespondentFeatured: Bran Black, CEO, Business Council of AustraliaKeywords:
While last night's Budget was no "cash splash", global ratings agencies worry the spending measures could add slightly to inflation and public debt. Economist Johnathan McMenamin sees the risk as "balanced" but says Reserve Bank interest rate cuts could be delayed as a result.Reporter: Peter Ryan, Senior Business CorrespondentFeatured: Johnathan McMenamin, senior economist, Barrenjoey
While last night's Budget was no "cash splash", global ratings agencies worry the spending measures could add slightly to inflation and public debt. Economist Johnathan McMenamin sees the risk as "balanced" but says Reserve Bank interest rate cuts could be delayed as a result.Reporter: Peter Ryan, Senior Business CorrespondentFeatured: Johnathan McMenamin, senior economist, Barrenjoey
Jim Chalmers calls this Budget "responsible and restrained" – to ease cost of living pressures while investing in the hallmark "Future Made in Australia".But it also walks a fine line between charting Australia's economic destiny and helping households doing it tough – with the challenge of not stoking inflation.So .. will energy rebates for all households and some small businesses of $3.5 billion .. cheaper medicines on the PBS .. and rental subsidies inflame rather than tame inflation if people have more money in their pockets and decide to spend rather than save?Johnathan McMenamin is senior economist at Barrenjoey Capital says this Budget strikes that balance.
Jim Chalmers calls this Budget "responsible and restrained" – to ease cost of living pressures while investing in the hallmark "Future Made in Australia".But it also walks a fine line between charting Australia's economic destiny and helping households doing it tough – with the challenge of not stoking inflation.So .. will energy rebates for all households and some small businesses of $3.5 billion .. cheaper medicines on the PBS .. and rental subsidies inflame rather than tame inflation if people have more money in their pockets and decide to spend rather than save?Johnathan McMenamin is senior economist at Barrenjoey Capital says this Budget strikes the balance.Consumer spending is set to remain weak .. though this budget is betting on a recovery in real incomes .. though "significant uncertainty" remains about a bounce back .. with no guarantee of interest rate cuts from the Reserve Bank.Having posted a $9.3 billion surplus .. the budget forecasts deepening deficits.. peaking at a much higher next year at $42.8 billion .. as stage 3 tax cuts, cost of living relief and unavoidable spending rolls out.With the surplus based on windfall tax from low unemployment and still-high commodity prices .. is this budget based on more on good luck than good planning?
There's been a constant dripfeed of budget news from Treasurer Jim Chalmers over the past week - but in less than 12 hours, the full economic blueprint will be unveiled.This morning's pre-budget installment is confirming a second consecutive surplus of $9.3 billion by the end of June - but after that successive deficits that will be bigger than expected six months ago.
It's perhaps the biggest bet Treasurer Jim Chalmers is making in tomorrow night's budget. Updated forecasts in the budget papers will see inflation slowing faster than expected and back within the Reserve Bank's 2 to 3 percent target band by the end of the year. But the Reserve Bank isn't so optimistic and issued an inflation alert just last week.Reporter: Peter Ryan, Senior Business CorrespondentFeatured: Michele Bullock, Reserve Bank governor; Katy Gallagher, Finance Minister; Jame Hulme, Shadow finance minister; Stephen Koukoulas, economist
It's perhaps the biggest bet Treasurer Jim Chalmers is making in tomorrow night's federal budget.Updated forecasts in the budget papers will see inflation slowing faster than expected .. and back within the Reserve Bank's 2 to 3 percent target band by the end of the year.That's the forecast from Treasury - but the Reserve Bank isn't so optimistic.
Bonza CEO and founder Tim Jordan has apologised to staff, suppliers and passengers for the airline's collapse.Hall Chadwick administrator Jovan Singh has told a creditors' meeting in Sydney that talks are underway with about 20 interested parties in a bid to rescue or restructure Bonza.
A senate inquiry has recommended that young Australians should be able to access some or all of their superannuation to buy a home.The inquiry's interim report has been opposed by government members on the committee who warn that tapping super would only push up house prices and untimately force more Australians on to the aged pension. I speak with committee chairman, NSW Liberal senator Andrew Bragg.
Super Members Council warns allowing Australians to access their superannuation to buy a home could cost taxpayers a trillion dollars by the end of the century with more people forced on to the aged pension. But NSW Liberal senator Andrew Bragg argues borrowers should be able to tap their super for a home if they want, rather than having their retirement nest up tied up for decades.Reporter: Peter Ryan, Senior Business CorrespondentFeatured: Andrew Bragg, NSW Liberal senator
There's been another warning that inflation remains a major risk to the global economy.The timely reminder from the International Monetary Fund comes less than a week out from Australia's federal budget and alarm from the Reserve Bank that inflation is a real and present danger.Also the Super Members Council warns early access to superannuation for home ownership could cost taxpayer a trillion dollars by the end of the century.
The hope of any interest rate cut this year appears to be fading after Reserve Bank governor Michele Bullock warned stubborn inflation might force an interest rate hike.In response to a question from the ABC, Ms Bullock confirmed the RBA board did discuss the option of raising rates but decided to hold off despite evidence that inflation is hotter than expected.
It's a big day for anyone with a home loan who are no doubt watching for any sign of any interest rates relief.The Reserve Bank will deliver it's latest rates decision this afternoon - but rather than signalling a rate cut, the Board is likely to warn another rate hike might be back on the agenda.
Qantas will pay a $100 million civil penalty after admitting it sold fares for flights it had already decided to cancel. The remarkable admission that it misled travellers means Qantas will also have to shell out another $20 million to compensate 78,000 customers hurt by the cancellations.Reporter: Peter Ryan, Senior Business CorrespondentFeatured: Gina Cass-Gottlieb, ACCC chair; Vanessa Hudson, Qantas chief executive; Michael Kaine, national secretary, Transport Workers Union
With the federal budget just a week away, Treasurer Jim Chalmers is busy managing expectations about any major cash splash for struggling Australians - except for what he calls "unavoidable spending". Dr Chalmers is warning budget revenue will just be a "fraction" of previous bumper years although he thinks another budget surplus is still within reach.Reporter: Peter Ryan, Senior Business CorrespondentFeatured: Chris Richardson, independent economist
NDIS minister Bill Shorten has rebuked the OECD for warning that the ballooning costs of the National Disability scheme need to be reined in. While acknowledging the OECD's advice, Mr Shorten scoffed at what he's called "self-appointed foreign experts" who should to be looking at improving disability services elsewhere in the world.Reporter: Peter Ryan, Senior Business CorrespondentFeatured: Bill Shorten, NDIS minister
There's another warning today that official interest rates will probably stay higher for longer - and that the federal government needs to rein in spending to help tame inflation.Just out from the Federal Budget on May 14, the Paris-based OECD is urging Treasurer Jim Chalmers to address runaway spending and growth in the cost of the National Disability Insurance Scheme.
National Australia Bank chief executive Andrew Irvine has called out violence against women and says while major steps have been made to stamp out financial abuse, more needs to be done. Releasing the bank's half year financial results, Mr Irvine said more borrowers and renters pressured from the rising cost of living are seeking help from welfare agencies.Reporter: Peter Ryan, Senior Business CorrespondentFeatured: Andrew Irvine, National Australia Bank chief executive
Millions of club patrons in New South Wales have had their personal data potentially compromised in a major data breach. Clubs NSW says it's aware of a "cybersecurity incident" involving fewer than 20 clubs in NSW. Also, the US Federal Reserve leaves interest rates on hold.
The world's biggest mining company BHP has launched a monster bid for assets owned by its rival Anglo American.The takeover bid is valued at US$40.5 billion (A$60 billion) as BHP tries to get hold of more copper assets that will be used in the renewables transition.
The 13th interest rate hike since May 2022 is looming as a real possibility after evidence that inflation remains entrenched in Australia's economy.That hotter-than-expected inflation is now pushing out hopes for a long-awaited interest rate cut to early next year .. with a warning the Reserve Bank might need to risk a recession to tame the inflation beast.I speak with Judo Bank economic adviser Warren Hogan.
ANZ economist Catherine Birch says another interest rate rise can't be ruled out after quarterly inflation came in slightly hotter than expected. While Ms Birch and other market economists still believe the Reserve Bank's next move will be down, signs of sticky inflation and resilient economy remains a concern.Reporter: Peter Ryan, Senior Business CorrespondentFeatured: Catherine Birch, economist, ANZ
In the midst of a busy news agenda, we'll see a set of numbers later this morning that could provide long-awaited relief from the high cost of living.This is known as the Consumer Price Index - in other words the pace of consumer prices and whether that pace slows enough to provide hope of interest rate cuts later this year.
Star Entertainment executive chairman David Foster privately canvassed abolishing the independent casino regulator in New South Wales despite public comments he was fully cooperating, an inquiry has heard. Mr Foster admitted making the comments in a text message to then-chief executive Robbie Cooke, but said they were "out of context" and "made in the heat of the moment". The second inquiry led by Adam Bell SC is examining whether Star Entertainment is suitable to hold a casino licence in New South Wales.Reporter: Peter Ryan, Senior Business CorrespondentFeatured: David Foster, executive chairman, Star Entertainment
It's three weeks out from the Federal budget .. so what can we expect .. and should be believe the economy is as shaky as we're hearing?Unlike previous years, so far very little "good news" has been rolled out in the leadup - apart from gloomy warnings that rising geopolitical risks from Israel's war in Gaza threaten what's currently a very strong fiscal position.Former Treasury economist Chris Richardson says budget handouts could stoke inflation and risk a pre-election interest rate cut.
Star Entertainment chief risk officer Scott Saunders says the casino group is on a mission to change a culture where "the customer is always right". Star is facing a second inquiry to determine its suitability to hold a casino licence in Sydney.Reporter: Peter Ryan, Senior Business CorrespondentFeatured: Scott Saunders, chief risk officer, Star EntertainmentKeywords:
Anyone hurting from the rising cost of living will be paying close attention to the release of the latest quarterly inflation figures on Wednesday.
The wave of insolvencies sweeping across Australia is getting worse as businesses crunch under the pressure of a slowing economy.The latest data from the corporate regulator ASIC shows insolvencies heading for a level not seen in a decade.
Australia's official unemployment rate has ticked slightly higher to 3.8 percent. Part time jobs fell by 6,600 but full time positions rose by almost 28,000. ABC's Peter Ryan says evidence of a resilient economy are likely to see Reserve Bank interest rate cuts pushed out to late this year or early 2025.
Australia's jobless rate is expected to tick higher to 3.9pc when official monthly employment numbers are released this morning.
The global economy is set for another year of slow but steady growth, the International Monetary Fund said on Tuesday, with U.S. strength pushing world output through headwinds from lingering high inflation, weak demand in China and Europe, and spillovers from two regional wars.The IMF forecast global real GDP growth of 3.2% for 2024 and 2025 - the same rate as in 2023. The 2024 forecast was revised upward by 0.1 percentage point from the previous World Economic Outlook's estimate in January, largely due to a significant upward revision in the U.S. outlook.
Woolworths CEO Brad Banducci has been threatened with contempt and six months in prison for not answering a profitability question in the senate supermarket inquiry.
Former New South Wales Supreme Court judge Anthony Whealy KC says Bruce Lehrmann's defamation case defeat means other parties will now think twice or even be deterred before taking similar legal action.Mr Whealy says anyone who runs a defamation case with slightest credibility problem or black mark against their name are on notice that they could be hauled over the coals and lose badly- especially when taking on the media.But Mr Whealy - who's also chair of the Centre For Public Integrity - says Network Ten's The Project only won the case "by a whisker" and it's not a victory for journalism.
Star Entertainment top executives spied on its special manager diary as part of "preparing for war" with the NSW casino regulator, an independent inquiry had heard. The explosive allegations come on day one of the second inquiry into Star Entertainment's suitablity to hold a casino licence in Sydney.Reporter: Peter Ryan, Senior Business CorrespondentFeatured: Casper Conde, counsel assisting inquiry; Nicholas Weeks, Star Entertainment special manager
With the dream of home ownership out of reach for many young Australians, pressure is growing to provide realistic options for affordable housing that gets renters in on the ground floor.Now architectual firm Place Studio has developed a "lease-to-own" model which offers a pathway for renters who can eventually build equity in a property they occupy .. and even own it over time.I speak with Place Studio chief executive James Alexander-Hatziplis.
Wall Street stocks have dived after inflation in the United States came in much hotter-than-expected.That reality check has seen economists trim back their bets for interest rate cuts - which until now looked imminent.Also TikTok spruiks $1.1 billion revenue boost to Australian economy in 2023 in face of global security concerns.
The federal government has unveiled a major overhaul of merger laws with the aim of speeding up and streamlining the process for low-risk corporate takeovers to boost competition and protect consumers. Treasurer Jim Chalmers wants more transparency in the process and plans to increase power of the competition watchdog to ensure big takeovers don't result in monopolies where big companies swallow up smaller businesses.Reporter: Peter Ryan, Senior Business CorrespondentFeatured: Jim Chalmers, Federal Treasurer
The federal government is unveiling a major overhaul of merger laws today ... with the aim of speeding up and streamlining the process for low-risk corporate takeovers to boost competition and protect consumers.But Treasurer Jim Chalmers wants more transparency in the process and plans to supercharge the power of the competition watchdog to ensure big takeovers don't result in monopolies where big companies swallow up smaller businesses .. where competition is stymied and consumers lose out.
The International Monetary Fund says Austrailian borrowers are more sensitve to interest rate rises with more than 80 percent on variable rather than fixed loans.And former National Australia Bank CEO Andrew Thorburn - outsted after the findings of the banking royal commission - has made a comeback as CEO of the aged care provider HammondCare.
Australia's supermarket giants face multi-billion dollar fines under a mandatory code of conduct being proposed to protect suppliers and consumers - and to rein in the power of the sector. While the review by former Labor minister Craig Emerson turns up the heat on Woolworths, Coles and Aldi, it rejects pressure to break up the sector if they have too much market share.. Reporter: Peter Ryan, Senior Business CorrespondentFeatured: Craig Emerson, former Labor minister
Insurance giant IAG is backpaying 19,000 current and former workers more than $21million after an intervention by the Fair Work Ombudsman. The company is the latest Australian corporate to be outed over worker underpayments in recent years and in addition to backpaying staff it will also fork out a $650,000 "contrition" payment. Fair Work Ombudsman Anna Booth says many of the underpaid workers were at the lower end of the pay scale at IAG.Reporter: Peter Ryan, Senior Business CorrespondentFeatured: Anna Booth, Fair Work Ombudsman
The owner of the cash transit company Armaguard has signalled pickups and deliveries of cold hard cash will be maintained for at least three years.But there's a major condition - banks and major retailers will need to pay a lot more to ensure the "cash in transit" service continues and cash keeps flowing around the economy.
There's more bad news about the lack diversity in corporate Australia with the number of women on the boards of small listed companies going backwards.And it's not just women - an index from the Governance Institute says there's barely any representation on boards from First Nations people or people with a disability.I speak with Governance Institute chair Pauline Vamos.
The fallout from the Bruce Lehmann defamation case and fresh allegations about how Channel Seven's Spotlight program scored an exclusive interview with him have broader ramifications for the network's owner Seven West Media. With the explosive case back in the Federal Court today, Seven executives are dealing with escalating reputational damage that threatens the future of Seven's Spotlight program.Reporter: Peter Ryan, Senior Business CorrespondentFeatured: Stephen Mayne, media commentator
Australia's major banks are working on contigency plans to confront the possibility that the cash transit company Armaguard potentially goes under.The emergency planning is under way even though Armaguard denies its on the brink of collapse and is able to keep the business running.
If you've been dudded by a dodgy financial firm that's gone bust and can't get your money back, from today there's another option that just might work. What's known as the "Compensation Scheme of Last Resort" is now up and running and could deliver as much as $150,000 to consumers who've suffered from financial services misconduct. ABC's Peter Ryan explains.
There's still no resolution to the crisis engulfing the cash transport company Armaguard which has rejected a financial lifeline to keep the business alive.So where to now, and how worried should we be about the future of cold hard cash?Also - ASIC posts its first greenwashing victory against a global funds management goliath.
The ABC understands the cash transport company Armaguard has been given until the end of today to either accept or reject a financial lifeline to avert insolvency and to keep cash flowing to major businesses.Major banks, supermarkets, Australia Post and retailer Wesfarmers proposed a $26 million rescue package last week but the consortium is yet to receive an answer from Armaguard which is controlled by trucking magnate Lindsay Fox.Former ACTU secretary and Linfox director Bill Kelty represented Armaguard at a meeting chaired yesterday by Reserve Bank governor Michele Bullock underscoring the urgency of a resolution.Supermarket giant Coles has “paused” Armaguard services for the pickup and delivery of cash until April 5 given what the company is calling an “evolving” situation.
If you're hanging out for an interest rate cut in the coming months to ease cost of living pressures .. perhaps manage your expectations.Monthly inflation figures out later this morning are likely to deliver a sobering reality check that inflation is still too high and that rather than falling, it's ticking up.
Major banks are on the brinking signing a supporrt deal with Armaguard to ensure cash deliveries continue. Armaguard says its cash delivery business is unsustainable as the slide towards a cashles society accelerates. The deal, which us yet to be accepted, would ensure cash deliveries until the second half of this year.Reporter: Peter Ryan, Senior Business Correspondent
It might be a shortened week in the leadup to Easter .. but the economic news doesn't stop.After last week's surprisingly strong news about the labour market, we'll be getting an update on monthly inflation later this week.
No one's declaring victory, but scam reports trended a bit lower in the final quarterof last year according to the ACCC's National Anti-Scam Centre. Asst Treasurer Stephen Jones tells banks to do more, but singles out Facebook owner Meta for special criticism for allowing its platforms to be used by criminal scammers.
Economic modelling from Super Members Australia shows withdrawing superannuation for a housing deposit might only fuel the property price boom, erode retirement nest eggs and force more people on to the aged pension. Also former Reserve Bank governor Philip Lowe's new role as incoming chair of the funds manager Future Generation Australia.Reporter: Peter Ryan, Senior Business CorrespondentFeatured: Misha Schubert, Super Members Australia; Philip Lowe, former Reserve Bank governorKeywords:
One constant proposal to help young people buy a home is to allow borrowers tap their superannuation to help stump up a deposit.But economic modelling from the Super Members Council shows withdrawing super for housing deposit might only fuel the property price boom, erode retirement nest eggs and force more people on to the aged pension.
Import tariffs on 500 products will cut red tape for businesses and ultimately ease cost of living pressures for consumers. Unusual items currently hit with tariffs include washing machines, toothbrushes, dodgem cars, chopsticks and ballpoint pens. The cost of living relief will be outlined in the May budget and comes amid speculation about an early federal election.Reporter: Peter Ryan, Senior Business Correspondent
Research by the Association of Superannuation Funds of Australia (ASFA) suggests the superannuation of one-in-seven Australian women is being eroded as they transition through menopause. The study warns that women who take time off, or even retire, as they go through menopause lose as much $60,000 from their retirement nest eggs.Reporter: ABC senior business correspondent Peter RyanFeatured: Kerry McNamee, human resources professional; Mary Delahunty, CEO, Association of Superannuation Funds of AustraliaKeywords: podcast, superannuation, gender pay gap, menopause
The ASX has been hit with a million dollar fine for breaching its own transparency and integrity rules on more than eight thousand occasions. ASX is blaming a "systems error" but corporate regulator ASIC says that's not good eneough. Chair Joe Longo tells The World Today that market operators need to be held to the highest standards.Reporter: Peter Ryan, Senior Business CorrespondentFeatured: Joe Longo, ASIC chair
Australia's economy looks set for another year of uncertainty after posting the slowest growth figures in more than twenty years.So can a recession be avoided - and will the Reserve Bank step in with interest rate cuts sooner rather than later?Also, CBA-owned Bankwest to close all branches in WA as the banking business goes increasingly digital.
GDP for the final quarter of 2023 showed the economy expanded by just 0.2 percent making a sluggish 1.4 percent over the year. Once again, China is vital to Australia's economy, propping up growth with its seemingly insatiable demand for Australian commodities.Reporter: Peter Ryan, Senior Business Correspondent
Fears that economic growth might have gone negative in the final quarter of last year appear to have been dispelled - for now anyway.Once again, it looks as though China has come to the rescue given its seemingly insatiable demand for Australian commodities.Also - Taylor Swift pops up at the ASEAN Summit as Singapore's PM is pressed on why her only South East Asian show is in the island state.
Avenue Bank hits the market as a small niche player after receiving a unrestricted approval from the banking regulator APRA.The bank will differentiate itself by providing bank guarantees to small businesses and landlords.Also, economists fear Q4 GDP out tomorrow could turn negative after the ABS reported businesses have been running down inventory in the expectation that consumers are being crunched.
ASIC shuts down 3,500 investment scam sitesCaption: Corporate regulator ASIC has shut down 3,500 investment scam sites since July 2023 as part of pressure to protect unsuspecting consumers from financial harm. ASIC is now turning up the heat on the banking sector and superannuation funds to ensure customers are fully protected from criminal scammers.Reporter: Peter Ryan, Senior Business CorrespondentFeatured: Keywords:
We'll get an update later this week on the rapidly slowing economy .. and the impact from aggressive interest rate rises to fight inflation.So how close could Australia go to falling into a recession?
The future of letter deliveries looks increasingly uncertain with Australia Post confirming continued losses in its traditional letters business. While Australia Post's half year profit is slightly higher at $33.6 million, declining letter deliveries and fewer customers visiting post offices means the agency's chief executive is facing some hard decisions.Reporter: Peter Ryan, Senior Business CorrespondentFeatured: Paul Graham, Australia Post chief executive
The Morrison government's early release of superannuation scheme could hit future taxpayers with as much as $85 billion additional costs as people who tapped super funds are forced to rely on the aged pension. Modelling by the Super Members Council shows the Early Release of Super Scheme shows a 30-year-old who withdrew the maximum $20,000 from super during the pandemic would be would $93,600 worse off in retirement.Reporter: Peter Ryan, Senior Business CorrespondentFeatured: Misha Schubert, chief executive, Super Members Council
There's cautious optimism that Reserve Bank might be forced to cut interest rates sooner rather than later given more signs that inflation is continuing to slow.It's all adding up to evidence the economy being crunched from a long period of aggressive interest rate rises.Also, KPMG chief economist Dr Brendan Rynne says leap year will add $6.6 billion to first quarter GDP.
There'll be a lot of attention later this morning when we'll get an update on inflation which continues to cause of lot of financial pain for households.Economists think the consumer price index probably fell by 0.2 percent in January due to lower travel and fuel costsBut the closely-watched annual rate is likely to have risen slightly to 3.5 percent from 3.4 percent because of volatile factors in the reading
Financial pain from high inflation and surging interest rates continues to force supermarket customers to trim household budgets to make ends meet. Supermarket giant Coles says two-thirds of shoppers surveyed last month are in distress and they worry about how to pay the rent or mortgage. The news comes as Coles posted a softer half year profit of $594 million.Reporter: Peter Ryan, Senior Business CorrespondentFeatured: Leah Weckert, Coles chief executive
With inflation slowing - but still very high - consumers are continuing to struggle with household budgets which remain under a lot of pressure.And there's not much immediate relief in sight according to the private health insurer NIB which sees yearly premium rises now part of the economic landscape.NIB boss Mark Fitzgibbon says the insurer is facing pressures from hip and knee replacement, weight loss surgery as the population ages.
Should your superannuation by used to bankroll the housing affordability crisis? That's the plan from four of Australia's biggest industry super funds which could see hundreds of billions of dollars provided to boost social and affordable housing. But the deal is likely to be opposed by experts who think super should be used purely for a retirement nestegg.Reporter: Peter Ryan, Senior Business CorrespondentFeatured: Wendy Hayhurst, Community Housing Industry
Treasurer Jim Chalmers is under growing pressure to retain a never-used power to overrule policy decisions made by the independent Reserve Bank. The removal of the Treasurer's "veto" - that could even override interest rate decisions - is a key recommendation in the overhaul of the RBA which is yet to be legislated. But opponents of the veto removal say it's an "important safety valve that bolsters the RBA's independence.Reporter: Peter Ryan, Senior Business CorrespondentFeatured: Richard Denniss, Australia InstituteKeywords:
Treasurer Jim Chalmers is under growing pressure to retain a never-used power to overrule policy decisions made by the independent Reserve Bank. The removal of the Treasurer's "veto" - that could even override interest rate decisions - is a key recommendation in the overhaul of the RBA which is yet to be legislated. But opponents of the veto removal say it's an "important safety valve that bolsters the RBA's independence.Reporter: Peter Ryan, Senior Business CorrespondentFeatured: Richard Denniss, Australia InstituteKeywords:
Qantas posts a 13 per cent fall in first-half profit to a still bullish $869 million, but confirms the bottom line has been hurt by lower airfares and a capacity normalisation post-pandemic. New Qantas chief executive Vanessa Hudson - who replaced Alan Joyce late last year - says she's committed to restoring trust. She told the ABC's Peter Ryan she's been talking less and listening more.
First he walked out, now he's checking out. Woolworths CEO Brad Banducci announces his resignation only days after walking out of a Four Corners interview. The news comes as Woolworths revealed a half year loss of $781 million after a steep writeoff in its New Zealand grocery business.
In breaking news, Woolworth chief executive Brad Banducci has announced he's retiring and will leave the company in September.Mr Banducci has been Woolie's CEO for eight years and will be replaced by Amanda Bardwell.He's leaving in the wake of growing scrutiny over supermarket prices and practices that put him under pressure in a Four Corners interview earlier this week.
The much-anticipated sharemarket listing of Virgin Australia looks uncertain this morning after the sudden resignation of the airline's chief executive Jayne Hrdlicka.Her exit took many observers by surprise given that her role was seen as critical in resurrecting Virgin after it went to the brink of collapse at the height of the pandemic.
BHP's half year profit plunges by 86pc to US$927 million as impairments from the Samarco dam collapse in Brazil and a crisis in its WA nickel business weigh on the mining giant's bottom line. BHP chief executive Mike Henry says it could take until the end of the decade for nickel supply and demand to correct.
Bluescope Steel CEO Mark Vassella says progress is being made on decarbonisation while working with BHP and Rio Tinto on a pilot project to investigate Electric Furnace Technology. But Mr Vassella warns not to rush to "de-industrise" before there's full confidence about renewables.
Has your pay packet been feeling any heavier over the past year - but it's been eaten away by inflation?Well, we might get a positive update on Wednesday when official wages growth figures are released.Also - growing concern about the future viability of the nickel mining industry as the Federal Government steps in to prop it up given glut from Indonesia.
Two of Australia's biggest insurance companies have posted bumper profits today as policy holders struggle with the higher cost of living continue to be smashed by surging premiums. Both IAG and QBE acknowledge the consumer pain but IAG boss Nick Hawkins warns warning insurers need to remain highly profitable to pay out claims for increasingly frequent weather events and natural disasters.Reporter: Peter Ryan, Senior Business CorrespondentFeatured: Nick Hawkins, IAG chief executive
Rising jobless rate threatens resilient economy as consumers spend up on gyms, cruises and Taylor SwiftCaption: Cracks are appearing in Australia's economy with the unemployment job rising to 4.1 percent in January.Economists previously optimistic about resilient jobs market now see greater pressure on the Reserve Bank to cut interest rates. Commonwealth Bank chief economist Stephen Halmarick says despite the pressures, cautious consumers are spending up on gym memberships, cruises .. and Taylor Swift.Reporter: Peter Ryan, Senior Business CorrespondentFeatured: Stephen Halmarick, Commonwealth Bank chief economist; Michele Bullock, RBA governorKeywords:
Depending on your point of view .. there's just been some good news on the economy.The official unemployment rate has ticked higher to 4.1 percent for the first time in two years.For some analysis .. I'm joined now by the ABC's senior business correspondent Peter Ryan.
We'll get another snapshot on the health of the economy when official employment figures are released later this morning.The jobless rate is expected to tick slightly higher - but will that be enough to convince the Reserve Bank the economy is slowing enough to consider interest rate cuts?Also, Telstra reveals a billion dollar half year profit on the back of strong mobiles growth.
Commonwealth Bank boss Matt Comyn on "fairly resilient" economy but flags uptick in arrears by Peter Ryan
Commonwealth Bank chief executive Matt Comyn flags an "uptick" in mortgage arrears and impairments as customers struggle with the higher cost of living. But Mr Comyn notes a "resilient" economy after the CBA posted an 8 percent fall in half year net profitn to $4.8 billion.
There's more evidence that rising pressures from aggressive interest rises are beginning to continuing to show up in the broader economy.Consumers cutting back household budgets are also thinking twice when they walk past the electronics retailer JB Hi Fi where revenue and profit has dipped.But that's not the full story.The ABC's senior business correspondent Peter Ryan speaks with the JB Hi Fi boss Terry Smart.
It's another big week for Australia's economy with the impact of aggressive interest rate rises likes to show up in the official unemployment rate.There'll also be a range of company results out this week that will provide a snapshot on the outlook for a slowing economy.
Reserve Bank governor Michele Bullock warns there "still some way to go" to meet the midpoint of the inflation target range of 2 to 3 per cent, adding that the bank has not ruled out another rise in interest rates, neither has it ruled it in. Ms Bullock told the House Economics Committee the Board "considered a range of scenario" before Tuesday's decision to leave the cash rate on hold at 4.35 per cent.Reporter: Peter Ryan, Senior Business CorrespondentFeatured: Michele Bullock, Reserve Bank governor
Robots in the home, smart kitchens, smart bathrooms, better healthcare and virtual reality becoming part of our lives.That's the not-to-distant future for Australian households as the National Broadband Network embraces artificial intelligence and what will be massive demand for greater internet bandwidth.The N-B-N Co's Stephen Rue concedes there are big ethical and moral hurdles to overcome but he predicts A-I will life changing, rivalling the introduction of the Internet and the I-phone.
Five years ago, the National Australia Bank was in deep damage control after losing both its chief executive Andrew Thorburn and chairman Ken Henry who were forced to resign after the banking royal commission.The board of Australia's second biggest bank turned to banking veteran Ross McEwan to rescue the N-A-B and somehow restore it's smashed reputation.Now Ross McEwan's time is up.The 66 year old is retiring and making way for Andrew Irvine currently the head of the N-A-B's business bank.The ABC's senior business correspondent Peter Ryan spoke to both bankers .. about scams, cheques and the future of cash .. but began with Ross McEwan about the early dark days after the Royal Commission.
Reserve Bank governor Michele Bullock delivered a largely jargon-free performance at yesterday's press conference while warning that interest rates might still rise if inflation flares up again. Economist Warren Hogan gives Michele Bullock five stars for heralding a new era of explaining complex rate decision to mortgage-stressed borrowers.Reporter: Peter Ryan, Senior Business CorrespondentFeatured: Warren Higan, economic adviser, Judo Bank
There's been a sharp reality check this morning about the likelihood of official interest rate cuts in the coming months.The Paris based OECD, which is led for Australia's former finance minister Mathias Cormann, says central banks need to be cautious about slashing rates until there's firm evidence that inflation is under control.The advice comes as Australia's Reserve Bank board prepares to reveal its rates decision this afternoon and possible signals about a timeline for rate cuts.
There's been a reality check about the likelihood of official interest rate cuts in the coming months. The Paris based OECD - which is led by Australia's former Finance Minister, Mathias Cormann - says central banks need to be cautious about slashing rates, until there's firm evidence that inflation is under control. The advice comes as Australia's Reserve Bank board prepares to reveal its rates decision. Reporter: Peter Ryan, Senior Business CorrespondentFeatured: Mathias Cormann, OECD secretary-general
It's a new era for the Reserve Bank today with longer two day meetings, fewer meetings over the year and even a press conference where governor Michele Bullock will be grilled by reporters.But with fresh evidence that inflation is at last falling, borrowers have one big question.Are rate hikes now over and could there even be rate cuts on the horizon?
After a long period of aggressive interest rate rises to combat inflation .. could we soon be in a new and welcome era of interest rate cuts?That's a real possibility after inflation slowed dramatically in the final quarter of last year, taking the annual pace down to 4-point-1 percent.But how realistic is that outlook for rate cuts given that inflation is still well above the Reserve Bank's target?
Annual inflation has dipped to 4.1 percent in the December quarter update, sparking speculation the Reserve Bank will leave the cash rate on hold at next week's board meeting. The significant slowing is adding to bets the RBA will soon consider interest rate cuts. Earlier today, the International Monetary Fund signalled central banks could begin cutting rates by the end of 2024 as inflation slows.Reporter: Peter Ryan, Senior Business Correspondent
After recent years of economic gloom driven by the pandemic and geopolitical flareups, the International Monetary Fund is now predicting a soft economic landing for much of the world.The IMF has flagged a faster easing of inflation and is even warning warned central banks shouldn't wait too long before cutting interest rates - suggesting rate cuts should begin in the second half of the year.
The International Monetary Fund is predicting a "soft landing" for the global economy as inflation slows faster than expected. Chief economist Pierre-Olivier Gourinchas warns central banks shouldn't wait too long before cutting interest rates to ease pressure on households reeling from aggressive rate hikes.Reporter: Peter Ryan, Senior Business CorrespondentFeatured: Pierre-Olivier Gourinchas, IMF chief economist
It's been described as "a slow moving train wreck" that continues to destabilise China's economy and potentially the rest of the world.We're talking about the China Evergrande Group - the real estate goliath that's facing a complicated liquidation on the order of a Hong Kong court yesterday.So what could be the fallout here in Australia?Also I speak with Deloitte Access Economics partner about widening geopolitical risks and "cracks appearing" in Australia's economy.
Official interest rates are expected to remain on hold on growing evidence that inflation in slowing. An quarterly CPI update on Wednesday is tipped to see annual inflation running at a slowing pace of 4.3 percent, down from 5.4 percent, raising the possibility of interest rate cuts by the end of the year.Reporter: Peter Ryan, Senior Business Correspondent
Economists at the Commonwealth Bank predict the Reserve Bank will cut the cash rate by 0.75 percentage points from September 2024 with further cuts in 2025 as inflation comes back into the 2 to 3 percent target range.Also - Peter Ryan on the year's biggest stories.
The Reserve Bank board left official interest rates on hold a fortnight ago given "encouraging signs" that aggressive hikes are conquering inflation. In its final meeting of the year, the RBA board held the cash rate at 4.35 per cent despite concerns that inflation could remain above the 2 to 3 per cent target "for a prolonged period".Reporter: Peter Ryan, Senior Business Correspondent
Oil prices have surged as attacks by Iran-alinged Houthi rebels from Yemen continue to disrupt crucial shipping in the Red Sea. The attacks have promped efforts by the United States to build a coalition to deal with the threat as shipping firms are forced to divert around the Cape of Good Hope to avoid the Suez Canal.Reporter: Peter Ryan, Senior Business CorrespondentFeatured: Guy Platten, secretary-general, International Chamber of Shipping
The year might be winding down as we approach Christmas - but there's not too much of a break for economists tracking where official interest rates might go next year.Which is why there'll be a lot of attention tomorrow when the Reserve Bank releases the minutes from its most recent meeting.
Unsolicited emails, texts, phone calls - even snail mail - could see your identity hijacked by Peter Ryan
Millions of dollars stolen in tax refund fraud as scammers hijack identities. Inspector-General of Taxation Karen Payne says the "infiltration" rattles confidence in tax system. The ATO says its systems controls are "strong".
The inspector General of Taxation Karen Payne is investigating the theft and hijacking of personal information that's allowed professional scammers to fraudulently claim millions of dollars in tax refunds. A spokesperson for the Australian Taxation Office says they're aware of the Inspector-General's investigation and that the ATO has sophisticated processes across its systems to detect fraud. Reporter: Peter Ryan, Senior Business CorrespondentFeatured: Karen Payne, Inspector-General of Taxation
Australia's unemployment rate has increased to 3.9 per cent despite the creation of more than 60,000 jobs last month, as the participation rate surged to a fresh record high. Also, Australian shares rally after US Federal Reserve chair signaled interest rates have probably peaked and economists pencilled in rate cuts in late 2024.Reporter: Peter Ryan, Senior Business CorrespondentFeatured: Jerome Powell, US Federal Reserve chairKeywords:
There's been a surge of confidence on Wall Street this morning after the US Federal Reserve signalled its aggressive interest rate hiking strategy is probably over.The big question now is when the Fed might start cutting interest rates now that it seems more comfortable that inflation in the US is now steadily slowing.Also I speak with Pradeep Philip, head of Deloitte Access Economics - who applauds good news in MYEFO, but warns good luck is running out.
Responsible economic management, narrowing deficits and more tax revenue flooding into Treasury coffers - but no handouts just yet for cash strapped Australians struggling from the higher cost of living.That's the good news theme from the midyear budget update just released by Treasurer Jim Chalmers.The deficit for the current year is much slimmer at just over a billion dollars .. a massive revision on what last May's budget had been forecasting.
Remember when cash was king? It seems those days are fading fast as the Reserve Bank works to ensure cold hard cash keeping flowing through the economy. The demise is unfolding so quickly that Reserve Bank governor Michele Bullock worries about that consumers might soon be charged for using cash.Reporter: Peter Ryan, Senior Business CorrespondentFeatured: Michele Bullock, governor, Reserve Bank
A day out from the federal government's midyear budget update .. and the dripfeed of new measures continues.This morning it's more nipping and tucking to cut or "reprioritise" around $10 billion in spending in the battle to help ease inflation. Finance Minister Katy Gallagher once again plays down a budget surplus being forecast.
The ballooning cost of debt will push the federal government's borrowing costs up by an extra $80 billion over the next decade. That's the one of the big reality checks as Treasurer Jim Chalmers prepares to unveil the midyear fiscal and economic outlook on Wednesday. Dr Chalmers also appears to be backing away from earlier rosy predictions that he'll deliver a budget surplus for the current year. Also it's now 40 years since the Australian dollar was floated on foreign exchange markets - 12 December 1983.Reporter: Peter Ryan, Senior Business Correspondent
Cisco global security chief Jeetu Patel warns "the bad guys are winning - today, categorically the bad guys are winning". Mr Patel tells AM "significant action" is needed to utilise artificial intelligence "for good" in the face of growing cyber risks that are targeting critical infrastructure.Reporter: Peter Ryan, Senior Business CorrespondentFeatured: Jeetu Pate, general manager of security, Cisco Keywords:
Cisco global security chief Jeetu Patel warns "the bad guys are winning - today, categorically the bad guys are winning". Mr Patel tells AM "significant action" is needed to utilise artificial intelligence "for good" in the face of growing cyber risks that are targeting critical infrastructure.
It didn't come as a total surprise to Australian households - but there's now firm evidence that aggressive interest rate rises are at last slowing the economy.Official economic growth figures out yesterday show almost flat-lining growth in the third quarter of this year.So what does that mean for interest rates - and will there be any relief for households in the new year?
Australia's economy slowed dramatically in the third quarter of this year as aggressive interest rate rises and cost of living pressures eat into household budgets. GDP in the quarter came in at just 0.2 percent, well below forecasts, making 2.1 percent over the year. The Bureau of Statistics says government spending and public investment have been major contributors to economic growth.Reporter: Peter Ryan, Senior Business Correspondent
Australia Post chief executuve Paul Graham tells AM the institution would have eventually run out of cash without a dramatic overhaul of its traditional letters business. Mr Graham also said there will be no job cuts as a result of Australia Post cutting letter deliveries to every second day.Reporter: Peter Ryan, Senior business correspondentFeatured:Paul Graham, CEO, Australia Post
As expected, the Reserve Bank holds the cash rate at 4.35 percent. Michele Bullock remains resolute about taming inflation, but economists are now seeing rate cuts from the end of 2024.
It's back to the drawing board for Origin Energy after shareholders rejected a $20 billion takeover from a Canadian private equity giant Brookfield and EIG Partners.The failed deal ends one of the biggest corporate plays of the year, But despite the knockback, Origin is pushing ahead with it's plans for the high stakes transition from coal and gas generation to renewables after Australian Super (which opposed the takeover) said it would support Origin in the transition.
Official interest rates are almost certain to remain on hold at 4.35 percent when the Reserve Bank meets tomorrow. While borrowers will breathe a sigh of relief, the RBA board will remain on alert for rising inflation even though the most recent monthly update shows the annual rate slowing to 4.9 percent.
Official interest rates are almost certain to remain on hold at 4.35 percent when the Reserve Bank board meets tomorrow. While borrowers will breathe a sigh of relief, the RBA will remain on alert for rising inflation even though the most recent monthly update shows the annual rate slowing to 4.9 percent.Reporter: Peter Ryan, Senior Business Correspondent
Budget "rolling in money". Economist Chris Richardson tips a $10b surplus but sees "tricky politics" with Treasurer Jim Chalmers hamstrung about sharing budget bonanza with struggling Australians - worried about stoking inflation. @abcnews
It's that time of year when Treasurer Jim Chalmers puts the finishing touches on the midyear economic and fiscal update. Dr Chalmers is busy managing expectations about budget surplus. Economist Chris Richardson sees a $10b surplus - but no handouts for hurting Australians given the risk of stoking inflation.
When was the last time you withdrew cash from a bank or ATM? The increasingly cashless society is challenging the viability of cash transport firm Armaguard which moves 90 percent of cash around Australia. Also National Australia Bank executive Rachel Slade on winding back expectations for instant transactions as the risk of scams force banks to impose more checks and balances.Reporter: Peter Ryan, Senior Business CorrespondentFeatured: Rachel Slade, National Australia Bank
The Reserve Bank's aggressive interest rate hiking strategy appears to be over although rates will stay high until there's firm evidence inflation has been tamed. The OECD is now predicting the RBA will cut interest rates by 0.75 percentage points from late 2024 as the economy crunches from 13 hikes since May 2022. Deloitte Access Economics partner Stephen Smith warns Australia's budget is in a "precarious position" with Australians "no longer getting ahead".Reporter: Peter Ryan, Senior Business CorrespondentFeatured: Mathias Cormann, OECD secretary-general; Stephen, Deloitte Access Economics partner
The latest measure of inflation, October's monthly Consumer Price Index, comes in at 4.9 per cent, down from 5.6 per cent in the 12 months to September as the impact of 13 rate hikes flows through the economy. Also Reserve Bank governor Michele Bullock says Australians are "doing fine" and coping higher mortgage repayments. Reporter: Peter Ryan, Senior Business CorrespondentFeatured: Michele Bullock, Reserve Bank governorKeywords:
It might not feel like it for some listeners at the moment, but Australian households are "doing fine" despite aggressive interest rate rises from the Reserve Bank.That's the assurance from RBA governor Michele Bullock who's conceded that 13 rate hikes since May last year have created a lot of "political noise" from borrowers who are now feeling the pressure.
Customers left without phone and internet services during this month's nationwide Optus outage are being asked to have their say as part of a review. The Federal Government has released the terms of reference for its inquiry into the incident that affected about 10 million customers.Reporter: Peter Ryan, Senior business correspondentFeatured:Michelle Rowland, Communications Minister
With the new Reserve Bank governor Michele Bullock on heightened alert about rising inflation, key economic data out this week could influence the likelihood of the need for yet another interest rate rise. Also, legislation to reform the RBA will be introduced in parliament today after an extensive review that contributed to the exit of governor Philip Lowe.Reporter: Peter Ryan, Senior business correspondent
Reserve Bank governor Michele Bullock threatens "blunt instrument" of rate hikes to tackle domestic rather than offshore inflation. Supports RBA review 100pc and points to "culture and leadership" issues where some insiders speak but dont listen.
Reserve Bank of Australia governor Michele Bullock threatens to use the "blunt instrument" of interest rate hikes to tackle what's now domestic rather than offshore inflation. Ms Bullock says she supports the findings of this year's RBA review "100 percent" .. and points to "culture and leadership" issues where some RBA insiders who speak but not listen will "find it tough" telling me her road to the top job was not always easy.
On AM - Reserve Bank governor Michele Bullock warns of a "substantial policy response" to fight domestic rather than offshore inflation now hot in hairdressing, dentists, insurance, dining out. Concedes hikes don't resonate with some - but threatens to use the "blunt instrument"On AM - Reserve Bank governor Michele Bullock warns of a "substantial policy response" to fight domestic rather than offshore inflation now hot in hairdressing, dentists, insurance, dining out. Concedes hikes don't resonate with some - but threatens to use the "blunt instrument".
Nearly two-thirds of organisations worry their Boards don't understand cyber challenges and are not fully prepared for a data crisis, the Goverance Institute warns. A survey of 345 executives found 57 percent are not positive about how their organisation manages and protects important data. Governance Institute CEO Megan Motto says the standout risk is cyberattacks followed by new technologies like A-I.Reporter: Peter Ryan, Senior Business CorrespondentFeatured: Megan Motto, chief executive, Governance Institute
Alarming signs that some businesses are passing higher inflation costs on to Australian consumers convinced the Reserve Bank that another interest rate rise was needed to dampen inflation expectations.Minutes from the RBA's meeting a fortnight ago noted that while "longer-term" inflation expectations remain "broadly anchored" there were "growing signs of a mindset among businesses" that any cost increases could be passed on.
The crisis at Optus during the nationwide outage and the chaotic communications in the immediate aftermath has been slammed by the head of Australia's corporate watchdog. Joe Longo, chairman of the Australian Securities and Investments Commission, tells AM Optus customers are rightly angry that there appeared to be no well-developed crisis plan to ensure essential services like the 000 emergency services could be quickly restored.Reporter: Peter Ryan, Senior Business CorrespondentFeatured: Joe Longo, chairman, Australian Securities & Investments Commission
The crisis at Optus during the nationwide outage and the chaotic communications in the immediate aftermath has been slammed by the head of Australia's corporate watchdog. Joe Longo, chairman of the Australian Securities and Investments Commission, says Optus customers are rightly angry that there appeared to be no well-developed crisis plan to ensure essential services like the 000 emergency services could be quickly restored.Reporter: Peter Ryan, Senior Business CorrespondentFeatured: Joe Longo, chairman, Australian Securities & Investments Commission
After days of speculation about her future, Optus chief executive Kelly Bayer Rosmarin has resigned. The decision to quit comes after Ms Bayer Rosmarin face intense criticism a nationwide outage on November the 8th stranded ten million Optus customers. The question now is whether a new CEO will be able to rebuild the telco's smashed reputation.Reporter: Peter Ryan, Senior Business CorrespondentFeatured: Kelly Bayer Rosmarin, former chief executive, OptusKeywords:
The future of Optus chief executive Kelly Bayer Rosmarin remains uncertain as the embattled telco tries to rebuild its reputation after a damaging nationwide outage.Ms Bayer Rosmarin underwent a tough interrogation during Friday's senate hearings .. but how long before she faces an outage of her own?Also, Hamish McLennan has been punted as chair of Rugby Australia in a boardroom coup citing "a coordinated smean campaign" that was "all about money and power".
Optus CEO Kelly Bayer Rosmarin has attempted to deflect speculation she is under pressure to resign after last week's nationwide outage. Asked outright by Liberal Senator Sarah Henderson if planned to quit, Ms Bayer Rosmarin would only say "it has not been a time to be thinking about myself". Ms Bayer Rosmarin has also been pressed over the outage of the 000 emergency and accused of trying to share the blame.Reporter: Peter Ryan, Senior Business CorrespondentFeatured: Kelly Bayer Rosmarin, chief executive, OptusKeywords:
Optus chief executive Kelly Bayer Rosmarin is facing the full force of a Senate inquiry into the cause and the management of last week's nationwide outage which took ten million customers offline.The senate grilling comes amid speculation that Ms Bayer Rosmarin might be considering an outage of her own - and resign as CEO given the political and customer heat.
After more than a week of public anger over its nationwide outage that took ten million customers offline, Optus chief executive Kelly Bayer Rosmarin will face a potentially hostile Senate grilling today. The telco has copped intense criticism for its of the outage. It's offers of free data as compensation has gone down a "hollow gesture" with businesses saying they lost tens of thousands of dollars in lost revenue.Reporter: Peter Ryan, Senior Business CorrespondentFeatured: Kelly Bayer Rosmarin, chief executive, OptusKeywords:
Qantas has suffered another blow to its reputation - found guilty of illegally firing a health and safety representative at the height of the pandemic.The sacking of the longstanding worker comes almost two months after the High Court found Qantas acted unlawfully when it sacked 1700 ground workers when covid lockdowns grounded global aviation.
As we get towards the end of the year you might be starting to relax a bit - but there's no rest for economists watching every bit of data that might prod the Reserve Bank into yet another interest rate rise.Later this morning, we'll get an official update on employment and maybe an indication on whether the economy is slowing from 13 rate rises since May last year.
Just when you thought the fallout from last Wednesday's Optus outage couldn't get more bizarre, it's been confirmed the embattled telco's owner in Singapore is the main culprit. It's another embarrasing development about the way the nationwide crash has been handled and it raises further questions about the telco's backups for an essential services.Reporter: Peter Ryan, Senior Business CorrespondentFeatured: Michael Alp, Australia NZ managing director Cohesity
Well if you thought the fallout from last Wednesday's Optus outage couldn't get more bizarre, there are reports this morning that it's parent company in Singapore might be responsible.Optus is yet to confirm the link, but the link to Singtel as a chief cause for the nationwide shutdown raised further questions about the telco's backups for an essential services.
What was the weirdest question you copped at a job interview? Also - how Optus and DP World rate as crisis case studies.I speak with Ali Moore on ABC Radio Melbourne.
The ANZ is the latest bank to reveal a multi billion dollar profit as borrowers continue to feel the pain from inflation and rising interest rates on their home loans. But the ANZ's boss Shayne Elliott says while the bank has profited from higher rates a surprisingly small number of customers are in mortgage stress.Reporter: Peter Ryan, Senior Business CorrespondentFeatured: Shayne Elliott, ANZ chief executiveKeywords:
This time yesterday the port operator DP World was reeling from a cyberattack that left around 30-thousand shipping containers stranded in the critical leadup to Christmas.Although DP World's operations are now back online, the company's Australian boss still doesn't know how the hackers got in, or whether they took any private data - and he's told the ABC there's been no ransom demand so far.
The ANZ is the latest major bank to reveal a multi billion dollar profit as borrowers continue to feel the pain from inflation and rising interest rates on their home loans.But the ANZ's boss Shayne Elliott says while the bank has profited from higher rates a surprisingly small number of customers are in mortgage stress.
The nation's cyber security agencies are working alongside one of the nation's largest port operators after it was hit with a crippling ransomeware attack at the weekend.There are growing concerns about supply chain disruptions in the leadup to Christmas as DP World works to bring its system back online after the the cyberattack forced a shutdown of its operations.We speak with Home Affairs Minister Clare O'Neil.
The likelihood of at least one more interest rate rise has increased after the Reserve Bank delivered a slightly rosier-than-anticipated outlook for Australia's economy and the risk that inflation will remain higher for longer.
As embattled telco giant Optus stuggles to restore its smashed reputation after Wednesday's nationwide outage, it's pushing back on pressure to financially compensate customers left in the dark. Instead of stumping up with cash, Optus is offering free data to appease its ten million customers. Optus CEO Kelly Bayer Rosmarin says the data offer acknowledges "patience and loyalty".Reporter: Peter Ryan, Senior Business CorrespondentFeatured: Kelly Bayer Rosmarin, Optus chief executive
As embattled telco giant Optus stuggles to restore its smashed reputation after Wednesday's nationwide outage, it's pushing back on pressure to financially compensate customers left in the dark. But instead of stumping up with cash, Optus is offering free data to appease its ten million customers. Optus CEO Kelly Bayer Rosmarin says the data offer acknowledges "patience and loyalty".Reporter: Peter Ryan, Senior Business CorrespondentFeatured: Kelly Bayer Rosmarin, Optus chief executiveKeywords:
Optus chief executive Kelly Bayer Rosmarin has been the focus of public anger over the nationwide outage that took ten million customers off line yesterday. Ms Bayer Rosmarin is still apologising for the crisis but still doesn't have a clear idea of what actually triggered the outage. The embatted CEO has offered 200 gigabytes of extra data and free weekend data to appease angry customers. Kelly Bayer Rosmarin spoke with ABC's Peter Ryan.
The full financial and reputational impact is yet to hit Optus .. although the embattled telco is digging deeper in the crisis saying it's not planning to compensate customers.This morning Optus released it half year financial results in Singapore and even though they don't include the impact of yesterday's outage, the company is already under pressure from rising costs from inflation.Also today, the National Australia Bank posted a full year profit of $7.4 billion. Chief executive Ross McEwan speaks with me about interest rates, inflation and recession fears.But on the Optus outage, he says while the NAB is resilent, CEOs "can never rest easy".
Optus reputational crisis goes global as 10 million customers consider "No" instead of "yes" by Peter Ryan
As was widely expected, the Reserve Bank has raised interest rates by a quarter of a percentage point, to 4.35 percent, despite evidence that households are already stretched.It's the 13th rate rise since May last year, as the RBA continues its battle to contain inflation.
Michele Bullock's honeymoon over as Reserve Bank governor hikes rates for 13th time since May 2022. December hike chances at 28pc - get ready for the Philip Lowe treatment and headlines like "the grinch who stole Christmas"
After a relatively smooth induction as Reserve Bank governor, it seems the honeymoon's over for Michele Bullock. The RBA board's decision to hike interest rates for the 13th time since May last year means more pre-Christmas pain for borrowers and the real risk of a followup in the coming months, potentially in December.Reporter: Peter Ryan, Senior Business CorrespondentFeatured: Lucy Meagher, Evans & Partners
The Reserve Bank is widely expected to raise its official cash rate by 0.25 percentage points to 4.35 per cent at today's board meeting. Economists believe Michele Bullock will be forced to act on inflation which remains well above the RBA's target band of 2 to 3 percent.Reporter: Peter Ryan, Senior Business Correspondent
Will they or won't they? The Reserve Bank is poised for a lineball decision on whether to deliver the 13th interest rate rise since May last year. Economist Brian Redican says a hike will hurt households already on the brink while at the same time it's a test for the RBA's credibility on inflation.Reporter: Peter Ryan, Senior Business CorrespondentFeatured: Brian Redican, chief economist, T-Corp; Peter King, chief executive, Westpac
It's shaping up as another line ball decision when the Reserve Bank board meets tomorrow - on Melbourne Cup Day - to consider what might be the 13th interest rate rise since May last year.It's also a test for the new Reserve Bank governor Michele Bullock who's pledged to do whatever it takes to pull down inflation especially if it looks like running away.I speak with Brian Redican, chief economist at T-Corp.
Qantas chairman Richard Goyder has conceded shareholders will vote down a key report on executive pay in a backlash against the airline's reputational crisis. Labor senator Tony Sheldon, a former Transport Workers Union chief, described the Qantas board as a "criminal gang" and says Mr Goyder needs to retire now rather than next year.
After months of anger and frustration, Qantas shareholders are about to have their say when the airline holds its annual general meeting later this morning.The company's board is facing hostile questions on a number of fronts with the Qantas reputation in tatters after delayed and cancelled flights, lost baggage and allegations from the consumer watchdog that it sold fares for flights that didn't exist.Also - my take on the final single from The Beatles - "Now and Then"
The US Federal Reserve.. the world's biggest central bank... has left its official interest rate on hold this morning for the second month in a row.But that decision comes with something of an asterisk next to it, the bank's warning if inflation doesn't slow, there could be more interest rate hikes in coming months.That decision comes ahead of Australia's Reserve Bank board meeting next Tuesday, with it potentially weighing up a decision to lift rates.
The world's biggest central bank has left its official interest rate on hold this morning for the second month in a row.But the decision by the US Federal Reserve has a caveat - that if inflation doesn't keep slowing, there could be more hikes in the coming months.The decision to "pause" comes as Australia's Reserve Bank prepares to consider a rate rise, potentially at Tuesday's Melbourne Cup Day board meeting.
As shareholders prepare to lash the Qantas board at Friday's annual general meeting, a study of 500 boards by Board Benchmarking shows 25pc are dysfunctional - and don't even know it. Qantas isn't singled out in the report but executive chairman Nicholas Barnett agrees Qantas is a key case study and the board will be under pressure to provide answers.
When you buy a ticket to travel on Qantas, you probably think you've bought a fare for a flight that has a pretty good chance of taking off and getting to your destination.But that's not necessarily the case, according to the defence Qantas is using to answer allegations that it sold fares for flights that didn't exist.
Qantas is denying allegations that it sold tickets for flights that had already been cancelled but has conceded it let customers down and mistakes were made.The airline has denied profiting from delayed or cancelled flights and says the ACCC's case ignores the reality of the aviation industry that "airlines can't guarantee specific flights". Reporter: Peter Ryan, Senior Business Correspondent
As borrowers brace for a possible interest rate rise next week on Melbourne Cup Day, major banks are urging customers already in mortgage stress to speak up.The Australian Banking Association will today launch an advertising campaign telling distressed borrowers they don't need to "tough it out" - and banks are ready to help as they did during the height of the pandemic. The ABC's senior business correspondent Peter Ryan speaks with ABA chief executive Anna Bligh.
It's now five years since the financial services Royal Commission uncovered a range of unlawful and unethical behaviour across the commercial banking sector.But what lessons have been learned from Kenneth Hayne's key findings that major banks pursued profit ahead of the interests of customers?
It's now five years since the financial services Royal Commission uncovered a range of unlawful and unethical behaviour across the commercial banking sector.But what lessons have been learned from Kenneth Hayne's key findings that major banks pursued profit ahead of the interests of customers?No much, according to Peter Lock CEO of the mutual Heritage and People's Choice.
This time yesterday, we were wondering if a Melbourne Cup Day rate rise was likely given the risk of persistently high inflation.Well those fears were confirmed when quarterly inflation came in higher than expected .. hours after Reserve Bank governor Michele Bullock said she wouldn't tolerate the risk of an outbreak.But in addition to Melbourne Cup Day .. could there also be a followup in December?Also corporate regulator ASIC to run cinema ad ahead of Dumb Money warning if investment risk.
A Melbourne Cup Day interest rate rise is looking more likely after official inflation data came in slightly hotter-than-expected in the most recent quarter. The Consumer Price Index jumped by 1.2 percent in the September quarter making 5.4 percent over the year in the latest sign that inflation remains stubborn and risks rebounding. Analysis from ABC's Peter Ryan.For more I'm joined now by the ABC's senior business correspondent Reporter: Peter Ryan, Senior Business CorrespondentFeatured: Michele Bullock, Reserve Bank governor Keywords:
If you thought the new Reserve Bank governor was about to ease off in the fight against inflation - perhaps it's time to think again.With key inflation numbers out later this morning expected to be hotter than expected, Michele Bullock has made it clear she has "zero tolerence" to hold back on rate rises if inflation remains high.The ABC's senior business corresopondent Peter Ryan listened to Ms Bullock's first official speech since taking the reins.
A Melbourne Cup day interest rate rises remains a "live possibility" with new Reserve Bank governor Michele Bullock warning she'll do whatever it takes to tame inflation. While a 13th interest hike is far from locked in next month, Ms Bullock says that if inflation looks like becoming entrenched the RBA board will need to push the rates button once again.Reporter: Peter Ryan, Senior Business CorrespondentFeatured: Michele Bullock, Reserve Bank governor
At the moment it's still a long shot .. but bets are rising for another interest rate rise on Melbourne Cup Day.That would make the 13th hike since May last year .. adding to the stresses on household budgets hurting badly from the Reserve Bank's battle to tame inflation.
Ordinary Australians continue to be hit by the rising cost of living.But it's a lot worse for Pacific Island workers who are being slugged with big fees to send money back home to their families.A paper out this morning from the Lowy Institute warns urgent action is needed to cut the costs of these overseas transfers given the reliance of families back home for life's essentials.
The "blame game" is well and truly underway as senate hearings into the tax leak scandal at the consulting giant PWC reveal a firm in deep damage control.But is that damage control working? It's getting tougher as current and former PWC bosses copped intense grillings about the breach of confidential information where the firm developed a "work around" of plans for a multinational tax avoidance crackdown back in 2015.
Former PwC Australia chief executive Luke Sayer tells a senate inquiry he was unaware of confidentiality breaches over multinational tax avoidance that triggered a scandal earlier this year. But Mr Sayers has apologised for the breaches conceding they happened on his watch as CEO. Earlier, new CEO Kevin Burrowes named Mr Sayers and another former CEO Tom Seymour when grilled about "failures of leadership" at PwC.Reporter: Peter Ryan, Senior Business CorrespondentFeatured: Deborah O'Neill, Labor senator; Kevin Burrowes, PwC Australia CEO; Luke Sayers, former PwC CEO.
It was a horror ride on the sharemarket yesterday for Bank of Queensland after its full year profit plunged by a massive 70 percent with signs of stress emerging in its mortgage business.The regional bank has also been plagued by reputational problems after its high-flying chief executive George Frazis suddenly left the company late last year.I speak with former chair Patrick Allaway who's now the new CEO.
After weeks of pressure, Qantas chairman Richard Goyder has announced he'll step down and leave the airline some time next year. The decision follows growing anger from Qantas customers and shareholder groups demanding his retirement and greater accountability for members of the Qantas board. Mr Goyder's pending departure comes amid allegations that Qantas sold tickets for flights that didn't exist and a High Court ruling that the airline unlawfully sacked 17-hundred ground workers at the height of the pandemic.Reporter: Peter Ryan, Senior Business CorrespondentFeatured: Richard Goyder, Qantas chairman; Rachel Waterhouse, Australian Shareholders AssociationKeywords:
If you're already paying down a big mortgage, this will come as no surprise.Australians are devoting a greater share of their pay packets to mortgage repayments than any other advanced economy in the world according to the International Monetary Fund.
The deepening fears about a wider Middle East conflict stemming from the war between Israel and Hamas continues to rattle global financial markets.
Household financial stress rising, but Reserve Bank says banking system isn't at risk by Peter Ryan
Former Liberal Treasurer Peter Costello won't be seeking a third term as chairman of the federal government's Future Fund.A spokesman for Treasurer Jim Chalmers has confirmed Mr Costello's 14 year stint first as a board member then chair will end in February after 14 years.Mr Costello's decision to step down follows renewal at top institutions including the Reserve Bank and the Productivity Commission.The spokesman thanked Mr Costello for “his significant contribution” and said a merit-based recruitment process will now commence to appoint a new Chair.Mr Costello established the sovereign wealth fund as John Howard’s Treasurer in 2006 with $60 billion of budget surpluses and part of the proceeds from the Telstra privatisation.
Newly-appointed Fair Work Ombudsman Anna Booth has vowed to use yet-to-be legislated criminal penalties against employers who deliberately underpay or rip off their workers. Ms Booth tells AM the risk of tough criminal sanctions including potential jail time would be a major deterent to dodgy bosses if proposed criminal wage theft laws are passed by Federal Parliament.Reporter: Peter Ryan, Senior Business CorrespondentFeatured: Anna Booth, Fair Work Ombudsman
Interest rates might have stayed on hold a few days ago, but the impact of twelve hikes since May continues to eat into household budgets.Delinquency rates on mortgage repayments rose in the most recent quarters .. the rates pressure exacerbated by the rising cost of living.
"a hawkish pause" from RBA gov Michele Bullock - but bets rising for Melbourne Day rate rise by Peter Ryan
Just a bit of good news to start the day.It's looking as though the Reserve Bank will leave interest rates on hold at today's board meeting in Sydney.But how long will that last given still-troublesome inflation sticking around and rising house prices especially in Sydney?
After twelve interest rate rises since May last year, bets are rising that troublesome inflation might force the Reserve Bank to deliver yet another rate hike in the coming months. While the RBA's cash rate looks like staying on hold at tomorrow's Board meeting, AMP chief economist Shane Oliver think a November rate rise on Melbourne Cup day is emerging as a real possibility.Reporter: Peter Ryan, Senior Business CorrespondentFeatured: Shane Oliver, AMP chief economist
The pressure is growing on former Qantas chief executive Alan Joyce to front a senate inquiry into a decision to block Qatar Airways into doubling flights into Australia.Mr Joyce - who retired from Qantas two months ahead of schedule - faces the threat of jail if he doesn't appear.
After what feels like a reprieve after twelve interest rate rises since May last year - could we be in for another hike maybe as early next week?That's the view of some economists after inflation ticked higher in the most recent monthly reading - something that might test Michele Bullock at her first meeting as Reserve Bank governor.Also .. a highly-anticipdated review into governance, culture and accountability at consulting giant PwC has singled out the "excessive power" of the firm's chief executive and poor practices which went "unexamined and uncorrected" for years.The report by former Telstra chief executive Ziggy Switkowski also finds a "disproportionate focus on revenue" and a "lack of independence and external voices" within the firm's governing body.
A highly-anticipdated review into governance, culture and accountability at consulting giant PwC has singled out the "excessive power" of the firm's chief executive and poor practices which went "unexamined and uncorrected" for years.The report by former Telstra chief executive Ziggy Switkowski also finds a "disproportionate focus on revenue" and a "lack of independence and external voices" within the firm's governing body.
Ziggy Switkowski's damning PwC review. I speak with PwC Aust CEO Kevin Burrowes on "PM" by Peter Ryan
A highly-anticipdated review into governance, culture and accountability at consulting giant PwC has singled out the "excessive power" of the firm's chief executive and poor practices which went "unexamined and uncorrected" for years.The report by former Telstra chief executive Ziggy Switkowski also finds a "disproportionate focus on revenue" and a "lack of independence and external voices" within the firm's governing body.
After months in the making, the much-anticipated independent review into the tax leak scandal at consulting firm PWC will be released later today. The report by former Telstra chief executive Ziggy Switkowski is set to announce a major overhaul of governance, culture and accountability at PWC where a rolling crisis from a major confidentiality breach has trashed the consulting giant's reputation.Reporter: Peter Ryan, Senior Business Correspondent
Pressure is continuing to grow on Qantas chairman Richard Goyder - this time from pilots who are calling for his head.The Australian and International Pilots Association is urging Mr Goyder to step down saying they've lost confidence in him after a rolling crisis that's have damaged the Qantas reputation.
Qantas' new CEO, Vanessa Hudson, released an apology video as one of her first communications in the role, which Alan Joyce brought forward by his early retirement. This move — potentially considered by some as a substantial 'hospital pass' — isn't off to a strong start.Qantas' current woes are well-documented; from selling seats on non-existent flights to major court losses, chronic lost luggage, and more.ABC's Senior Business Correspondent Peter Ryan joins Lisa Leong in the studio to break down the current situation facing the Qantas succession story. Is there a future for the flying kangaroo?
Final budget outcome; new Qantas CEO Vanessa Hudson apologises "I know we've let you down" - and of course Rupert Murdoch's retirement. I speak with John Taylor on ABC Radio Brisbane @abcbrisbane @abcnews
Rupert Murdoch retires, hands over the son Lachlan. I speak to the BBC World Service. by Peter Ryan
Rupert Murdoch retiring, hands over to son Lachlan. I speak with author Paddy Manning. by Peter Ryan
Qantas chairman Richard Goyder is refusing to quit as big investors and consumers demand his head over the reputation crisis damaging the airline. In his first broadcast interview since the ACCC alleged Qantas sold fares for cancelled flights, Mr Goyder has conceded big mistakes were made but says new chief executive Vanessa Hudson is preparing to mediate with 1700 hundred ground staff who were unlawfully sacked. Mr Goyder spoke with the ABC's Peter Ryan.Reporter: Peter Ryan, Senior Business CorrespondentFeatured: Richard Goyder, Qantas chairmanKeywords:
Despite fifteen years of guiding Qantas through crisis after crisis, it's looking as though Alan Joyce is heading towards an inglorious end - at least in financial terms.The former Qantas chief executive is facing a potential "clawback" of his final payout .. if allegations that the airline sold fares for flights had already been cancelled are proven.
The OECD is warning that persistent inflation remains a major risk to the global economy along with deepening concerns about China's property market.The Paris-based think tank has also confirmed tepid growth in Australia over the next year in line with a global slowdown, while warning that rebounding inflation would almost certainly more more interest rates rate.
The Reserve Bank has signalled that inflation remains a clear and present danger to the economy and another interest rate rise can't be ruled out. In considering whether to inflict another rate hike on households, the RBA Board noted that inflation was "still too high" and "was expected to remain so for an extended period".Reporter: Peter Ryan, Senior Business CorrespondentFeatured: Michele Bullock, Reserve Bank governor
As Michele Bullock begins Day 2 as Reserve Bank of Australia governor, the image-softening campaign continues. First soft questions from a junior reporter as Ms Bullock walks in the front door of RBA HQ in Sydney, then a Youtube video where Ms Bullock explains how interest rates operate. May the communications revolution continue!
Malaysian renewables investor Gentari is eyeing solar, wind, battery and vehicle electrification developments in Australia to dramatically expand its renewables output by 2030. The Petronas green offshoot has already bought renewables company Wirsol for almost a billion dollars. Gentari's chief strategic communications officer Dheeraj Raina speaks with ABC's Peter Ryan about the company's global ambitions. Reporter: Peter Ryan, Senior Business CorrespondentFeatured: Dheeraj Raina, chief strategic commications officer, Gentai
"We sincerely apologise"
Three humiliating words from Qantas that underscore the enormity of the High Court loss which has handed the Transport Workers Union an unlikely, but hard-fought, victory after more than a decade of industrial warfare.
It's a far cry from October 2011 when then Qantas chief executive Alan Joyce grounded the entire airline — domestically and globally — in a brazen Saturday afternoon response to industrial action by three key aviation unions.
"We sincerely apologise" - Qantas accepts High Court loss after over unlawful outsourcings by Peter Ryan
In yet another critical blow to Qantas, the High Court has backed an earlier ruling the airline acted unlawfully by sacking 17-hundred ground services staff at the height of the pandemic. Dismissing the Qantas appeal, the High Court ruled in favour of the Transport Workers Union upholding a previous Federal Court judgement that Qantas had acted illegally in outsourcing the jobs of baggage handlers, cleaners as part of a commercial decision. Qantas has accepted the ruling, but the T-W-U is now demanding a spill of the entire Qantas board.
Reporter: Peter Ryan, Senior Business Correspondent Featured: Don Dixon, former Qantas ground worker; Michael Kaine, national secretary, Transport Workers Union; Sally McManus, ACTU secretary; Tony Sheldon, Labor senator
State and federal politicians rank poorly an ethics index, just above real estate agents. A survey from the Governance Institute says while the perception of politicians has improved, they still rank in the five bottom professions. Journalists are also in the bottom ten, but rank better than social media platforms and payday lenders. Governance Institute chief executive Megan Motto speaks with ABC's Peter Ryan. Reporter: Peter Ryan, Senior Business Correspondent Featured: Megan Motto, chief executive, Governance Institute
State and federal politicians rank poorly an ethics index, just above real estate agents. A survey from the Governance Institute says while the perception of politicians has improved, they still rank in the five bottom professions. Journalists are also in the bottom ten, but rank better than social media platforms and payday lenders. Governance Institute chief executive Megan Motto speaks with ABC's Peter Ryan. Reporter: Peter Ryan, Senior Business Correspondent Featured: Megan Motto, chief executive, Governance Institute
The Australian Shareholders Association wants to know what the Qantas board knew about the ACCC's investigation into the "fares with no flights" scandal and what they did to mitigate the fallout. The ASA is also questions chief executive Alan Joyce's contract and whether it's subject to clawback provisions on his likely $24 million golden parachute.Reporter: Peter Ryan, Senior Business Correspondent
Corporate regulator ASIC is suing Australian Super alleging it failed to merge multiple member and continued to charge multiple fees and insurance premiums. ASIC deputy chair Sarah Court alleges AustralianSuper knew about the problem in 2018 but only began to act in late 2021.
Reporter: Peter Ryan, Senior Business Correspondent Featured: Sarah Court, ASIC deputy chairman
Philip Lowe has gone out fighting in his final speech as Reserve Bank governor. Mr Lowe's warned that Australia's living standards are at risk without productivity reform. And he's taken a swipe at the media over the reporting of his now infamous signal that interest rates would stay near zero until 2024. Also, corporate regulator ASIC is suing Australian Super alleging it failed to merge multiple member and continued to charge multiple feesd and insurance premiums.Reporter: Peter Ryan, Senior Business CorrespondentFeatured: Philip Lowe, Reserve Bank governorKeywords:
Philip Lowe has gone out fighting in his final speech as Reserve Bank governor. Mr Lowe's warned that Australia's living standards are at risk without productivity reform. And he's taken a swipe at the media over the reporting of his now infamous signal that interest rates would stay near zero until 2024. Also, corporate regulator ASIC is suing Australian Super alleging it failed to merge multiple member and continued to charge multiple feesd and insurance premiums.Reporter: Peter Ryan, Senior Business CorrespondentFeatured: Philip Lowe, Reserve Bank governor
A percapita recession has been confirmed in yesterday's national accounts with economic growth person going backwards in the last two quarters. While that's not a technical recession - defined by two consecutive quarters of economic contraction - Australia's economy is edging deeper into a downturn with Treasurer Jim Chalmers describing growth as "sturdy". Reporter: Peter Ryan, Senior Business Correspondent
As the Qantas crisis deepens, governance expert Vas Kolesnikoff from Institutional Shareholders Services says there are big questions about Alan Joyce's bonuses. Mr Kolesnikoff who advises shareholders on how to vote at Annual General Meetings says Qantas chairman Richard Goyder should consider whether the bonuses should be clawed back or put on ice.Featured: Vas Kolesnikoff, Institutional Shareholder ServicesKeywords:
Qantas chairman Richard Goyder is under pressure to claw back bonuses awarded to former chief executive Alan Joyce. Investors and superannuation funds are urging Mr Goyder to reconsider a final golden parachute of $24 million. Labor senator Tony Sheldon says Mr Goyder needs to follow Alan Joyce out the emergency exit.Featured: Tony Sheldon, Labor senatorKeywords:
ABC's Peter Ryan says the Qantas board could no longer tolerate the reputational damage surrounding chief executive Alan Joyce. Rebuilding trust at Qantas is now a massive challenge for incoming chief executive Vanessa Hudson.Featured:Keywords:
Qantas chief executive Alan Joyce is retiring two months ahead of schedule as the reputational crisis at the airline deepens. Mr Joyce finishes today and CEO designate Vanessa Hudson takes over from tomorrow 6 September.
The Reserve Bank is almost certain to leave the cash rate steady at 4.1 percent when Philip Lowe chairs his final meeting as governor later today. But Judo Bank economic adviser Warren Hogan thinks there's a chance of a rate hike later this year with inflation will very high and real estate prices rebounding especially in Sydney.Featured: Warren Hogan, economic adviser, Judo Bank
Australian Shareholders Association chief executive Rachel Waterhouse says the Qantas board needs to consider a clawback of bonuses awarded to Alan Joyce and other top executives. Major investors are demanding a please explain after the competition watchdog accused Qantas of selling tickets for flights that didn't exist - risking fines totalling $250 million.Reporter: Peter Ryan, Senior business correspondentFeatured: Rachel Waterhouse, Australian Shareholders Association
UK Labour whip Lord Kennedy of Southwark is visiting Australia to urge financial law reforms to help the mutual and cooperatives sector shield themselves from private equity predators. Lord Kennedy has led new legislation in the US to protect mutuals who risk having their assets stripped in private equity offers are too good to refuse.
There's mounting pressure on Qantas chairman Richard Goyder to consider clawing back bonuses awarded to chief executive Alan Joyce as the reputational crisis surrounding the airline deepens. There's mounting pressure on Qantas chairman Richard Goyder to consider clawing back bonuses awarded to chief executive Alan Joyce as the reputational crisis surrounding the airline deepens. Major investors are demanding a please explain after the competition watchdog accused Qantas of selling tickets for flights that didn't exist - risking fines totalling $250 million.Reporter: Peter Ryan, Senior business correspondentFeatured:John Sharp, Deputy chairman Rex Airlines and former Transport Minister
ACCC chair Gina Cass Gottlieb wants Qantas penalty of more than $300 million by Peter Ryan
Competition regulator ACCC is taking Qantas to Federal Court alleging the airline advertised tickets for more than 8,000 flights that it had already cancelled but had not removed from sale. ACCC alleges deceptive, false and misleading conduct. Also Australia Post reveals a $200 million full year loss as the letters decline worsens and community service obligation costs weigh. Australia Post chief executive Paul Graham speaks with ABC's Peter Ryan. Featured: Gina Cass Gottlieb, ACCC chair; Paul Graham, Australia Post chief executive
Future Fund chairman Peter Costello says the Albanese government's decision to restrict more flights from Qatar Airways is "hard to fathom" at a time when more competition is needed to lower airfares. The former Liberal Treasurer says the decision underscores Qantas's lobbying in Canberra to protect its market power and profits. Also the Australian Energy Market Operator says Victoria and South Australia are facing an increased risk of power blackouts this summer as coal-fired generators close down. Featured: Peter Costello, Future Fund chairman; Daniel Westerman, AEMO chief executive
Consumer inflation slowed to a pace of 4.9 percent in August easing pressure for the Reserve Bank to raise interest rates again. The Bureau of Statistics says price rises for housing, food and non-alcoholic beverages were offset by falls for automotive fuel. Australian Banking Association chief executive Anna Bligh says financial institutions are doing their best to assist borrowers through cost of living distress. Featured: Anna Bligh, Australian Banking Association chief executive
The Australian Securities & Investments Commission has put banks on notice to lift their game when it comes to helping customers who are experiencing financial hardship. I speak with ASIC Commissioner Danielle Press. Also Michele Bullock was coy on predicting the direction of interest rates in what's likely to be her final speech before taking over as Reserve Bank governor. Reporter: Peter Ryan, Senior business correspondent Featured: Danielle Press, Commissioner, ASIC Michele Bullock, Deputy Governor, Reserve Bank
Flight Centre founder Graham Turner says the federal government needs to better explain the decision block Qatar Airways from doubling its capacity into Australia. Mr Turner says with traveller demand for international flights outstripping supply, the decision - said to be in the national interest - makes no sense. The blocking of Qatar further embroils Qantas in controversy amid criticism the deal was done to protect Qantas from competion. Graham Turner speaks with ABC's Peter Ryan.
Reporter: Senior Business Correspondent Peter Ryan Featured: Graham Turner, Flight Centre chief executive
Virgin boss Jayne Hrdlicka rejects reasoning of "national interest" in Qatar veto by Peter Ryan
Virgin Australia chief executive Jayne Hrdlicka has questioned the federal government's decision to block Qatar Airways from running additional flights into Australia. Ms Hrdlicka's comments come as Qantas boss Alan Joyce faces pressure over whether he lobbied the Prime Minister to protect the Qantas market share.
Reporter: Senior Business Correspondent Peter Ryan Featured: Jayne Hrdlicka, Virgin Australia chief executive; Alan Joyce, Qantas chief executive
460 company directors urge "yes" vote in Voice referendum Caption: Hundreds of company directors are pushing for a "yes" vote in The Voice referendum. Speaking independently, 460 directors are urging Australians to assess the due diligence to reach their own independent view. Nora Scheinkestel, director at Westpac, Origin & Brambles speaks with ABC's Peter Ryan.
Reporter: Senior Business Correspondent Peter Ryan Featured: Nora Scheinkestel, company director
There've been sharp falls on Wall Street this morning ahead of a major speech by the chairman of the US Federal Reserve Jerome Powell.
He's begin speaking early tomorrow morning Australian time from Jackson Hole, Wyoming - and every word will be scrutinised for signs about the direction of US interest rates.
But what the fascination with Jackson Hole - normally associated with fly fishing and the Wild West? Peter Ryan takes a look
Qantas chief executive Alan Joyce says he has no regets for playing tough during his often turbulent 15 years at the helm of the airline. Mr Joyce retires in November, but leaves posting a $1.7 billion full year profit - the first for Qantas since the pandemic. Mr Joyce also defends Qantas's support of a "yes" vote in the Voice referendum and says the Prime Minister's son Nathan should not be a target for his controversial membership of the exclusive Chairmans Lounge.
Reporter: Senior Business Correspondent Peter Ryan Featured: Alan Joyce, Qantas chief executive
National Australia Bank chair Philip Chronican says the world will soon no longer want or need traditional commodities like coal and iron ore. He says a faster switch to renewables could add $435 billion to Australia's economy by 2025, but warns without action living standards could suffer.
Reporter: Senior Business Correspondent Peter Ryan Featured: Philip Chronican, NAB chair
National Australia Bank chair Philip Chronican says the world will soon no longer want or need traditional commodities like coal and iron ore. He says a faster switch to renewables could add $435 billion to Australia's economy by 2025, but warns without action living standards could suffer.
Reporter: Senior Business Correspondent Peter Ryan Featured: Philip Chronican, NAB chair
Woolworths chief executive Brad Banducci is optimistic that slowing inflation will eventually be passed on in cheaper supermarket prices. But Mr Banducci says there could be a lag with prices reductions not visible until after Christmas. Posting a full year profit of $1.6 billion, Mr Banducci confirmed a rise in shoplifting and incidents of organised gangs stealing goods and reselling them.
Reporter: Senior Business Correspondent Peter Ryan Featured: Brad Banducci, Woolworths chief executive
With the Intergenerational Report to be released in full tomorrow, there's been a lot of concern about the ageing population and whether costs for the aged pension will crack under the strain.
But there's some optimism this morning with the report predicting that because of compulsory superannuation since 1991, there'll probably be fewer people needing taxpayer support in the decades ahead.
Global miner BHP has posted a 58 percent fall in full year profit of US$12.9 billion (A$20.1 billion) as prices for iron ore, coking coal and copper slide. BHP chief executive Mike Henry says he's monitoring the health of China's economy and the level of stimulus Beijng pumps into the ailing property sector.
Reporter: Senior Business Correspondent Peter Ryan Featured: Mike Henry, BHP chief executive
Insurance Group Australia reports a 140 percent increase in full year profit to $832 million. But IAG chief executive Nick Hawkins holds out little hope of lower premiums as the insurer manages inflation-fueled payouts and higher costs for reinsurance.
Reporter: Senior Business Correspondent Peter Ryan Featured: Nick Hawkins, IAG chief executive
The Business Council fo Australia is warning that major economic reform is needed to ensure the federal budget can maintain Medicare, NDIS, aged care and defence. Releasing its "Seizing The Moment" paper, the BCA proposes to lower company tax, raise the GST and remove regulation to boost the renewables transition.
The Business Council fo Australia is warning that major economic reform is needed to ensure the federal budget can maintain Medicare, NDIS, aged care and defence. Releasing its "Seizing The Moment" paper, the BCA proposes to lower company tax, raise the GST and remove regulation to boost the renewables transition.
Reporter: Senior Business Correspondent Peter Ryan Featured: Jennifer Westacott, BCA chief executive; Tim Reed, BCA President
Australia's economy could at a critical turning point after the official jobless rate unexpectedly ticked higher to 3.7 percent in July. While the jobs market remains tight and economy for the most part is resilient, that could change dramatically in the coming months given the economic storm clouds ahead. Also .. Telstra CEO Vicki Brady on profits driven by the need for speed. And trivia about the late Sir Michael Parkinson - he featured on the cover of Band on The Run by Paul McCartney and Wings.
Australia's economy could at a critical turning point after the official jobless rate unexpectedly ticked higher to 3.7 percent in July. While the jobs market remains tight and economy appears resilient, that could change dramatically in the coming months given the economic storm clouds ahead. Analysis from ABC's Peter Ryan.
Reporter: Senior Business Correspondent Peter Ryan Featured: Stephen Koukoulas, economist
Australia's official unemployment rate rise to 3.7pc in July with the number of jobless people rising by 36,000 according to the Bureau of Statistics. The data adds to expectations that the Reserve Bank's interest rate hiking cycle is over unless inflation reignites.
National Australia Bank chief executive Ross McEwan has welcomed the deal struck by National Cabinet to ease the housing supply crisis. Mr McEwan is on the road on northern NSW where he says businesses are struggling to attract workers because there's not enough rental accommodation. Ross McEwan speaks with ABC's Peter Ryan.
National Australia Bank chief executive Ross McEwan has welcoming the deal struck by National Cabinet to ease the housing supply crisis. Mr McEwan is on the road on northern NSW where he says businesses are struggling to attract workers because there's not enough rental accommodation. Ross McEwan speaks with ABC's Peter Ryan.
Reporter: Senior Business Correspondent Peter Ryan Featured: Ross McEwan, chief executive, National Australia Bank
There are growing concerns about the health of China's economy amid almost daily evidence that a deep downturn is underway.
The worries have been exacerbated by a decision by authorities in Beijing to stop releasing data on youth unemployment after months of skyrocketing increases.
ASIC cracks down on insurers; Amazon Australia country manager Janet Menzies on consumer trends by Peter Ryan
Corporate regulator ASIC has told Australia's biggest insurance companies to lift their game on the handling and assessment of claims. The shot across the bows comes as consumers face surging premiums from extreme weather events. Also a survey by Amazon Australia says cost of living pressures are forcing consumers back into traditional stores as they shop around comparing with online offers to get the best deal. ABC's Peter Ryan speaks with Amazon Australia country manager Janet Menzies.
Reporter: Senior Business Correspondent Peter Ryan Featured: Janet Menzies, country manager, Amazon Australia
The Reserve Bank board has warned another interest rate rise is possible this year if inflation remains stubbornly high and fails to slow in line with forecasts. But in decidedly dovish minutes from the RBA's most recent meeting, it's now increasingly clear the pain from the 12 rate rises since May last year is working to slow the economy and cool inflation. Peter Ryan reports from RBA headquarters.
There are growing signs that consumers are pulling back under the weight of Reserve Bank interest rate rises and the surging cost of living. The chief executive of the electronics retail JB Hi FI has told AM there's "heightened uncertainty" with a new survey showing consumer spending is in "outright decline" in Australia's two biggest states.
Reporter: Senior Business Correspondent Peter Ryan Featured: Terry Smart, chief executive, JB Hi Fi
Throughout the pandemic, demand for high speed interest went through the roof as Australians were ordered to work from home.
But now - as more people creep back to the office - the demand is still there with baked-in expectations from consumers and businesses for high speed bandwidth.
The ABC's senior business correspondent Peter Ryan has been speaking with the chief executive of the National Broadband Network Stephen Rue.
Regrets - I've had a few. Philip Lowe says he wishes he understood the pandemic better. by Peter Ryan
Outgoing Reserve Bank governor Philip Lowe has warned inflation remains a major risk, repeating the Board will do "what it takes" to rein it in. Mr Lowe also noted household pain from surging interest rates and concerns that consumer spending could slow more than forecast.
Reporter: Senior Business Correspondent Peter Ryan Featured: Philip Lowe, Reserve Bank governor
Philip Lowe will face his final parliamentary grilling as Reserve Bank governor later today. Mr Lowe's troubled term comes to an end next month after a review into the central bank recommended an overhaul. Mr Lowe's departure is against a backdrop of public anger from twelve interest rate rises since May last year.
Reporter: Senior Business Correspondent Peter Ryan Featured: Warren Hogan, economic adviser, Judo Bank
In more evidence rock road to a renewables transition, energy giant AGL has posted a full year loss of $1.26 billion. Much of that is from the accelerated closure of AGL's coal-fired plants and the massive costs decarbonising and building renewable sources. AGL chief executive Damien Nicks speaks with ABC's Peter Ryan.
Reporter: Senior Business Correspondent Peter Ryan Featured: Damien Nicks, CEO, AGL Energy
There's a growing debate about whether high levels of migration need to be controlled to ease the housing supply crisis gripping the nation. But Australia's biggest business lobby group has launched a major pushback - saying the migrant intake shouldn't be the scapegoat and that year's of poor policy from successive government is to blame.
There's growing debate about whether high levels of migration need to be controlled to ease the housing supply crisis gripping the nation. But the Business Council of Australia has launched a major pushback saying the migrant intake shouldn't be the scapegoat and that years of poor policy from successive government is to blame.
Reporter: Senior Business Correspondent Peter Ryan Featured: Stephen Smith, Deloitte Access Economics
The Commonwealth Bank has posted a record profit of $10.2 billion, up 5 per cent on last financial year. Chief executive Matt Comyn flagged "downside risks", concedes customers are hurting from surging mortgage repayments. Mr Comyn speaks with ABC's Peter Ryan.
Reporter: Senior Business Correspondent Peter Ryan Featured: Matt Comyn, chief executive, Commonwealth Bank
Keywords: podcast,
Commonwealth Bank in $10.2b profit as economic slowdown fears grow. I speak with CEO Matt Comyn. by Peter Ryan
Concerns about artificial intelligence and Chat GPT has global IT companies contemplating a blanket ban on the technology in workplaces. Security firm Blackberry has surveyed 2,000 companies and 93pc of those polled in Australia have either implemented a ban or contemplating one fearing cyberattacks and security breaches.
Reporter: Senior Business Correspondent Peter Ryan Featured: Jonathan Jackson, head of engineering Asia Pacific, Blackberry
Australia's economy remains remarkably resilient despite the impact aggressive interest interest rate rises. But consumer spending continues to sag with a survey showing the sector is in "deeply pessimistic territory". Deloitte Access Economic predicts the construction boom will deflate in 2024 as the economy slows.
Reporter: Senior Business Correspondent Peter Ryan Featured: Stephen Smith, partner, Deloitte Access Economics
Despite all the challenges thrown up during the pandemic and now the fallout from surging interest rates, construction in Australia continues to boom.
But how long can that last as the impact from those rate rises looks likely to crunch the economy by the end of the year?
A report by Deloitte Access Economics tips investment will slow sharply in 2024/25.
Title: Big 4 crackdown could see fines of $780m Caption: The fallout over the tax leak scandal at PWC is now engulfing all of the Big Four consulting firms which face massive fines if they promote dodgy schemes that exploit loopholes. The crackdown will also change secrecy laws which currently prevent the Tax Office from alerting police and regulators when unlawful activity is uncovered.
Reporter: Senior Business Correspondent Peter Ryan Featured: Tom Ravlic, investigative journalist
The fallout over the tax leak scandal at PWC is now engulfing all of the Big Four consulting firms which face massive fines if they promote dodgy schemes that exploit legal loopholes.
The crackdown will also change secrecy laws which currently prevent the Tax Office from alerting police and regulators when unlawful activity is uncovered.
But is the action enough to sideline calls for a Royal Commission?
The Reserve Bank looks likely to maintain a long interest rates freeze and holding the cash rate at 4.1pc yesterday. But some economists think incoming RBA governor Michele Bullock might be forced to hike again if inflation flares up again.
Reporter: Senior Business Correspondent Peter Ryan Featured: Stephen Koukoulas, economist
The Reserve Bank board has defied a slim majority of market economists by continuing the cash rate freeze at 4.1pc. The question now is whether this is the end the RBA's aggressive hiking cycle.
Later today, the board of the Reserve Bank will reveal whether we've seen the last of it's aggresssive interest rate rises that have been smashing households.
Expectations are that the "pause" delivered in July will continue .. the RBA board satisified that inflation has peaked and is now steadily falling.
But will the good news be enough to prevent one major two more rate hikes?
Will they or won't they?
That's the question confronting rate-hike weary borrowers as the Reserve Bank considers whether to continue the rates "freeze" at tomorrow's critical board meeting.
But even if inflation is slowing and retail sales have gone negative .. that might not be enough for the RBA to hold back from one more rate rise.
There's been a massive rise in consumer complaints about financial firms fueled by pressures from rising interest rates and high inflation. The Australian Financial Complaints Authority received a record 97,000 disputes over the past year many relating to banks, insurance companies, buy-now-pay-later products and the daily scourge of scams from cybercrimals. I speak with AFCA chief executive and chief Ombudsman David Locke who says financial firms need to do a better job in dealing with distressed customers.
Reporter: Senior Business Correspondent Peter Ryan Featured: David Locke, chief executive, Austrlaian Financial Complaints Authority
Inflation might be falling in the United States, but that's not good enough for the US Federal Reserve which has once again raised interest rates this morning.
While Fed chairman Jerome Powell is now downplaying the risks of a recession, he's conceded that unemployment in the US will have to rise as a big social cost in getting inflation lower.
Consumer prices rose 0.8 per cent over the three months to June, making a 6 per cent increase over the past year. The result is slightly lower than most economists were expecting and reduces the chances of a Reserve Bank interest rate rise next Tuesday. Analysis from ABC's Peter Ryan.
Reporter: Senior Business Correspondent Peter Ryan Featured:
The outlook for another interest rate is hanging on a key inflation update out today. Any evidence that the pace of inflation picked up in the most recent quarter could give the Reserve Bank little choice but to press the rates button again.
Reporter: Senior Business Correspondent Peter Ryan Featured:
One of the world's biggest investment firms is at the centre of landmark "greenwashing" allegations being levelled by the corporate regulator. ASIC is accusing Vanguard Investments Australia of misleading clients about an environmentally-conscious fund that instead left investors exposed to fossil fuel investments and links to oil and gas exploration. ASIC deputy chair Sarah Court speaks to ABC's Peter Ryan.
Reporter: Senior Business Correspondent Peter Ryan Featured: Sarah Court, ASIC deputy chair
Keywords: podcast,
Australian companies have become increasingly nervous about listing on the sharemarket according to a a report from advisory firm HLB Mann Judd. With global economic uncertainty fuelled by surging inflation and higher interest rates, only 14 companies listed on the ASX in the first six months of this year raising just $150 million compared with $2.9 billion in 2021.
Reporter: Senior Business Correspondent Peter Ryan Featured: Marcus Ohm, HLB Mann Judd partner
When it comes to the massive challenge of cutting carbon emissions, we usually hear about big offenders like fossil fuel intensive industries and dirty coal-fired power stations.
But what about your office or home computer and daily necessities like the "cloud" where so much data is stored these days?
A report from the Institute for Sustainable Futures at UTS Sydney and US tech company Pure Storage says data centres that are now critical to the global economy also create a growing share of emissions.
How are you feeling this morning?
That's the question the federal government is asking as it confronts highly complex economic challenges like inflation and fallout from the war in Ukraine.
Which is why Treasurer Jim Chalmers is rolling out a national framework to measure our "wellbeing" - that could become a wellbeing budget.
A surprise fall in the June unemployment rate to 3.5 percent could force the Reserve Bank to deliver another interest rate rise to tame inflation. JB Were chief investment officer Sally Auld says a recession is a real risk. Reporter: Senior Business Correspondent Peter Ryan Featured: Sally Auld, JB Were chief investment officer
There'll be a lot of attention on official jobs figures out later this morning and what they mean for any more interest rate rises..
With the labour market still very tight and running hot in some areas, the Reserve Bank might be forced to hike rates at least one more time to tame still-high inflation.
Fears about an unexpected spike in the jobless rate appear to have forced the Reserve Bank to leave interest rates steady a fortnight ago.
That's stoked concerns that the RBA is now worried about going too far with it's aggressive rate hikes - to the point where consumers stop spending and push the economy into a recession.
The Reserve Bank board left official interest rates on hold a fortnight ago on fears that more hikes could trigger an unanticipated spike in unemployment by the end of the year.
It's been a bumpy few months for Philip Lowe who learned late last week he's been overlooked for a second term as Reserve Bank governor. But Mr Lowe has used his final official appearance on the world stage to blast politicians for failing to make hard decisions on economic reforms such as ways to boost productivity growth. Reporter: Senior Business Correspondent Peter Ryan
It's been a bumpy few months for Philip Lowe who learned late last week he's been overlooked for a second term as Reserve Bank governor. But Mr Lowe has used his final official appearance on the world stage to blast politicians for failing to make hard decisions on economic reforms such as ways to boost productivity growth. Reporter: Senior Business Correspondent Peter Ryan
After months of speculation, Michele Bullock has been appointed as the new governor of the Reserve Bank. Ms Bullock succeeds Philip Lowe whose term has not been renewed and becomes the first women to lead the bank in its 63 year history. Mr Lowe has described Ms Bullock as "a first rate appointment".
FEATURED: Jim Chalmers, Treasurer
KEYWORDS:
After months of speculation about his future, the ABC understands the Reserve Bank governor Philip Lowe won't be re-appointed to the job. Analysis from ABC's Peter Ryan.
There's been some long-awaited good news in the United States with more evidence that inflation is continuing its rapid fall.
But will signs that pace of inflation is slowing be enough for the US Federal Reserve to re-think the need for more interest rate hikes?
With at least one more interest rate rise anticipated, the boss of the nation's biggest bank says around two-thirds of Australians are now feeling some level of financial pain. Commonwealth Bank chief executive Matt Comyn warns households are only just beginning to feel the impact on households and that the next six months could be tough for struggling families.
FEATURED: Matt Comyn, Commonwealth Bank CEO; Peter Dutton, Opposition Leader
While there's elation from borrowers about yesterday's interest rates reprieve from the Reserve Bank, another hike is likely if inflation remains stubbon. RBA governor Philip Lowe says while inflation has passed it's peak, more action might be needed to get it back into the 2 to 3 percent target band. Deloitte Access Economics partner Stephen Smith says the economy is on a knife edge as recession fears persist. Reporter: Peter Ryan, Senior business correspondent Featured: Stephen Smith, Deloitte Access Economics partner
As it happened. Surprise pause as Reserve Bank of Australia opts to leave cash rate steady at 4.1pc. But warns "further monetary tightening" might be needed to pull down inflation.
It's another stressful day for borrowers with the Reserve Bank board considered likely to raise interest rates for the 13th time since May last year. But it's looking like a line-ball call with analysts divided on whether another painful hike is justified given signs of falling inflation. Analysis from ABC's Peter Ryan.
FEATURED: Shane Oliver, chief economist, AMP Capital Investors
As the Reserve Bank considers the 13th interest rate rise since last May, there's growing evidence of mortgage stress with some borrowers worried they might default on their home loans. A survey by Aussie Home Loans says 29pc are struggling to make mortgage repayments. Chief operating officer Sebastian Watkins says aggressive rate rises are taking a toll on the mental health of highly-indebted Australians. Reporter: Peter Ryan, senior business correspondent Featured: Sebastian Watkins, chief operating officer, Aussie Home Loans
Embattled consulting firm PwC Australia has sacked eight partners, including its former CEO Tom Seymour, over their direct involvement in or knowledge of the tax leak scandal which has engulfed the consulting firm. The airing of dirty laundry comes as the National Anti-Corruption Commissions starts business which speculation PwC could be an early investigation. Analysis from ABC's Peter Ryan.
Commodity boom fading, $19b budget surplus might be be repeated says economist Chris Richardson by Peter Ryan
Australia's economy is running into more headwinds with recession-busting revenue from the commodities boom starting to fade.The warning comes as the federal budget soars towards a $20 billion surplus taking it back into the black for the first time in 15 years. But that surplus could be shortlived with tax revenue from commodities set to fall from record highs over the next year. FEATURED: Chris Richardson, economist
The Reserve Bank's decision on whether to leave interest rates on hold next Tuesday has been complicated by better than expected retail sales data. So could evidence that consumers remain resilient despite 12 interest rate since May last year tempt the RBA to hike rates once again?
Bets are rising for another interest rate rise next week after better-than-expected retail sales figures out yesterday.
The outcome complicates the Reserve Bank's decision on signs that 12 rate rises since May last year are yet to work their way through the economy and dampen inflation.
Economists are divided on whether a sharp fall in monthly inflation could give the Reserve Bank an opportunity to leave interest rates steady at next week's meeting. Research of 570,000 National Australia Bank customers found that while borrowers are resilient, they're saving an average $286 a month by cutting back on restaurants, coffees, lunches, movies and food delivery services. Featured: Jim Chalmers, Federal Treasurer
The latest monthly consumer price indicator shows inflation fell sharply to 5.6 per cent over the 12 months to May, down from 6.8 per cent in April. A large fall in the cost of fuel, reversing a sharp rise in April, was the biggest downwards contributor to prices. Cooling inflation could allow the Reserve Bank to leave interest rates steady after 12 hikes since May last year.
After more than a year of surging inflation, could the turning point be finally in sight? The latest inflation data will influence whether the Reserve Bank holds off on another interest rate rise. Reporter: Peter Ryan, Senior business correspondent
It's taken a while despite 12 interest rate rises since May last year, but investment bank UBS there are growing signs that Australian consumers are close to their breaking point.
But will that stop the Reserve Bank for delivering even more rate rises?
Also, NSW Liberal senator Andrew Bragg warns the expected axing of RBA governor Philip Lowe during a hiking cycle could damage the central bank's independence.
PWC Australia acting chief executive Kristin Stubbins has fronted a NSW parliamentary committee to apologise for the tax leak scandal flagging "severe consequences" for those involved. Ms Stubbins said the sale of PWC's government business was critical in rebuilding trust and confidence while protected up to 2000 staff. Analysis from ABC's Peter Ryan. Featured: Kristin Stubbins, PWC Australia acting chief executive; Mark Buttigieg, Labor committee member
The future of the consulting firm PWC remains under cloud with a new chief executive Kevin Burrowes being parachuted in from Singapore to rebuild the damaged business.
But is that going to help with the survival of PWC's broader business even though its government consulting arm is being sold off to private equity firm Allegro - for just one dollar.
The future of Reserve Bank governor Philip Lowe remains under a cloud with his chances of being appointed for a second term looking increasingly unlikely. But as the axe hangs over Mr Lowe's long career there's still no word on who might replace him - and inherit the risk of a recession by the end of the year. Reporter: Peter Ryan, Senior business correspondent Featured: Tim Harcourt, UTS chief economist; Warren Hogan, economic adviser, Judo Bank.
The future of Reserve Bank governor Philip Lowe remains under a cloud with his chances of being appointed for a second term looking increasingly unlikely. But as the axe hangs over Mr Lowe's long career there's still no word on who might replace him - and inherit the risk of a recession by the end of the year. Reporter: Peter Ryan, Senior business correspondent Featured: Tim Harcourt, UTS chief economist; Warren Hogan, economic adviser, Judo Bank.
Global consultancy giant PwC has been accused of a calculated breach of trust over a confidentiality breach that leaked plans for a multinational tax crackdown. A senate committee says PwC's desire to "aggressively monetise" information trumped obligation to the taxpayers. Reporter: Peter Ryan, Senior business correspondent
Reserve Bank deputy governor Michelle Bullock warns the jobless rate might need to spike to 4.7 percent to tame inflation. Suggestions that 140,000 jobs might be at risk has angered unions who say surging corporate profits are to blame.
Reporter: Peter Ryan, Senior business correspondent Featured: Michelle Bullock, Reserve Bank deputy governor; Zach Smith, CFMEU, national secretary
If you're doing it tough already from the higher cost of living, here's some news that won't necessarily make your day.
The Reserve Bank is warning that around 140,000 people might need to lose their job as part of the campaign to pull inflation lower.
Also is the demise of Fantales a publicity stunt to save the demise of an iconic Australian brand?
It might not have exactly been a line-ball decision -- but the Reserve Bank board has today revealed it went to the brink of leaving official interest rates on hold a fortnight ago..
Instead -- the board opted for another hike on fears that inflation could become entrenched.
The minutes from the Board's most recent meeting ago reveal a "finely balanced decision" based on worries that not acting aggressively now could lead to heavy job losses down the track.
At the moment, anything to do with interest rates and the economy is of massive interest given the risks of a recession by the end of the year.
And this morning we'll see the minutes from the Reserve Bank's most recent meeting which could provide some clues on when the next interest rate rise might be.
It might not feel like it, but Australia's economy looks resilient enough to withstand a looming downturn that might trigger a recession by the end of the year. Reporter: Peter Ryan, Senior business correspondent
It might not feel like it, but Australia's economy looks resilient enough to withstand a looming downturn that might trigger a recession by the end of the year.
That's the optimistic view from Treasurer Jim Chalmers who's pointed to strong surprisingly strong jobs growth - even though that is likely to force more interest rate rises.
Get set for at least one more interest rate rise after Australia's jobless rate unexpectedly fell last month.
The surprisingly strong jobs market has rattled some economists who thought the unemployment rate would tick higher under the pressure of aggressive rate rises.
So where to from here?
There's been a surprise fall in Australia's official unemployment rate despite the impact of aggressive interest rate rises on the economy. The jobless ticked down to 3.6 percent last month with 75,900 new jobs created putting more pressure on the Reserve Bank to keep raising rates to slow the economy.
Reporter: Peter Ryan, Senior business correspondent Featured: Alan Oster, chief economist, National Australia Bank
After ten interest rate rises in a year, the US Federal Reserve has pressed the pause button on what's been an aggressive campaign to tame runaway inflation. But the reprieve might short-lived with Fed chairman Jerome Powell warning inflation remains problematic meaning there could be more hikes this year.
Reporter: Peter Ryan, Senior business correspondent Featured: Jerome Powell, chair, US Federal Reserve
Some good economic news this morning with the pace of inflation continuing to slow in the United States.
But will it be enough to convince the US Federal Reserve to slow down or even pause its so-far aggressive rare rising campaign to tame inflation?
Also - Sir Paul McCartney says AI is being used to bring a John Lennon demo back to life for the "final" song by The Beatles.
Highly-indebted Australian households are set to come under even more pressure with the Reserve Bank signalling it's not yet done with its aggressive rating rising campaign. That's the warning from Judo Bank chief executive Joseph Healy who says while business banking clients look resilient, regular residential borrowers are at greatest risk as economists start predicting a recession by the end of the year.
Work in the disability community has also been recognised in this years King's Birthday Honours.
Tracey Corbin-Matchett has received an O A M for her work as chief executive of Bus Stop Films.
It's a not for profit film school and production company that raises the profile of people with disabilities and other marginalised groups.
Tracey Corbin-Matchett speaks with the ABC's Nas Campanella.
Evidence is growing that Australia might fall into a recession later this year under the weight of aggressive interest rate rises from the Reserve Bank.
And the signs are getting ominous after weak economic data last week prompted the Commonwealth Bank to downgrade its forecasts - now seeing a 50 percent chance of a recession.
Fears of a recession are growing after a rough week for the economy. Another interest rate rise - and the risk of more to come - has sharemarket investors nervous on evidence that consumers are slashing household budgets. So how much more can households take? Reporter: Peter Ryan, ABC Senior Business Correspondent Featured: Andrew Mitchell, Ofhir Asset Management
As twelve interest rates rises since May last year begin to lash the economy, there's more evidence that borrowers are under increasing stress from surging repayments. Global investment bank UBS thinks that in addition to borrowers being stressed, major banks might also soon come under pressure if households can't meet their mortgage commitments. I speak with UBS head of banking research John Storey.
Cashed-up downsizers go "mortgage free" as generational divide widens. I speak on ABC Newsradio by Peter Ryan
Despite 12 interest rates since May last year, a quarter of all residential properties were bought outright with cash last year according to the digital settlements company PEXA. That might surprise or upset many people struggling to pay their mortgage, but the shift of downsizers to regional Australia is a significant demographic shift that highlights the generational divide. Reporter: Peter Ryan, Senior business correspondent Featured: Mike Gill, Head of research, PEXA
Australia's economy is rapidly slowing under the pressure what's now twelve Reserve Bank interest rate rises since May last year. The Australian Bureau of Statistics shows household spending as been hit with consumers focussing in essential items. Reporter: ABC Senior Business Correspondent Peter Ryan Featured: Philip Lowe, Reserve Bank governor
After the 12th interest rate rise in 13 months, the pain for Australian borrowers is getting worse and there's little hope of a reprieve in the coming months.
So just when will the Reserve Bank's campaign against inflation end and cost the aggressive rates strategy trigger a recession?
Also Jim Chalmers announces the demise of the cheque and says there'll be history by 2030.
The Reserve Bank has delivered on bets by raising the cash rate by 0.25 percentage points to 4.1 percent.RBA governor Philip Lowe warns while inflation has peaked, at 7 percent on the most recent quarterly reading it's still too high.Here's my breaking news coverage on the Perth edition of The World Today.
It's another tense day ahead for anyone struggling with rising mortgage repayments.
The Reserve Bank might be about to add to the pain at today's monthly meeting with what could be the 12th interest rate rise since May last year.
It's another big week for economic news with the Reserve Bank board meeting tomorrow to gauge the impact of eleven interest rate rises since May last year.With inflation still running hot, the RBA looks like being on a knife edge about about the need to raise rates once again.
Millions of low income workers struggling with the surging cost of living are about to get some long-awaited relief with the Fair Work Commission delivering a minimum wage increase of 5.75 percent from the first of July. The wages boost is less than unions had demanded but in making the decision, the Commission it won't cause a wages brackout and end up fuelling inflation. Reporter: ABC Senior Business Correspondent Peter RyanFeatured: Adam Hatcher, president, Fair Work Commission; Andrew McKellar, CEO, Australian Chamber of Commerce & Industry; Sally McManus, secretary, ACTU
Millions of low income workers struggling with the surging cost of living are about to get some long-awaited relief.The Fair Work Commission has just announced workers on the minimum wage will get a percent increase from the first of July.The decision to ensure the minimum wages keeps up with inflation has been broadly welcomed and it unlikely to fuel inflation.
Millions of low income workers struggling with the surging cost of living will be could get some relief later this morning when the Fair Work Commission reveals it's latest decision on the minimum wage. Some economists are predicting an increase of seven percent so minumum wages keep up with inflation. But Brian Redican chief economist at T-Corp says any surprise increase above seven percent could fuel inflation and worry the Reserve Bank. Reporter: ABC Senior Business Correspondent Peter RyanFeatured: Brian Redican, chief economist, T-Corp at NSW Treasury Corporation
Another powerful government department is the latest to review its relationship with PwC as the scandal over its confidentiality breaches continues to escalate. Department of Industry secretary Meghan Quinn has asked PwC for assurances that it has been acting ethically. Meanwhile, PwC isn't the only company under fire for shoddy practices with mining giant BHP admitting to massive worker underpayments. Reporter: ABC Senior Business Correspondent Peter Ryan Featured: Meghan Quinn, secretary, Department of Industry, Penny Allman-Payne, Greens senator
Greens senator Barbara Pocock grills Tax Practicioners Board chairman Peter de Cure about the two year ban imposed on disgraced PWC partner Peter-John Collins.Senator Pocock says Mr Collins should have been hit with the maximum five year ban and questions the composition of the Tax Practicioners Board which includes two former PWC partners.
In more evidence about the wide reach of PwC, Reserve Bank governor Philip Lowe has revealed he's one of the scandal-plagued consulting firm's many clients. Appearing before Senate Estimates, Mr Lowe confirmed PwC is helping to resolve worker underpayments at the RBA but says he's appalled at the firm's behaviour and that there should be "serious consequences".Reporter: ABC Senior Business Correspondent Peter RyanFeatured: Philip Lowe, Reserve Bank governor; Nick McKimm, Greens senator; Deborah O'Neill, Labor senator
The scandal at the embattled consultancy firm P-W-C is getting murkier by the day.The latest revelation is that the Australian Federal Police was tipped off about a leak of confidential tax information five years ago - but an investigation never got off the ground because of complex secrecy rules.Former head of the Banking Royal Commission Kenneth Hayne - without directly referring to PwC - said financial services firms still out their own interests ahead of clients.
If not so serious, I'd call it theatre. The PWC scandal dominates Senate Estimates. I speak on RN Drive with Andy Park
The Crown Resorts casino empire is bracing for a 450 million dollar fine that's been negotiated with the financial crime agency AUSTRAC.
The proposed penalty - if signed off by the Federal Court - would be one of the biggest in Australian corporate history and ends damaging legal action over anti money laundering breaches and evidence of links with criminal gangs.
The global consulting firm PwC has been under fire once again today with a string of emails revealing the depth of confidentiality breaches over changes to tax avoidance laws back in 2015.
Taking questions during a senate estimates hearing, Treasury secretary said PwC's exploitation of a secret briefing is "clearly disturbing" and was a major factor in asking the Federal Police to consider a criminal investigation.
The heat is turning up on the embattled consulting giant PwC as pressure grows for the firm to be banned from all government business.That's despite PwC putting nine partners on immediate leave and the firm's acting chief executive apologising for confidentiality breaches about a multinational tax avoidance crackdown.
The global advisory firm PwC has moved to stem the damage from a massive confidentiality breach that has become a full blown crisis.PwC is putting more partners on "leave" and is working to ringfence lucrative government business in a bid to salvage the firm's reputation.
The global advisory firm PwC is preparing for another week of damage control with no let-up in calls for it to be banned from all federal government consulting work.With a scandal over confidentiality breaches now being investigated by the Federal Police, the next few days will see the heat continue for PwC during Senate Estimates hearings.Australian Naval Infrastructure boss Andrew Seaton confirmed PwC has two contract with the agency but said there was no access to top secret information on the nuclear submarines program.
As the crisis at PwC deepens, pressure is growing for the consulting giant to be banned from all federal government work as a Federal police investigation gets underway.But how realistic is that given the enormous reach of P-W-C into almost every level of government?Finance Minister Katy Gallagher has pushed back on suggestion for an outright ban on PwC.
The Australian Federal Police has been asked to consider a criminal investigation into a former partner at the consulting firm PwC, who allegedly improperly used confidential Treasury tax information.Reporter: Peter Ryan, ABC senior business correspondentFeatured: Tom Ravlic, investigative author and former policy adviser
The long-running deadlock over raising the debt ceiling in the United States looks set to go down to the wire as financial markets grow increasingly nervous about what could be a catastrophic debt default.The US government remains on track to run out of cash as early as next week taking the impasse from a political fight in Washington to freezing the transmission of money for everyday services Americans take for granted.
ABC News On Demand - Facebook slapped with massive fine for EU data breach by Peter Ryan
Facebook's parent company Meta has been slapped with an almost $2bn fine for privacy breaches, because it transferred user data gathered in the European Union, back to its US head office.Reporter: Peter Ryan, Senior business correspondent
Facebook's parent company Meta has been slapped with a US$1.2 billion (A$1.8 billion) fine for privacy breaches, because it transferred user data gathered in the European Union, back to its US head office.Reporter: Peter Ryan, Senior business correspondent
Buy now, pay later providers will face tough new regulations as part of a federal government crackdown on the sector. Providers will be required to have a credit licence and have processes to handle disputes and hardship claims.Reporter: Peter Ryan, senior business correspondentFeatured:Stephen Jones, Assistant Treasurer and Financial Services Minister; Peter Gray, ZIP co-founder
Buy now, pay later providers will face tough new regulations as part of a federal government crackdown on the sector. Providers will be required to have a credit licence and have processes to handle disputes and hardship claims.Reporter: Peter Ryan, senior business correspondentFeatured: Stephen Jones, Assistant Treasurer and Financial Services Minister; Peter Gray, ZIP co-founder
As the scandal over confidentiality breaches by PwC intensifies, pressure is growing on the corporate watchdog to properly investigate. Liberal senator Andrew Bragg says the Australian Securities & Investments Commission and other regulators have failed to rein in white collar crime and that consuting firms like PwC are "getting away with murder".
As the scandal over confidentiality breaches by PwC intensifies, pressure is growing on the corporate watchdog to properly investigate. Liberal senator Andrew Bragg says the Australian Securities & Investments Commission and other regulators have failed to rein in white collar crime and that consuting firms like PwC are "getting away with murder".Reporter: ABC Senior Business Correspondent Peter RyanFeatured: Andrew Bragg, Liberal senator, chair - economics references committee
Australia's employment market appears to hit a turning point with the official jobless rate ticking higher last month to 3.7 percent.But will signs of a softening economy temper the Reserve Bank's appetite for another interest rate rise?
There'll be a lot of attention on official employment data out later this morning - and whether that tempers the Reserve Bank's mood for another interest rate rise.
Labor senator Deborah O'Neill wants to name all PwC partners implicated in the tax leak scandal and says criminal penalties should be considered to deal with what she calls theft and deception from Australian taxpayers. Former ACCC chairman Allan Fels says the PwC scandal reginites debate over whether to separate auditing and advisory arms at Big 4 consulting firms.Reporter: ABC Senior Business Correspondent Peter RyanFeatured: Deborah O'Neill, Labor senator; Professor Allan Fels, former ACCC chairman
As the PwC tax leak scandal intensifies, Labor Senator Deborah O'Neill says the internal review by former Telstra CEO Ziggy Switkowski lacks credibility given that he's on the consulting giant's payroll. Senator O'Neill says all sanctions including criminal charges need to be considered given PwC's alleged confidentiality breach.Reporter: ABC Senior Business Correspondent Peter RyanFeatured: Deborah O'Neill, Labor senator
The crisis engulfing the global consulting firm PwC is deepening amid allegations that it misused confidential information to help clients to work around anti-tax avoidance laws. Chief executive Tom Seymour is an early casualty and will retire early with former Telstra CEO Ziggy Switkowski leading an internal investigation. I speak with Ian Ramsay, emeritus professor, University of Melbourne.
The crisis engulfing the global consulting firm PwC is deepening amid allegations that it misused confidential information to help clients to "work around" anti-tax avoidance laws. Chief executive Tom Seymour is exiting the firm and former Telstra CEO Ziggy Switkowski will lead an internal investigation. Transparency International chief executive Clancy Moore says the PwC scandal should be probed by the national anti-corruption commission.Reporter: ABC Senior Business Correspondent Peter RyanFeatured: Clancy Moore, chief executive, Transparency InternationalKeywords: podcast,
We're almost a week after the federal budget, and as the rubber hits the road, it's a big week for economic news.There'll be key updates on wages growth and employment over the next few days which could tell us more about inflation and whether the Reserve Bank has an appetite for another interest rate rise.
Just how far would the Reserve Bank go with interest rate rises in its crusade to tame surging inflation? One scenario modelled by the RBA is pushing that cash rate as high as 4.8 percent to get inflation back below three percent. The outcome would almost certainly be a deep recession but economists think the extreme scenario is unlikely.Reporter: ABC Senior Business Correspondent Peter RyanFeatured: Gareth Aird, Commonwealth Bank; David Bassanese, Betashares
The Reserve Bank's crusade to tame inflation could trigger a recession at the cost of hundreds of thousands of jobs. That's the prediction from within the RBA based on modelling where the cash rate rises aggressively to 4.8 percent. The startling scenario comes days after the federal budget and concerns that big spending could fuel inflation and pressure the RBA to keep raising rates.Reporter: ABC Senior Business Correspondent Peter Ryan
After what feels like an era of surging prices in the United States, it looks as though the scourge of inflation is rapidly easing.Consumer prices have slowed to below five percent for the first time in two years raising hope the US Federal Reserve might ease it's so far aggressive interest rate rises.And Jim Chalmers enlists some big economic names to quell fears his budget spending will fuel inflation.
Behind the political spin of a $4.2 billion temporary surplus for 2022/2023, there are concerns the Budget is a missed opportunity for real action on budget repair. Former Treasury official Stephen Anthony warns the Budget fails to deliver much-needed economic reform while running the risk of fuelling inflation and even more Reserve Bank interest rate rises. Reporter: ABC Senior Business Correspondent Peter RyanFeatured: Stephen Anthony, former Treasury official; Jo Masters, chief economist, Barrenjoey
Behind the political spin of a $4.2 billion temporary surplus for 2022/2023, there are concerns the Budget is a missed opportunity for real action on budget repair. Former Treasury official Stephen Anthony warns the Budget fails to deliver much-needed economic reform while running the risk of fuelling inflation and even more Reserve Bank interest rate rises. Reporter: ABC Senior Business Correspondent Peter RyanFeatured: Stephen Anthony, former Treasury official
Peter Ryan's Budget take - missed opportunity that will worry Reserve Bank by Peter Ryan
Behind the political spin of a $4.2 billion temporary surplus for 2022/2023, there are concerns the Budget is a missed opportunity for real action on budget repair. Former Treasury official Stephen Anthony warns the Budget fails to deliver much-needed economic reform while running the risk of fuelling inflation and even more Reserve Bank interest rate rises. Reporter: ABC Senior Business Correspondent Peter RyanFeatured: Stephen Anthony, former Treasury officialKeywords: podcast,
After days of speculation there's now confirmation that the federal budget could be back in surplus for the first time in 15 years.When he delivers his budget speech tonight, Treasurer Jim Chalmers will forecast a slender surplus of around $4 billion for this financial year.While the budget might be back in the black, it's only going to be temporary and Shadow Treasurer Angus Taylor says a "drover's dog" could deliver a surplus.While the budget might be back in the black, it's only going to be temporary
Westpac has recorded a $4 billion half year net profit, up 22% compared to this time last year. But chief executive Peter King predicts the economy will continue to slow this year with households and businesses about to feel the full force of mortgage stress from higher interest rates.Reporter: ABC Senior Business Correspondent Peter RyanFeatured: Peter King, Westpac chief executive; Nerida Conisbee, chief economist, Ray White
It's Budget eve and with a day to go, the announcements are running thick and fast.Treasurer Jim Chalmers is about to deliver his second Budget and has revealed it will contain cost of living relief to households worth almost $14.6 billion over four years.But what else could the Budget contain and will there be any surprises?
The Reserve Bank has downgraded its forecasts for Australia's economy as the impact of aggressive interest rate rises to fight inflation begins to take its toll.Economic growth is expected a slow to just 1.25pc percent by the end of the year with unemployment on track to tick higher.So how close might Australia go to a recession?My analysis from RBA headquarters in Sydney.
Nerves are starting to ratchet higher that a regional banking failures in the United States could morph into a full-blown crisis in the world's biggest economy.Wall Street stocks ended lower this morning as the fears the health of two small banks add to concerns that the US might fall into a recession later this year.
National Australia Bank chief executive Ross McEwan says there are still few signs of mortgage stress despite eleven interest rate rises over the past year. But Mr McEwan says there's evidence that households in general are hurting from the rising cost of living and cutting budgets to make ends meet. NAB has delivered a bumper half year profit of $4 billion dollars while noting the impact from Reserve Bank rate hikes was more evident.
Treasurer Jim Chalmers is under growing pressure to provide relief to struggling areas of society when he delivers the Federal Budget next Tuesday.One contentious area is the Jobseeker payment and whether that can be raised to a liveable level to deal with the rising cost of living.The treasury forecaster Deloitte Access Economics is the latest number cruncher to say Jim Chalmers needs to "do it".
Reserve Bank rates decision to be "a close call" but pause likely to continue by Peter Ryan
Philip Lowe warns more rate hikes might be needed - I speak on ABC Newsradio by Peter Ryan
Reserve Bank rates shock - breaking news for Perth edition of The World Today by Peter Ryan
Reserve Bank governor Philip Lowe has refused to rule out another interest rate rise after yesterday's shock hike of a 0.25 percentage point stunned economists and financial markets. Mr Lowe has reiterated that inflation remains public enemy number one warning the central bank will act again to ensure higher consumer prices don't become entrenched in the nation's psychology.
After months of speculation, Qantas has named a successor to chief executive Alan Joyce who's leaving the airline after fifteen turbulent years in one of aviation's hottest seats. Vanessa Hudson - currently chief financial officer at Qantas - will become the airline's first female CEO when Alan Joyce steps down at the end of the year.
A week out from the Federal Budget, there are optimistic forecasts that Treasurer Jim Chalmers might find himself with a small though one-off surplus by the end of the year. But economist Chris Richarson tells AM the good fortune from windfall commodity prices will be shortlived as the federal government grapples with spending blowouts for programs like the NDIS.Reporter: ABC Senior Business Correspondent Peter RyanFeatured: Chris Richardson, independent economist
One of the world's biggest cybersecurity firms is warning that outdated technologies leave Australian businesses exposed to cyber attacks from criminal groups and hostile states. Blackberry - once known for it's early smartphones in the pre Iphone era - is now in the business of thwarting cyber attacks and warns Australia is more than vulnerable than ever to cyber attacks from hostile nationals and criminal groups. Blackberry president of cybersecurity speaks with ABC's Peter Ryan.Reporter: ABC Senior Business Correspondent Peter RyanFeatured: John Giamatteo, president cybersecurity, Blackberry Inc.
Fears continue to simmer about part of the banking sector in the Untied States as another small bank goes to the edge of financial oblivion.This time it's the San Francisco-based First Republic Bank which has been smashed on Wall Street after the US government said it wouldn't step in with a rescue.
Australia's inflation rate has fallen from its December peak, with annual price increases of 7 per cent for the year to March, down from 7.8 per cent. But with inflation still well above the Reserve Bank's 2 to 3 percent target, another interest rate rise next week at looking likely.Reporter: ABC Senior Business Correspondent Peter RyanFeatured: Cherelle Murphy, economist, EY
There’ll be an enormous focus on the economy later today when official data could confirm inflation is continuing to fall.Any sign that prices falls can be sustained will put pressure on the Reserve Bank to leave official interest rates on hold at next Tuesday's board meeting.
All eyes will be on the latest inflation data out this week and whether there's more confirmation that inflation is continuing to fall.Any surprise outcome in Wednesday's quarterly CPI updatew where inflation ticks higher or remains stubborn could be the trigger for another interest rate as early as next week.
With the Reserve Bank getting the biggest shakeup in decades, you might be wondering what it means for interest rates and higher mortgage repayments.The answer is "probably not much" - at least initially - with the changes expected to take not just months but a couple of years to implement.
So now that the much-anticipated review into the Reserve Bank has been released, how will the shakeup change the way interest rates are set and how life changing decisons are reached.
A scathing review has recommended the biggest overhaul of the Reserve Bank in three decades.The review has strongly criticised governor Philip Lowe's signal during pandemic that interest rates could stay near zero until 2024.It says Mr Lowe's comments carried a "significant reputational risk" despite signs of rising inflation and warnings the economy was bouncing back to life.The sharp rebuke - among a range of recommendations to reform the RBA - casts doubt on whether Philip Lowe will be reappointed for a second term.
Reserve Bank review critical of governor Philip Lowe's 2024 near rates signal by Peter Ryan
After nine months in the making, the much-anticipated review into the Reserve Bank will be released later this morning.An independent panel is likely to recommend a dramatic shakeup in the way the RBA operates - overhauling the RBA board and members who've signed off on ten consectutive interest rate rises since May.The findings of the review could also disrupt the career RBA governor Philip Lowe after his ill-fated comment the interest rates would stay near zero until 2024.
Pressure is growing on the federal government to toughen up money laundering laws to force real estate agents, lawyers and accountants to declare suspicious cash transactions. Australia is one of the few economies in the developed world that hasn't cracked down on those sectors exposed to money laundering despite allegations that the hot real estate make has been exploited to wash dirty cash.
Pressure is growing on the federal government to tighten up money laundering laws to force real estate agents, lawyers and accountants to declare suspicious cash transactions to the financial crime agency.Australia is one of the few economies in the developed world that don't have tough money laundering laws - despite allegations that the hot real estate make has been exploited to wash dirty cash.I speak with Milan Cooper chief executive of anti-money laundering compliance firm First AML.
The Reserve Bank has revealed that its decision to pause interest rate hikes, a fortnight ago was a close call ... while warning that more rate hikes could still be needed to tame inflation.The minutes from it's most recent meeting show members debated whether impose another rate rise ... but ultimately held off to consider the impact ten consecutive rate rises have already had on the economy.Our senior business correspondent Peter Ryan has been going through the minutes at the RBA's Sydney headquarters and we spoke a short time ago.
A top economic forecaster is warning the Reserve Bank is tempting fate with more interest rate rises and predicts the hikes delivered so far will plunge Australia into a consumer recession later this year. Deloitte Access Economics partner Stephen Smith says the nation is facing the weakest economic growth since the 1990s recession with households reeling from the twin fronts of higher mortgage repayments and surging rents.
The consumer watchdog has revealed an alarming rise in scams with unsuspecting Australians fleeced of $3.1 billion last year.That's a staggering 80 percent increase from 2021 with the bulk of losses from dodgy investment scams that sound authentic as crooks become more sophisticated.
"the global economy is a precarious place right now" - Treasurer Jim Chalmers says Reserve Bank will weigh world recession risks as it considers hot jobs market and potential May rate rise. But it's not all gloom as US producer inflation falls faster than expected. And get ready for a "Measuring What Matters" statement that will be released after the May 9 budget.
Australia's jobs market continues to run hot despite the impact of ten consecutive interest rate rises. Official figures show that rather than ticking higher to 3.6pc in March, the unemployment rate remained steady at a 50 year low of 3.5pc. With the labour force still strong, what will this do to the Reserve Bank's hopes to maintain it's interest rates "pause"? Analysis from ABC's Peter Ryan.
Economists will be watching official employment numbers out later this morning for an update on what is still a very hot jobs market.That's despite ten consecutive interest rate rises to cool Australia's economy.So what role will these jobs numbers play in whether the Reserve Bank decides to continue with its current freeze on interest rates?
The International Monetary Fund is warning that the risk of recession in many countries is growing as rising interest rates and fears of a banking crisis rock the global economy. Australia won't be spared from any fallout with economic growth downgraded to 1.6 percent this year providing a bleak backdrop to next month's Federal Budget.Reporter: ABC Senior Business Correspondent Peter RyanFeatured: Pierre-Olivier Gourichas, IMF chief economistKeywords: podcast, Male: Female: Non-Binary: CALD: Indigenous Australians: Disability:
The International Monetary Fund is warning that the risk of recession in many countries is growing as rising interest rates and fears of a banking crisis rock the global economy. Australia won't be spared from any fallout with economic growth downgraded to 1.6 percent this year providing a bleak backdrop to next month's Federal Budget.Reporter: ABC Senior Business Correspondent Peter RyanFeatured: Pierre-Olivier Gourichas, IMF chief economistKeywords: podcast, Male: Female: Non-Binary: CALD: Indigenous Australians: Disability:
With the Federal Budget just a month away, Treasurer Jim Chalmers is continuing to warn of the worst global growth conditions in thirty years. And that inevitably means hard spending decisions will be outlined in the Budget papers as the task of "budget repair" looms larges after massive debt built up during the pandemic.
The Reserve Bank is warning of uncertain times ahead for the global financial system as shockwaves continue from the collapse of small banks in the United States and the demise of the banking giant Credit Suisse.The RBA says Australia’s banks are safe but sees new risks from global jitters especially how easy it is these says for anxious depositors to withdraw cash electronically rather than queuing up for a traditional “run” on a bank.
Reserve Bank governor Philip Lowe confirms he will receive briefings from charities and financial counsellors to gauge the pain from aggressive interest rate rises.But Mr Lowe is standing firm on the need to raise interest rates saying there would be even tougher action if inflation is allowed to get out of control.
Anyone with a big mortgage - even a small one - might be breathing a little easier after the Reserve Bank decided to freeze its main interest rate yesterday.But how relaxed should people really be given that inflation remains a big problem even though it appears to be falling?
RBA freezes rates but warns of more hikes to come. I speak with Steve Austin on ABC Brisbane. by Peter Ryan
Rates pause. But for how long? I speak with Steve Austin on ABC Radio Brisbane. by Peter Ryan
The rates pause that doesn't necessarily refresh - I speak with Andy Park on RN Drive by Peter Ryan
Will they or won't they? That's the big question as the Reserve Bank considers a possible "pause" in what to date has been an agggressive interest rate hiking strategy. Economists are split on whether there'll be another rate rise when the RBA board meet with ANZ and National Australia Bank tipping another hike to 3.85pc.
Hopes are growing that after ten consecutive interest rate rises, the Reserve Bank might hit the brakes on more hikes at today's closely-watched board meeting.But there could be a nasty sting in the tail with surging oil prices likely to create additional bill shock at the petrol bowser meaning more cost of living pain down the track for businesses and consumers. Also it's now 50 years since the first mobile phone call.
Will they or won't they?That's the big question as the Reserve Bank considers a possible "pause" in its so-far agggressive interest rate hiking strategy - ten in a row since last May.Economists are split on whether we'll get another rate rise when the RBA board meets tomorrow - so no doubt a lot of anticipation given soaring mortgage repayments and widespread bill shock from the higher cost of living.
The head of Australia's banking regulator has declared local banks are safe and ready to withstand any fallout from a wider financial crisis in the United States.The latest reassurance comes as the US Treasury Secretary is being pressured to introduce a "blanket" guarantee to restore confidence that all bank deposits are protected.
The rising cost of living has plunged many households into crisis over the past year especially with surging mortgage repayments from higher interest rates.But could inflation now be at a turning point to allow the Reserve Bank to consider pausing it's so-far aggressive rate rising strategy?Official figures out this lunchtime show monthly inflation is beginning to ease - but will that be enough for rates freeze at next week's RBA board meeting?
ABC Newsradio - Bank customers warned on rise of highly sophisticated scammers by Peter Ryan
Most people have almost certainly received unsolicated text messages, emails or direct phone calls from scammers claiming to be from banks.Now there's a major warning from the consumer watchdog that bank impersonation scams are becoming increasingly sophisticated and that crooks are using the latest technology to trick victims into handing over private personal information - which saw one man allow half a million dollars to be drained from his bank account.To get an idea of just how convincing these scams are - take a listen to this excerpt from a call intercepted by Westpac when a customer was almost conned by a very realistic call before realising it was probably a scam.
On Demand - Philip Lowe career on the line with Reserve Bank review to recommend seismic shakeup by Peter Ryan
After more than six months in the making, the much anticipated review into the Reserve Bank will be handed to Treasurer Jim Chalmers later today. The independent probe is likely to recommend a dramatic shakeup in the way the RBA operates and could overhaul the role of the RBA board members who've signed off on ten consectutive interest rate rises since May. ABC's Peter Ryan says the findings of the review could also end the career RBA governor Philip Lowe after his ill-fated comment the interest rates would stay near zero until 2024.
The ACCC is warning bank customers that highly sophisticated scammers impersonating top financial instituions drained $20 million from accounts in 2022 alone.ACCC deputy chair Catriona Lowe says one man handed over more than $500,000 when a scammer conned him into transfering cash to another account.
The ACCC is warning bank customers that highly sophisticated scammers impersonating top financial instituions drained $20 million from accounts in 2022 alone.ACCC deputy chair Catriona Lowe says one man handed over more than $500,000 when a scammer conned him into transfering cash to another account.
The official measure of inflation has fallen for the second month in a row, easing pressure on the Reserve Bank to hike interest rates next week. The Bureau of Statistics says inflation rise 6.8 percent in the 12 months to February adding to softer retail sales released yesterday.
All eyes will be on the latest official inflation figures out later this morning (1130 AEDT.There'll be particular nervousness from families doing it tough from the rising cost of living and chronic bill shock at the supermarket checkout or petrol bowser.So what are the chances of inflation falling which might allow the Reserve Bank to consider pausing it's aggressive interest rate rising strategy?
The head of Australia's banking regulator has declared local banks are safe and ready to withstand any fallout from a wider financial crisis in the United States.The reassurance comes after the collapse of the Silicon Valley Bank in California triggered last week's demise of the global banking giant Credit Suisse.But nerves remain high with the US Treasury Secretary under pressure to introduce a "blanket" guarantee so all bank deposits are protected.
Fears about a US banking crisis ease after First Citizens Bank buys deposits & loans from the failed SVB Bank. US Treasury Secretary Janet Yellen is under pressure to provide a "blanket" guarantee to banks. But does that risk "moral hazard" where taxpayers bankroll banking bets?
After a week of rising concerns about a global banking crisis after the collapse and rescue of Credit Suisse, the focus is now on the stability of Germany's Deutsche Bank. But despite fears of trouble spreading across the US and Europe, ANZ Bank chief executive Shayne Elliott doesn't see a repeat of the global financial crisis fifteen years ago.
Wall Street stocks have ended higher as fears ease about a wider financial crisis after this week's multi-billion dollar rescue of the Swiss banking giant Credit Suisse.Attention is now on the US Federal Reserve and whether it might pull back on the pace of further interest rate hikes to underpin certainty in the global financial system.And there are questions here in Australia about whether tremors from the Credit Suisse collapse while force the Reserve Bank to finally "pause" it rate rising strategy.I'm joined now by the ABC's senior business correspondent Peter Ryan.
There's more evidence this morning that Reserve Bank interest rate hikes and steep rental increases continue to fuel a crisis for many Australian households.The economic think-tank CEDA warns low income households are being hit the hardest and will soon be spending more than 40 percent of their pay packets just putting a roof over their heads.I speak with CEDA senior economist Andrew Barker.
Australians are forking out a record share of their take home pay to meet mortgage repayments in the latest sign of rising anxiety for cash-strapped households. New research from ratings agency Moody's comes as the Reserve Bank governor signals a possible "pause" in interest rate rises. But there's no guarantee that rates won't go up again this year, with inflation still high.
Reserve Bank governor Philip Lowe has acknowledged for the first time that he's closer to pausing further interest rate rises. Mr Lowe has cited the pressure on households after ten consecutive interest rate rises eat into finances and take a record share of wages.So just when might the rate rises stop?
As households reel from the ten consecutive interest rate rise, there are signs that the Reserve Bank's aggressive rate hiking strategy might be closing to ending.Some economists think that although inflation remains high, it is likely to fall in the coming months and there's even speculation about an interest rate cut by the end of the year.Betashares chief economist David Bassanese says the hot tip is for a rate cut at the RBA's Melbourne Cup Day meeting.
The Reserve Bank - as expected - has delivered its tenth consecutive interest rate rise in the latest bid to contain inflation.But is the end in sight?I detect a subtle change in tone that could see rate cut in the first quarter of 2024.
Despite the household pain from rising mortgage stress, the Reserve Bank is on track to deliver its tenth consecutive interest rate hike later today. That would take the official cash rate to 3-point-6 percent - the highest in more than a decade.So how far will the RBA need to go in bringing inflation down?Westpac chief economist Bill Evans sees rate cuts next year if inflation falls to 4 percent.
The pain for anyone with a mortgage is likely to worsen tomorrow with the Reserve Bank almost certain to deliver the tenth consecutive interest rate rise tomorrow.But how long before the RBA sees the damage being inflicted on households and decides to "pause" its inflation fighting strategy?
If you're feeling the pinch from the higher cost of living at the moment, get ready for more pain.That's the sombre message from National Australia Bank boss McEwan who predicting more interest rates rises as the Reserve Bank ramps up the battle to tame inflation.
The union representing Australia Post workers is demanding a freeze on executive bonuses given the record decline in letter deliveries.What to do about the loss-making mail business has triggered a shakeup at Australia Post that could see letter deliveries reduced which of course puts a cloud over the future of the traditional "postie".I speak with Shane Murphy, national president of the Communications Workers Union.
Australia Post is being hauled into the 21st century as the federal government rushes to make it financially sustainable given the rapid decline in traditional letter deliveries. Putting up the price of postage stamps and cutting back daily letter deliveries are some of the ideas being floated as part of a survival plan for the institution.Reporter: Peter Ryan, Senior business correspondentFeatured: Paul Graham, Australia Post chief executive
Australia Post is being hauled into the 21st century as the federal government rushes to make it financially sustainable given the record decline in traditional letter deliveries.A discussion paper released today warns the institution needs a major shakeup and that its Community Service Obligation to ensure delivery of letters nationwide but especially rural and remote Australia is badly outdated.So what can Australia Post do to survive and adapt to change times?
Australia's economy grew 0.5 per cent in the final three months of 2022, according to Bureau of Statistics figures. While household spending continued to rise at the end of last year, the growth rate has started to slow in the face of rising interest rates and high inflation.
Not surprisingly, Australians with superannuation balances of more than three million dollars perceived as being wealthy are unhappy about paying more tax on their nest egg's earnings from mid-2025.While the sudden change is broadly welcomed as necessary, there are complaints that the super goal posts have been moved on what's meant to be a long term investment.Tony Negline is superannuation leader from Chartered Accountants Australia & New Zealand - and he speaking with our senior business correspondent Peter Ryan.
In a surprise move, the Prime Minister has announced changes to superannuation tax breaks that will see high income earners receive less generous tax concessions.In what's been described as a "modest" move, earnings on super funds worth more than three million dollars will pay more tax - 30 percent up from 15pc.
Treasurer Jim Chalmers releases "revamped" Tax Expenditures & Insights Statement, noting that that superannuation tax breaks cost the Budget $50 billion a year. Appears the softening up for super "tweaks" is well underway @abcnews
A shakeup on the board of the Reserve Bank is starting to get underway ahead of a critical review that could shorten or even end the long career of governor Philip Lowe.Treasurer Jim Chalmers has confirmed that two board members - Wendy Craik and Mark Barnaba - won't be reappointed making way for wider boardroom "renewal" at the RBA later this year.I speak with economist Warren Hogan who says there must be consquences for bad RBA judgments.
$16 billion in lost superannuation. How and why? I speak with Steve Austin on ABC Radio Brisbane by Peter Ryan
The Australian Taxation Office says there's about $16 billion in lost or unclaimed superannuation accounts that could be a windall for some retirement nest eggs. ATO deputy commissioner Emma Rosenzweig says one in four Australians hold multiple super accounts which could be consolidated.Reporter: ABC Senior Business Correspondent Peter RyanFeatured: Emma Rosenzweig, ATO Deputy Commissioner
There's a big focus at the moment on plans by Treasurer Jim Chalmers to "tweak" Australia's $3.3 trillion dollar superannuuation system.While that's sparked a political fight over possible rule changes that could trim tax breaks for the wealthy, in the background there's around $16 billion in lost or unclaimed super that could be yours.I speak with ATO deputy commissioner Emma Rosenzweig who says "get your share".
Eighteen million cyber attacks a day.That's what Medibank Private is up against as it thwarts constant hacking attempts, similar to the one last year where customer data was stolen and put up for sale on the "dark web".
Qantas has revealed an extraordinary billion-dollar half-year-profit as it bounces back from huge losses racked up during the pandemic. The airline - which has been strongly criticised for delayed flights and lost baggage - is now in the midst of massive consumer demand, shrugging off concerns that higher living costs will make travellers think twice about jumping on a plane. The turnaround has also emboldened chief executive Alan Joyce who after 15 years in the job is rejecting calls for him to retire.
Qantas is expected to announce a big turnaround in profits later this morning as the airline bounces back from almost going to the brink during the pandemic.But what about the Qantas reputation which has been battered by flight delays and lost luggage - and how long will chief executive Alan Joyce stick around around 15 years in the job?
Wages grew by 0.8 percent in the most recent quarter making 3.3 percent over the year. But do consumers feel any richer as inflation bites and interest rates rise. Woolworths chief executive Brad Banducci says more families are eating at home and buying more chicken than meat. Dominos Pizza boss Don Mej says business remains bouyant despite the higher production and labour costs.
There’s a glimmer of hope that wage increases are emerging as households struggle to keep up with the rising cost of living. But will an expected lift in the Wage Price Index to be released at 1130 AEDT be a double-edged sword that will lock in at least two more interest rate rises?
Rates pressure bites; wages to rise but will only embolden RBA rate hiking path by Peter Ryan
It's been a tough week for the Reserve Bank governor Philip Lowe and he's back for a second round of parliamentary grillings later on this morning.One of the big questions is whether nine consecutive interest rate rises are starting to work, given evidence yesterday that Australia's jobless rate is ticking higher.Mr Lowe faces the house economics committee and where he'll be grilled again about how many more rate rises the economy can withstand. One of the MPs interrogating him is economist Andrew Charlton (one of Labor's rising stars and a former advisor to former Treasurer Wayne Swan). But Dr Charton says there's no doubt that Philip Lowe feels your pain
"It's not just me" - RBA governor Philip Lowe says if he's sacked, the whole board might go too by Peter Ryan
Reserve Bank governor Philip Lowe is continuing to resist calls for sacking or resignation as a high stakes parliamentary hearings gauge the pain from nine consecutive interest rate rises. Mr Lowe says there are more rate rises to come despite predicting in late 2020 that interest rates would stay close to zero until 2024. I speak to Commonwealth Bank chief executive Matt Comyn who sees "significant pain" from inflation, rising interest rates and falling house values.Reporter: ABC Senior Business Correspondent Peter RyanFeatured: Philip Lowe, Reserve Bank governor; Matt Comyn, Commonwealth Bank chief executiveKeywords: podcast,
Anyone wondering how they'll cope with surging mortgage repayments will be watching this morning's parliamentary grilling of Reserve Bank governor Philip Lowe.The embattled central bank boss will be under pressure to provide a "please explain" for nine consecutive interest rate rises to combat runaway inflation.
Commonwealth Bank chief executive Matt Comyn says some of the attacks on Reserve Bank governor Philip Lowe are "extreme, unwarranted and unedifying".The Commonwealth Bank has revealed a huge half year profit of $5.2 billion, up ten percent.But provisions for loan impairment expenses are up by $586 million as CBA braces for pressures from higher interest rates, growing mortgage repayments, and falling real estate values.Mr Comyn says households are feeling "significant strain", but he remains confident Australia will avoid a recession with a "soft economic landing"
How fair are calls for RBA gov Philip Lowe to be sacked? I speak with Andy Park on ABC RN Drive. by Peter Ryan
Analysis by ABC Senior Business Correspondent Peter RyanThe impact of nine consecutive interest rate rises is beginning to emerge in corporate Australia with electronics retailer JB Hi Fi reporting early signs of a consumer pullback. Also, can Reserve Bank governor Philip Lowe survive as calls grow louder for him to be sacked.
Analysis by ABC Senior Business Correspondent Peter RyanThe impact of nine consecutive interest rate rises is beginning to emerge in corporate Australia with electronics retailer JB Hi Fi reporting early signs of a consumer pullback. Also, can Reserve Bank governor Philip Lowe survive as calls grow louder for him to be sacked?
IAG chief executive Nick Hawkins says embattled Reserve Bank governor Philip Lowe has "a tough job" to do in aggressively hiking interest rates pulling down runaway inflation. The support comes as uncertainty surrounds Mr Lowe's reappointment after nine consecutive interest rates rises and criticism about his 2020 signal that interest rates would remain near zero until 2024.Reporter: ABC Senior Business Correspondent Peter RyanFeatured: Nick Hawkins, IAG chief executive
Pressure continues to grow on Reserve Bank governor Philip Lowe as clouds gather over his reappointment later this year. As Mr Lowe prepares to face two parliamentary inquiries his week, a survey shows 1 in 8 borrowers have missed a mortgage repayment in the past six months.
Analysis - RBA reckons inflation might have peaked in Dec but warns of more rates pain to come by Peter Ryan
Reserve Banks says inflation might fall late this year - but brace for more rates pain by Peter Ryan
RBA to update key economic forecasts amid hopes of falling inflation. I speak on ABC Newsradio. by Peter Ryan
Reserve Bank to update key economic forecasts. Will falling inflation signs ease rate hikes strategy?Here's my preview of the RBA's quarterly statement on monetary policy to be released this morning at 1130 AEDT.
AGL has posted a $1.1 billion half year loss as the energy gaint begins a shaky and uncertain journey in shutting down coal generation towards a renewables world. The energy giant has pledged to shut down fossil fuel plants well ahead of schedule by 2035 but at the same time is struggling with higher costs of coal and gas - which are being passed on to businesses and consumers. CEO Damien Nicks speaks to The World Today.
Not a popularity contest. But will RBA governor Phil Lowe be reappointed as recession risks rise? by Peter Ryan
Australia Post reels from record decline in letter deliveries, as losses slice $189.7m from half year bottom line. I speak with CEO Paul Graham who says the letters business will continue - but sees a tipping point in 5 to 10 years.
RBA hikes for ninth time since May. I speak with Steve Austin on ABC Brisbane. by Peter Ryan
Reserve Bank in ninth consecutive rate rise to 3.35pc, warns of more hikes to come by Peter Ryan
After eight consecutive interest rate rises last year, the Reserve Bank is set to inflict more pain on borrowers when it reveals its latest decision this afternoon. The question now is just how big that hike will be and whether the RBA goes for a "supersized" hike given that inflation continues to run hot. Reporter: ABC Senior Business Correspondent Peter RyanFeatured: Keywords: podcast, Male: Female: Non-Binary: CALD: Indigenous Australians: Disability:
After eight consecutive interest rate rises last year, the Reserve Bank is set to inflict more pain on borrowers when it reveals its latest decision this afternoon. The question now is just how big that hike will be and whether the RBA goes for a "supersized" hike given that inflation continues to run hot.
The board of the Reserve Bank holds it first meeting of the year tomorrow - and not surprisingly we're being softened up for another interest rate rise.The big question is just how big the rate hike will be and how many more we'll cop before the RBA decides to hold fire.I speak with Brian Redican chief economist at T-Corp (also known as the NSW Treasury Corporation) has the other view that after delivering eight consecutive rate rises last year (from near zero in May) that the RBA might decide to hold off and assess the impact on consumers who are cutting back on their spending with retail sales down 3.9 percent in December
After a long period of aggressive interest rate rises around the world, could the end finally be in sight?Not just yet - but major central banks are starting to change the tone in their warnings about inflation which could see a "pause" in rate increases by the end of the year.
The Reserve Bank has announced that King Charles wont replace his late mother on Australia's next five-dollar-note. The RBA has decided instead on a design to honour Indigenous Australians. RBA officials say the new banknote will take several years to be designed and printed.
The Albanese government is being urged to embark on a range of unpalatable economic reforms to pay for massive spending already baked into the budget. The International Monetary Fund has targeted an overhaul of tax and spending programs including the Stage Three tax cuts and the funding of the NDIS - saying it's confident Australia has a "narrow path" to avoiding a recession this year. Reporter: ABC Senior Business Correspondent Peter RyanFeatured: Peter Costello, Future Fund chairmanKeywords: podcast, Male: Female: Non-Binary: CALD: Indigenous Australians: Disability:
The Albanese government is being urged to embark on a range of unpalatable economic reforms to pay for massive spending already baked into the budget. The International Monetary Fund has targeted an overhaul of tax and spending programs including the Stage Three tax cuts and the funding of the NDIS - saying it's confident Australia has a "narrow path" to avoiding a recession this year. Future Fund chairman Peter Costello warns on fixed rate "cliff" and says economy will go close to recession.
We haven't had this sort of economic news over the past few years during pandemic and more recently Russias war with Ukraine.But the International Monetary Fund has surprisingly upgraded its normally gloomy forecasts for global economic growth - while still concerned about inflation the the fallout from rising interest rates.
Deutsche Bank chief economist Phil O'Donaghue warns the Reserve Bank will deliver four more interest rate rises by August until there's evidence inflation is under control. Retail sales declined sharply by 3.9 percent in December in the first sign that the RBA's aggressive rate rise strategy is starting to work.
Brace for perhaps four interest rate rises by August - that's the sombre message this morning from one of world's biggest investment banks.It's more alarming news for borrowers already reeling from runaway inflation and the surging household bills.
The newly-appointed head of Australia's banking regulator says he's confident the nation's $8 trillion financial system can withstand feared levels of mortgage stress as fixed rate loans fall off a cliff later this year and borrowers confront a painful world of higher interest rates. But John Lonsdale - who was appointed chair of the Australian Pruduential Regulation Authority late last year - has told PM he's concerned about a survey out today where one in eight borrowers admit to lying on their loan applications to get a mortgage.
The Australian Stock Exchange is being targeted for greater competition as part of financial services reform from the federal government. The broadside comes as investors remain angered over the ASX's failed to successfully replace its trading and settlement system. Also US inflation falls for the second month although still running at an annual pace of 7.1 percent. ABC's Peter Ryan says the US Federal Reserve remains on track to raise interest rates by 0.5 percentage points tomorrow morning Australian time.Reporter: ABC Senior Business Correspondent Peter RyanFeatured: Stephen Jones, assistant TreasurerKeywords: podcast,
Corporate regulator ASIC is taking eleven current and former directors of The Star Entertainment Group to court alleging they failed to manage money laundering risks at the company's casinos. ASIC's legal action comes after inquiries in New South Wales and Queensland uncovered evidence of alleged money laundering at Star and links to criminal associations.
ASIC deputy chair Sarah Court defends decision not to take Crown Resorts to court by Peter Ryan
ASIC taking Star Entertainment directors, executives to court alleging breach of director duties by Peter Ryan
Throughout the pandemic, many Australians moved to regional areas or outer suburbs to better suit their new "work from home" lifestyles. But research from the digital property settlement platform PEXA says that trend is now reversing as workers return to CBD offices at least a few days a week.Disability:
We're learning more about that now-discredited signal from Reserve Bank governor Philip Lowe that interest rates would probably stay near zero until 2024.The current review into the Reserve Bank has revealed Mr Lowe went ahead with the 2024 signal despite earlier advice there were risks with nominating a specific date.The ABC's senior business correspondent Peter Ryan is covering the RBA review and he joins me now.
Treasurer Jim Chalmers has confirmed Mr Lowe's future will be decided midway through next year with no guarantee he'll be appointed to a second term as governor. Dr Chalmers will made the decision based in part on a review underway into the central bank's performance. ABC's Peter Ryan says Mr Lowe's ill-fated signal about near zero interest rates until 2024 could decide his career.
The Future Fund is under growing pressure to fully declare its exposure to climate change risks in line with other sovereign wealth funds around the world. A report from the Centre For Policy Development says the $250 billion sovereign wealth fund is failing to meet the expectations of the federal government and wants an independent review to examine ensure there are proper policies in place to manage climate change risks.
Australia's economy remain resilent despite eight consecutive interest rate rises to tame runaway inflation. But there are clear signs the economy is starting to slow as the lagging impact of rate rises and global uncertainty starts to bite into household budgets. Growth in the September quarter missed expectations slowing to 0.6 percent making 6.2 percent over the year. Analysis from ABC's Peter Ryan.
National Accounts inc GDP to show a resilient economy - but brace for 2023 slowdown by Peter Ryan
The deepening pain from the Reserve Bank's aggressive interest rate rises is now becoming sharply evident across the economy in addition to highly-debted real estate borrowers. The central bank board is meeting today and is widely expected to deliver the eighth consecutive rate rise since May.
Reserve Bank rate hikes, wage increases crunching company profits, biggest fall since 1994 by Peter Ryan
Anyone under the weight of a big mortgage will have their eyes and ears fixed on tomorrow's meeting of the Reserve Bank board. The last decision before Christmas is widely expected to deliver the eighth rate hike since May. But could signs of softening inflation allow the RBA to ease off or maybe even pause rate rises in the new year? Analysis from ABC's Peter Ryan.
Australians are constantly told that "back in black" budgets are a dream given long term deficits from the pandemic. But veteran economist Chris Richardson has crunched the numbers and thinks the Budget might get back into balance next year and maybe even post a wafer thin surplus. However, Mr Richardson warns the surplus will be brief as Treasurer Jim Chalmers confronts the weight of Medicare, the NDIS and defence.
There are more signs that aggressive interest rate rises are making are hurting household budgets and slowing the economy.Lending approvals fell back last month though the value of new loans is still above pre-pandemic levels.The value of new home loans being approved has plummeted by $2.26 billion in a month, according to ABS data released today.
Medibank is facing down the risk of massive fines after Australia's privacy watchdog confirmed it will investigate the cyberattack that's potentially exposed the personal data of current and former customers.The latest chapter in the Medibank crisis comes after the criminal hackers dumped a huge customer data file onto the dark web, breaking news we reported this time yesterday.
Medibank has confirmed that more stolen customer data has been released on the dark web, amid reports the hackers have released all files remaining in their possession. Medibank says it's still analysing the information, but confirmed that the data released appeared to be data it believed the criminals had stolen. ABC senior business correspondent Peter Ryan with the latest.
Russian hackers release more Medibank files; Wall St surges on hopes of slower rate rises by Peter Ryan
Inflation eased slightly last month, according to new monthly Australian Bureau of Statistics, with big falls in prices for fruit and vegetables. The monthly consumer price index rose 6.9 per cent over the year to October, down from the 7.3 per cent headline inflation rate recorded in September. Analysis from ABC Senior Business Correspondent Peter Ryan.
Monthly inflation report out this morning to confirm accelaeration to 8pc by year's end by Peter Ryan
Banking giant Westpac is warning of spike in scams and cyber-attacks in the leadup to Christmas. Westpac is reinforcing it's cyber defences after seeing a 17 percent surge in fraud-related crime during the Black Friday sales. CEO Peter King says dodgy investment schemes including cryptocurrency scams are a rising risk.
The continuing unrest in China over COVID-19 lockdowns and the pursuit of a zero covid policy is sending tremors through global financial markets.
Stocks are lower on uncertainty about how Chinese authorities might react amid concerns about deeper damage to the world's second biggest economy.
I speak on ABC Newsradio.
George Frazis in sudden exit as Bank of Queensland chief executive. I speak on ABC Radio Brisbane. by Peter Ryan
If you like shopping and getting a bargain, you were probably part of the massive Black Friday sales over the weekend.
But with economic storm clouds gathering, and as interest rates rise, how long can consumers keep the spending up especially as household budgets tighten?
After seven interest rate rises since May and another likely before Christmas, there's been an update into a review into the workings of the Reserve Bank and how its rate-setting decisions are reached. Analysis from the ABC's senior business correspondent Peter Ryan.
Reserve Bank review halfway through. With a shakeup likely will RBA governor Philip Lowe survive? by Peter Ryan
After seven months of steep interest rate rises to combat inflation, Reserve Bank governor Philip Lowe warns there are probably more big hikes to come. Mr Lowe has also flagged little relief for struggling households, signalling that the switch to renewables will mean higher and more volatile energy prices in the years to come.
After seven months of steep interest rate rises to combat inflation, Reserve Bank governor Philip Lowe warns there are probably more big hikes to come. Mr Lowe has also flagged little relief for struggling households, signalling that the switch to renewables will mean higher and more volatile energy prices in the years to come.
The booming buy-now-pay-later sector is facing even more pressure as the Albanese government pushes ahead with plans to fully regulate products like Afterpay and Zip. Consumer groups have been calling for tougher measures to crack down on the sector so buy-now-pay-later products are treated like credit cards and debt products - rather than as a budgeting tool.
It's been a bumpy session on Wall Street this morning on fears that wider COVID lockdowns in China will continue to damage its economy - with the rising chance of fallout around for world.
The private health insurer Medibank remains in crisis as criminal hackers continue to release private customer data on to the dark web.
And with almost ten million current or former customers disclosed, Medibank is bracing for what could be a massive compensation bill.
Confirmation that Australia's official jobless rate has hit a new low of 3-point-4 percent was widely interpreted as good news and more evidence of a resilent economy.
But as we've been reporting this year, that good news means the Reserve Bank will need to maintain interest rate rises to get inflation under control.
For some analysis I'm joined by the ABC's senior business correspondent Peter Ryan.
Australia's unemployment rate has fallen back to 3.4 per cent, defying economists' expectations of an increase from 3.5 to 3.6 per cent. Around 32,000 jobs were added to the economy in October, according to the Australian Bureau of Statistics, leaving the jobless rate near a half-century low. Analysis from ABC's Peter Ryan.
Broadcaster Cassie McCullagh announces her departure from mornings on ABC Radio Sydney by Peter Ryan
Medibank's top executives are standing firm on their decision not to pay a ransom being demanded by Russia cyberhackers who've stolen troves of private customers. The private health insurer's board is facing a sombre annual general meeting this lunchtime as customers demand answers about how the hacking occurred and investors gauge deep reputational damage and Medibank's battered share price.
Billionaire Mike Cannon-Brookes has scored a resounding victory at AGL's annual general meeting with all four of his independent director candidates appointed to the energy giant's troubled board. The inclusion of Mr Cannon-Brookes' backers adds pressure on AGL to further accelerate the closure of its coal fired power stations and the transition to renewable energy sources.
The Reserve Bank has conceded that it was probably wrong to signal last year that official interest rates wouldn't rise until 2024.
That backdown is of course too late for some borrowers who took out bigger mortgages than they should have, based on what they saw as a "promise".
Billionaire Mike Cannon-Brookes has scored a resounding victory at AGL's annual general meeting with all four of his independent director candidates appointed to the energy giant's troubled board. The inclusion of Mr Cannon-Brookes' backers adds pressure on AGL to further accelerate the closure of its coal fired power stations and the transition to renewable energy sources.
Reporter: ABC Senior Business Correspondent Peter Ryan Featured: Patricia Mckenzie, AGL chair Keywords: podcast,
Could Mike Cannon-Brookes install four independent directors on AGL board? I speak on ABC Newsradio. by Peter Ryan
An investor showdown is on the cards for AGL later today with billionaire Mike Cannon-Brookes on the brink of installing four independent directors to the energy giant's board. The move is designed to accelerate AGL's move out of coal fired power into renewable energy and has the backing of major investors who want to see rapid change.
Reporter: ABC Senior Business Correspondent Peter Ryan Featured: Brynn O'Brien, Australasian Centre for Corporate Responsibility Keywords: podcast,
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It's shaping up as a fiery annual general meeting for the private health insurer Medibank later this week as its cyberhacking crisis goes from bad to worse.
Customers want to know if they'll be compensated for the theft of their personal data while big investors have been gauging the massive reputation damage which has hit the company's bottom line.
The Australian sharemarket has surged this morning on rising optimism that inflation in the United States might have peaked after consumer prices posted their smallest gain since January. But with US inflation still running hot at 7.7 percent will it be enough for the US Federal Reserve to ease back on interest hikes - and what does it mean for rates here in Australia? ABC's Peter Ryan explains.
Inflation is expected to peak at 8 percent by year's end but Reserve Bank deputy governor Michele Bullock is sounding more confident it will eventually fall. While interest rate rises will continue, Ms Bullock warns crunching the economy too hard would squander a recoed low jobless rate of 3.5 percent.
Medibank confirms criminal hacker has released another file to a dark web forum by Peter Ryan
The cyberhacking crisis at Medibank is deepening with the private health insurer confirming that customer files have been released on the dark web. Medibank is refusing to pay the ransom demand, expecting that more files will be released by the cybercriminal. But National Australia Bank cheif executive Ross Mcewan has warned all companies need to be vigilant about cyberattacks while backing Medibank's decision not to pay a ransom.
It looks like a long and tense standoff for the private health insurer Medibank which is refusing to pay a ransom demand after a cyberattack left almost ten million customers exposed.
The decision not to pay up has been backed by the federal government but is in contrast to other parts of the world where companies have paid ransoms to get critical data returned.
Medibank says no ransom payment will be made to the criminal responsible for the recent data hack as the the private health insurer revealed the number of affected customers has grown to 9.7 million. Chief executive David Koczkar won't confirm the figure being demanded and says paying up would encourage more attacks warning that individual Medibank customers could be approached directly with extortion demands.
ASIC boss targets corporate shonks in predatory credit crackdown. I speak on ABC Newsradio by Peter Ryan
The head of the corporate watchdog is warning that rising interest rates and the surging cost of living could push some consumers into financial stress. Joe Longo, chairman of the Australian Securities & Investments Commission, has told AM the pressures on household budgets could tempt people to use dangerous and predatory products to make ends meet. Keywords: podcast,
Just days after interest rates went up yet again here in Australia, they're also on the rise in the United States. The US Federal Reserve has hiked rates by another 0.75 percentage points, the fourth straight increase of that size. ABC's Peter Ryan says with inflation still at forty year highs, there are more rate rises to come.
Reporter: ABC Senior Business Correspondent Peter Ryan Featured: Jerome Powell, US Federal Reserve chairman Keywords: podcast,
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US Fed chair sees "narrow path" in dodging recession delivering another big interest rate rise by Peter Ryan
RBA raises cash rate for seventh consecutive month as inflation bites. I speak on ABC Newsradio. by Peter Ryan
Reserve Bank inflation warning to borrowers - brace for more rate hikes. I speak on ABC Newsradio. by Peter Ryan
Interest rates are set to keep rising after the Reserve Bank governor warned borrowers to brace for more in the coming months with runaway inflation now expected to blow past earlier dire expectations. Philip Lowe's bleak outlook comes the RBA board delivered the seventh rate hike in a row meaning more mortgage pain for households already dealing with the surging cost of living.
With most eyes on the Melbourne Cup this afternoon, another race looks like going down to the wire.
The Reserve Bank is on track to deliver its seventh interest rate rise in a row and borrowers are bracing for the possibly that today's rate hike will be bigger than most economists expect.
There's more pain ahead for borrowers with the Reserve Bank set to raise interest rates again at tomorrow's Melbourne Cup day meeting.
Most economists are tipping a rise of least a quarter of a percentage point though there's a real chance of something heftier given the surging inflation the RBA is trying to tame.
Escalating cyberattacks on corporate Australia continue to raise concerns that more hacks and ransom demands are now a permanent risk for businesses and consumers. In addition to Optus and Medibank Private, one of nation's biggest pathology services Australian Clinical Labs has been attacked but there are questions about why the company waited so long to go public with it. Cybersecurity expert Professor Richard Buckland says companies that keep customers in the dark are being reckless.
Surging inflation jolts Treasurer Jim Chalmers with RBA poised for Melbourne Cup Day rate hike by Peter Ryan
Consumer prices jumped 1.8 per cent in the three months to September 30, with new housing and gas prices leading the way. Official Bureau of Statistics figures show prices are up 7.3 per cent over the past year, with new housing costs again the main contributor, along with petrol and diesel. The blowout could prompt the Reserve Bank to raise rates by as much as 0.5 percentage points when the board meets on Melbourne Cup Day.
Reporter: ABC Senior Business Correspondent Peter Ryan Featured: Keywords: podcast,
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My hot take fresh from the budget lockup - special "PM" edition for Radio National in WA by Peter Ryan
Federal budget - what can we expect? I speak with Cassie McCullagh on ABC Radio Sydney. by Peter Ryan
Budget to reveal GDP dive, stagnant wages as global economic storm clouds gather by Peter Ryan
Medibank Private chief executive David Koczkar says he's devastated about the cyberattack on the health insurer with highly confidential medical data now in the hands of a criminal or criminal gang. But he's defended Medibank's security systems saying millions of cyber attacks are successfully defended each month.
All eyes are on Britain and the resignation of Liz Truss who lasted only 44 days as Prime Minister. The big question now is whether the UK is able to restore some sort of credibility after the disastrous Truss mini budget spooked global markets, damaged the British pound and forced the Bank of England to intervene. Also digital accountancy firm Hnry warns 1.5 milion sole traders are cutting back or dumping superannuation contribitions to themselves as inflation bites.
Australian Prudential Regulation Authority chair Waynes Byres says Australian banks are well-placed to withstand any global downturn. But as he prepares to retire as banking regulator, Mr Byres confirms there are pockets of stress in the property market as interest rate rises add to household pressures.
Australian Prudential Regulation Authority chair Waynes Byres says Australian banks are well-placed to withstand any global downturn. But as he prepares to retire as banking regulator, Mr Byres confirms there are pockets of stress in the property market as interest rate rises add to household pressures.
Reporter: ABC Senior Business Correspondent Peter Ryan Featured: Wayne Byres, APRA chair
Australian banks and credit unions are paying big wholesale customers up to 17 times the interest shelled out to retail customers. The unusual gap between big and small customers comes despite aggressive interest rate rises which have been passed on in full to borrowers and urgingd from Treasurer Jim Chalmers for banks do the right thing.
Reporter: ABC Senior Business Correspondent Peter Ryan Featured: George Lekakis, Banking Day; Gerard Brody, Consumer Action Law Centre Keywords: podcast, banks
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The massive cyberattack on Optus has demonstrated that even big companies with strong IT security systems can be successfully targeted by criminal hackers.
I speak with Nick Sheehan, the founder of the the managed services company Efex who tells me the damaging data breach at Optus means companies of all sizes can no longer be complacent.
The Star's Sydney casino will remain open despite being fined $100 million and having its licence suspended for criminal links and breaches of anti-money laundering laws. ABC's Peter Ryan says a key factor in Star continuing to operate is to protect workers' jobs.
Woolworths subsidiary MyDeal latest in data breach; Optus still doesn't know identity of hacker; Rupert Murdoch's move to reunite News Corp and Fox Corp ten years after phone hacking scandal; Star facing a $100m fine from NSW casino watchdog
There's no end in sight to rising inflation pressures that continue to inflict enormous pain on households and businesses around the world including here in Australia.
Prices in the United States - the global epicentre of inflation - jumped more than expected last month locking in bets for yet another supersized rate rise next month.
Qantas has flagged a remarkable turnaround in its profit forecasts after posting billions of dollars in losses during the pandemic. But despite ramping up revenue from travel-hungry customers, the airline's reputation remains in crisis with rolling complaints about delays, cancellations and poor service in addition to a deepening war with trade unions.
So far - despite aggressive interest rate rises and surging cost of living - banks are reporting few signs of mortgage stress.
But that might be around the corner as rate rises start hitting household budgets according to Bank of Queensland boss George Frazis as borrowers with supersized loans struggle to meet loan repayments.
Mr Frazis - who's delivered a 15 percent lift in full year profit to $426 million - concedes the housing market is rapidly cooling and there's already a noticeable slowdown in demand for loans.
The International Monetary Fund is warning that much of the world is on the brink of a recession, while Australia's economy is also slowing down, just as the Federal Treasurer prepares to hand down his first budget. Reporter: Peter Ryan, senior business correspondent Featured: Pierre-Olivier Gourincha, chief economist, IMF
US-China trade tensions escalate as Biden targets microchip technology. I speak on ABC Newsradio. by Peter Ryan
Trade tensions between the US and China are intensifying with the Biden administration's introduction of new measures to slow Beijing's technological and military capabilities. Tough export controls on microchips made in China using US techology have already hit Wall Street this morning, with the Nasdaq hitting a fresh two year low.
Reporter: ABC Senior Business Correspondent Peter Ryan Featured: Bill Reinsch, former Clinton administration aide Keywords: podcast, China, microchips
As global stormclouds darken by the day, Treasurer Jim Chalmers has given the latest indication that this month's Federal Budget is shaping up as a tough one. Mr Chalmers is bracing for a steep global downturn and growing economic uncertainties from the war in Ukraine, a slowdown in China and a likely recession in the United States.
OPEC has agreed to steep oil production cuts curbing supply in an already tight market. As recession fears grow, the decision to slash production by two million barrels a day is raising tensions with the United States with president Joe Biden calling the surprise decision shortsighted.
If you were feeling a little more confident that filling up the car is getting less expensive, perhaps make the most of it while you can.
Bowser prices are set to rise after the OPEC oil cartel agreed to slash production overnight which has sent crude prices soaring.
The Reserve Bank has raised official interest rates by a gentler-than-expected quarter of a percentage point providing a small amount of relief for highly indebted borrowers.
But it seems the relief might be short lived with the RBA's work in chasing down inflation far from over.
Mortgage pain to continue as Reserve Bank set for another supersized rate hike by Peter Ryan
The crisis at Optus is deepening after a damaging week with warnings from ratings agency S&P Global that customers might leave in droves because of concerns about the security of their private data.
AGL announces "accelerated exit" from all coal fired power generation, to close Loy Yang A by 2035. So has AGL buckled to investor pressure? I speak with interim CEO Damien Nicks who says AGL needs to $20b by 2036 for the transition. We speak on TWT @abcnews @AGLEnergy
It what might have been a prescient move - the day it revealed a cyberattack of its own - Optus announced it was working with one of Australia's major banks to block hackers and identity thieves.
The embattled telco giant - now reeling from a reputational crisis - said last week it had teamed with Westpac to counter increasingly sophisticated scam calls to protect customers from hack attacks.
The energy giant AGL has just revealed an ambitious timeline for switching to renewables announcing an accelerated exit from all coal fired power generation by 2035
A key decision in a strategic review announced this morning will see AGL close the Loy Yang A power station in Victoria ten years ahead of schedule.
That move according to AGL will reduce greenhouse emissions by 40 million tonnes each and ensure it's aligned with Paris Agreement targets for net zero emissions after the coal closures.
AGL's interim chief executive Damien Nicks gave his first interview about the watershed announcement to the ABC's senior business correspondent Peter Ryan.
Optus parent company Singtel has commented for the first time on the cyberhacking crisis. The global telco giant says it's offering the "fullest support" to embattled CEO Kelly Bayer Rosmarin and is "deeply sorry" about the Optus hack.
The cyberattack on Optus is sending shudders through companies that don't have cyber insurance cover. A report by the Actuaries Institute report says while cyber attacks cost $33 billion last year, but only 20 percent of small to medium companies are covered. Report author Win-Li Toh from actuarial consultancy Taylor Fry says the Optus attack is a red alert to companies complacent about cyberattacks.
Reporter: ABC Senior Business Correspondent Peter Ryan Featured: Win-Li Toh, lead author, Taylor Fry Keywords: podcast,
The cyberattack on Optus is sending shudders through companies that don't have cyber insurance cover. A report by the Actuaries Institute report says while cyber attacks cost $33 billion last year, but only 20 percent of small to medium companies are covered. Report author Win-Li Toh from actuarial consultancy Taylor Fry says the Optus attack is a red alert to companies complacent about cyberattacks.
So how is Optus handling the fallout from this cyberattack in terms of crisis management as damage control gets overtaken by daily even hourly developments? ABC's Peter Ryan says the pressure is taking a toll as chief executive Kelly Bayer Rosmarin battles to limit the harm to the telco's reputation.
Optus CEO Kelly Bayer Rosmarin says the company still has no clues about who's responsible for the massive cyber attack, which has stolen the personal data of almost ten million people. Kelly Bayer Rosmarin is also declaring the company is "not the villians" and didn't deliberately do anything to put customer data at risk. Reporter: Peter Ryan, senior business correspondent
Australian shares plunged to a three-month low on Monday on fears that US Federal Reserve interest rate rises will trigger a global recession. Banks, miners and energy producers were hardest hit in the selloff amid expectations of more volatility in the weeks ahead. Economist Danny Blanchflower says central banks are underestimating the risks of aggressive rate rises and a possible repeat of the global financial crisis.
Pressure is growing for privacy reforms that would force companies like Optus to alert banks immediately to cyberattacks and potential exposure to customers. Optus says it is yet to received a ransom demand as Australian Federal Police continue to investigate the attack that puts the data of 9.8 million customers at risk. Reporter: ABC Senior Business Correspondent Peter Ryan Featured: Karen Andrews, shadown Home Affairs minister; Lizzie O'Shea, Digital Rights Centre
Pressure is growing for privacy reforms that would force companies like Optus to alert banks immediately to cyberattacks and potential exposure to customers. Optus says it is yet to received a ransom demand as Australian Federal Police continue to investigate the attack that puts the data of 9.8 million customers at risk. Reporter: ABC Senior Business Correspondent Peter Ryan Featured: Karen Andrews, shadown Home Affairs minister; Lizzie O'Shea, Digital Rights Centre Keywords: podcast, optus, cyber attack
Reserve Bank says housing correction means smaller mortgages for new borrowers by Peter Ryan
Optus has confirmed that almost ten million customers stretching back five years could be exposed in a massive cyberattack that's thrown the telcommunications giant into crisis. The company still has no idea where the attack originated and what the motive might be while assuring customers it's working to ensure their potentially hijacked personal information remains safe. Optus chief executive Kelly Bayer Rosmarin speaks with ABC's Peter Ryan. Reporter: ABC Senior Business Correspondent Peter Ryan Featured: Kelly Bayer Rosarmin, Optus chief executive
The cyberattack on Optus and the exposure of millions of customers whose data might have been breached raises the question of how well companies are prepared to confront online crooks and potential ransom demands. While Optus says there's been no ransom demand yet, that costly scenario is on the rise and companies are under constant pressure to protect their data and to stay ahead of cyber villains. Brian Spanswick from cybersecurity firm Cohesity speaks with ABC's Peter Ryan. Reporter: ABC Senior Business Correspondent Peter Ryan Featured: Brian Spanswick chief information officer, Cohesity
The cyberattack on Optus and the exposure of millions of customers whose data might have been breached raises the question of how well companies are prepared to confront online crooks and potential ransom demands. While Optus says there's been no ransom demand yet, that costly scenario is on the rise and companies are under constant pressure to protect their data and to stay ahead of cyber villains. Brian Spanswick from cybersecurity firm Cohesity speaks with ABC's Peter Ryan. Reporter: ABC Senior Business Correspondent Peter Ryan Featured: Brian Spanswick chief information officer, Cohesity
The aggressive inflation-fighting action by the US Federal Reserve is likely to fuel more official interest rate rises here in Australia. Economists expect the Reserve Bank to deliver another 0.5 percentage point increase at the board's next meeting in October. Reserve Bank deputy governor Michele Bullock says in addition to rising interest rates the world is on a "knife edge" given concerns about Europe and China. Reporter: ABC Senior Business Correspondent Peter Ryan Featured: Michele Bullock, Reserve Bank deputy governor Keywords: podcast,
The aggressive inflation-fighting action by the US Federal Reserve is likely to fuel more official interest rate rises here in Australia. Economists expect the Reserve Bank to deliver another 0.5 percentage point increase at the board's next meeting in October. Reserve Bank deputy governor Michele Bullock says in addition to rising interest rates the world is on a "knife edge" given concerns about Europe and China.
The rising cost of emergency action at the height of the pandemic is becoming apparent with the Reserve Bank revealing it faces major losses from its massive bond buying program introduced in 2020. The RBA maintains the program was successful in keeping government interest repayments low during the crisis and that it was critical "insurance" in ensuring the wheels of the economy kept turning. Analysis from ABC's Peter Ryan.
With his first federal just coming up late next month, Treasurer Jim Chalmers is continuing to manage expecations that there'll be additional handouts to deal with the rising cost of living.
That's despite announcing he's landed a $50 billion improvement in the budget bottom line as commodities continue to underwrite Australia's economy.
You'd think that would be good news - but it's not the full story.
Westpac has today released an audio recording of a scammer pretending to be from Westpac’s fraud team when talking to a customer. The attempted scam failed after Westpac detected the suspicious transaction before any funds were sent. The call demonstrates some of the warning signs customers should watch out for.
Another US Federal Reserve rate rise certain this week - but how aggressive is the question by Peter Ryan
Analysis - Reserve Bank governor defends now infamous 2024 low rates signal by Peter Ryan
Reserve Bank governor Philip Lowe says he will keep lifting interest rates but the pace will soon slow down and he is confident the economy can absorb the rises. Mr Lowe was grilled by a parliamentary committee where he launched another staunch defence of the RBA's pandemic management and the signal that interest rates would stay near zero until 2024. Analysis from ABC's Peter Ryan.
Has jobs boom peaked? Patagonia founder gives company away. Four N Twenty pies goes offshore. by Peter Ryan
Analysis - tight labour market continues and workers take on second and multiple roles by Peter Ryan
Australia's official jobless rate has edged slightly higher with the latest reading taking it up to 3.5 percent in August. But there's also been a jump in the number of new jobs created and evidence that some people are taking on secondary roles. The continuing strong news on the unemployment front is likely to be another trigger for the Reserve Bank to raise interest rates to tame inflation.
Australians could soon get greater insights into how interest rate rises are reached with a review into the Reserve Bank expected to recommend greater accountability and governance. A three member panel appointed to probe the workings of the RBA has released an issues paper this morning that suggests a new era of accountability right down to how individual board members vote on interest rate decisions.
Australians could soon get greater insights into how interest rate rises are reached with a review into the Reserve Bank expected to recommend greater accountability and governance. A three member panel appointed to probe the workings of the RBA has released an issues paper this morning that suggests a new era of accountability right down to how individual board members vote on interest rate decisions.
Australian stocks have plunged after a surprise inflation update sparked Wall Street's biggest falls since 2020. More than $60 billion in value was erased locally on fears more aggressive interest rate rises by the US Federal Reserve. Analysis from ABC's Peter Ryan.
It's been an ugly session on Wall Street after inflation in the United States blew out beyond expectations.
With prices still running hot last month, big investors ran for the exits on the likelihood that the US Federal Reserve will maintain it's aggressive rate hiking strategy to pull inflation lower.
Queen's image to remain on $5 note "for some time" as protocols begin on transition to King Charles by Peter Ryan
The death of the Queen after a 70 year reign has shaken up so many things we take for granted.
One of the biggest changes will be replacing the Queen's effigy or image on the five dollar banknote and also coins that are currently in circulation.
But it will be a slow process that (not surprisingly) needs to adhere to strict royal protoco
Queen Elizabeth dies aged 96 after 70 years on the throne. I speak on the BBC World Service. by Peter Ryan
"I won't quit" - fiesty Reserve Bank governor Philip Lowe says he won't resign by Peter Ryan
"I won't quit" - a fiesty Reserve Bank governor Philip Lowe rejects calls for him to resign by Peter Ryan
Jim Chalmers warns on economic pain ahead with little relief in Federal Budget by Peter Ryan
Australians are being warned to brace for tougher economic times ahead with next month's federal budget unlikely to provide much in the way of handouts to deal with the surging cost of living. While yesterday's official growth figures show a strong economy, that's expected to fade as runaway inflation and hefty interest rate rises eat into household budgets.
Australia's economy remain resilent despite surging inflation and rapid interest rate rises. Official data from the ABS show economic growth or GDP rose 0.9 percent in the second quarter of this year making an annual rate of 3.6 percent. But some economists think this might be the peak of the bullish news as the impact of rate rises start to bite.
There'll be more evidence later today that the economy is still running hotter than the Reserve Bank would prefer with official growth figures showing a bullish economy. Businesses and consumers already hurting from interest rate rises are now facing wage demands. Rachel Turner co-founder of the candy store Sticky tells the ABC that wage demands could be unsustainable.
There'll be more evidence later today that the economy is still running hotter than the Reserve Bank would prefer with official growth figures showing a bullish economy. Businesses and consumers already hurting from interest rate rises are now facing wage demands. Rachel Turner co-founder of the candy store Sticky tells the ABC that wage demands could be unsustainable.
Reporter: ABC senior business correspondent Peter Ryan
Featured: Rachel Turner, co-founder Sticky
Keywords: podcast, GDP, inflation, Reserve Bank
Reserve Bank rate rise locked in; gender gap challenge stalls but is "bloke's club" to blame? by Peter Ryan
All eyes will be on the Reserve Bank this afternoon which is widely expected to deliver more interest rates pain and the fifth consecutive hike since May.
The rising cost of servicing a mortgage is also becoming a headache for state governments with stamp duty from property sales heading south as buyers become more cautious.
I speak with Sabra Lane on AM
Gender equality at the top of Australia's biggest companies could be a hundred years away according to a report out today. A yearly census from Chief Executive Women has found gender parity is still moving "at a glacial pace" with little progress in bridging the gap at CEO and executive team levels. Nicole Cook chief executive of SBE Australia speaks with ABC's Peter Ryan.
Reporter: ABC senior business correspondent Peter Ryan
Featured:
Keywords: podcast,
Could the Reserve Bank be about to ease up on rate rises as it gauges impact of supersized hikes? by Peter Ryan
The Reserve Bank this afternoon is widely expected to deliver another 0.5 percentage point increase this afternoon in what would be the fifth consecutive interest rate hike since May. Also I speak with Nicole Cook chief executive of SBE Australia who tells me about a gender cap crisis for women entrepreneurs who received just 3.7pc of available startup funding over the past year.
The Reserve Bank is widely expected to deliver another 0.5 percentage point increase this afternoon in what would be the fifth consecutive interest rate hike since May. The rising cost of servicing a mortgage is also becoming a headache for state governments with stamp duty from property sales heading dwindling as buyers become more cautious.
Reporter: ABC senior business correspondent Peter Ryan
Featured:
Keywords: podcast,
It's a big week ahead for economic news with the Reserve Bank widely expected to lift interest official rates again tomorrow - for the fifth month in a row. The question is when borrowers will start to feel the weight of mortgage stress given the rapid rise the RBA's cash rate to catch inflation is far from over. I speak with Heritage Bank chief executive Peter Lock.
While there's broad optimism about common ground between unions and employers so far at the Jobs and Skills Summit, one big question stands out.
How to deliver on so many good ideas in the face of an economy creaking from the pandemic and a looming trillion dollar debt?
Also Japan's digital minister has "declared war" on floppy disks and other retro tech used by the country's bureaucrats.
Around 1,900 government procedures still require businesses to use the storage devices, plus CDs and mini-discs,
The chairman of the Future Fund Peter Costello has taken aim at the Reserve Bank over last year's signal that official interest rates would stay low until 2024.
The former Liberal treasurer says the RBA needs to be held to account over that now-dumped 2024 signal and that there should be consequences for getting the guidance so wrong.
With the jobs and skills summit just a few days away, the real game is October's federal budget where Treasurer Jim Chalmers will be under pressure to deliver economic reform and relief from the rising cost of living.
Also I reflect on Mikail Gorbachev - final leader of the Soviet Union dead aged 91.
One of the big challenges at this week's Jobs and Skills Summit will be how to bridge the gender pay gap. With men on average still being paid than women, the Workplace Gender Equality Agency isn't missing the opportunity to hammer the message about pay disparity which is now being exacerbated by rising inflation. I speak with WEGA director Mary Wooldridge.
As we all know, the rising cost of living is biting into all parts of life and there's no end in sight with inflation set to touch eight percent by the end of the year. Woolworths is the latest corporate giant to confirm customers are feeling the heat and opting to buy cheaper products to make ends meet.
Qantas chief executive Alan Joyce has pushed back against union calls for him to resign following consumer anger over months of flight cancellations, delays and lost luggage, and staff discontent over outsourcing of jobs. Mr Joyce said he was committed to the CEO role despite the reputational damage and delivering a full year pre-tax loss of $1.86 billion. Mr Joyce speaks with the ABC's Peter Ryan.
Reporter: ABC senior business correspondent Peter Ryan
Featured: Alan Joyce Qantas chief executive
Keywords: podcast,
The cosmetic surgery industry is a crisis after distressing evidence of reckless and unregulated practices. Now there are demands that the entire sector is temporarily shut down so proper investigations can get underway.
Former ACCC chairman Allan Fels says "cosmetic cowboys" as they've been dubbed need "shock therapy" and he wants to see real action to protect consumers rather than an inquiry or more regulation.
Media magnate Lachlan Murdoch has taken the extraordinary action of suing the online news site Crikey after an article linked the Murdoch family to US Capital riots back in 2021. Mr Murdoch has launched defamation proceedings in the Federal Court after Crikey's editor and publisher publically challenged the multi-billionaire to sue.
Reporter: ABC senior business correspondent Peter Ryan
Featured: Peter Fray, Crikey editor-in-chief
As the clock ticks down to next week's jobs and skills summit, get ready to hear a lot about the need to somehow boost worker productivity. But a renewed focus on increased immigration and better training programs won't be enough in addressing a shortfall of 105,000 jobs according to the Australian Constructors Association. I speak with the Association's chief executive Jon Davies.
Reporter: ABC senior business correspondent Peter Ryan
Qantas has issued an extraordinary apology for disruptions, cancellations, queues and delayed baggage that have combined to smash the airline's reputation. As part of the unusual mea culpa, chief executive Alan Joyce is offering $50 dollar flight discounts and other handouts to restore confidence with disgruntled customers. The olive branch comes as Mr Joyce prepares to unevil full year financial results on Thursday.
Reporter: ABC senior business correspondent Peter Ryan
Featured: Michael Kaine, Transport Workers Union
The University of Melbourne has been accused of underpaying two casual academics to stop them from claiming payment for work performed.
Wall Street stocks have rallied on hopes that inflation in the United States might have peaked. US consumer prices were unchanged in July due to a sharp drop in the cost of petrol, but over the year inflation fell from 9.1 percent to 8.5 percent. Evidence of slowing inflation is trimming bets that the US Federal Reserve will hold back from delivering a supersized rate hike of 0.75 percentage points in September. Also Domino's Pizza has exited Italy after failing in its mission to conquer the home of pizza. Domino's strategy was damaged when the pandemic forced traditional Italian pizzerias to adopt their own delivery services.
ACTU calls for overhaul of Reserve Bank's inflation mandate ahead of Jobs Summit by Peter Ryan
Commonwealth Bank chief executive Matt Comyn says households already feeling the pain from rising interest rates should brace for tougher times ahead as the Reserve Bank races to catch up with runaway inflation. Mr Comyn tells The World Today that household spending has dropped significantly in line with rate rises and that a consumer-led downturn is likely to lead to an economic contraction later this year. But as he delivered a full year profit of $9.7 billion - much of it driven by the now fading real estate boom - Mr Comyn said a recession is unlikely.
As the world moves towards an increasingly cashless society, the Reserve Bank is launching a digital currency project to determine its viability in the real economy. The digital currency would be issued and backed by the RBA as central banks rush to get in front of fast-evolving digital coins or token with the aim of regulating them. ABC's Peter Ryan speaks with RBA deputy governor Michele Bullock.
Reporter: ABC senior business correspondent Peter Ryan
Featured: Michele Bullock, Reserve Bank deputy governor
If you think your pay packet has felt a bit light over the past year, there's a chance your employer might have underpaid you either by accident or design.
The Fair Work Ombudsman has recovered more than half a billion dollars for workers and is urging big companies to ensure they're doing the right thing.
The ABC's senior business correspondent Peter Ryan has been covering rising worker underpayments in recent years.
The Reserve Bank is predicting a dramatic slowdown in economic growth as the global outlook slides in the face of surging inflation and the war in Ukraine.
At the same time, the RBA is tipping the jobless rate too fall to a new 50 year low suggesting that all going well Australia's economy will avoid falling into a recession.
But there are major headwinds as the company reporting season ramps up this week.
The Reserve Bank is predicting a dramatic slowdown in economic growth as the global outlook slides in the face of surging inflation and the war in Ukraine.
At the same time, the RBA is tipping the jobless rate too fall to a new 50 year low suggesting that all going well Australia's economy will avoid falling into a recession.
Bank of England in biggest rate rise since 1995, warns deep recession could run to 2024 by Peter Ryan
Oil dips on OPEC's tiny output increase; UN secretary-general slams mega oil profit as "immoral" by Peter Ryan
Breaking News - Reserve Bank rates cash rate as expected by 0.5 percentage pts to 1.85 percent by Peter Ryan
Rate rise pain to continue, but Reserve Bank tipped to ease level of hikes despite surging inflation by Peter Ryan
Reserve Bank hikes cash rate. will "do what it takes" to pull down inflation by Peter Ryan
Economist Warren Hogan slams RBA on 2024 low rates signal, says governor Philip Lowe should go by Peter Ryan
Reserve Bank governor Philip Lowe has been urged to resign over signal last year that interest rates would most likely remain steady until 2024. Economist Warren Hogan says "some pretty bad errors" were made by Mr Lowe and the Reserve Bank board. The RBA is widely expected to deliver another 0.5 percentage point increase at today's board meeting taking the official cash rate to 1.85 percent. Analysis from ABC's Peter Ryan.
The federal government is being urged to consider intervening in the energy market, amid concerns of a gas shortage that could lead to higher prices, according to the latest report by the consumer watchdog. Recommendations from the Australian Competition & Consumer Commission (ACCC) could provide a trigger for the Australian Domestic Gas Security Mechanism which would force exporters to hold back gas for local use.
The federal government is being urged to consider intervening in the energy market, amid concerns of a gas shortage that could lead to higher prices, according to the latest report by the consumer watchdog. Recommendations from the Australian Competition & Consumer Commission (ACCC) could provide a trigger for the Australian Domestic Gas Security Mechanism which would force exporters to hold back gas for local use.
Federal Treasurer Jim Chalmers has warned inflation will peak at 7.75 percent by the end of the year while downgrading economic growth in a special statement to federal parliament delivered today. Acknowledging the pain being felt by households from higher daily prices and mortgage repayments, Dr Chalmers said living standards could be compromised without hard medicine in the form of interest rate rises to tame inflation. Analysis from ABC's Peter Ryan. Reporter: ABC senior business correspondent Peter Ryan
As he deals with a looming debt bill exceeding a trillion dollars, federal treasurer Jim Chalmers is warning the national to brace for darkening economic storm clouds. Dr Chalmers will provide a dire update on rising inflation and slowing global growth that will slash billions of dollars from the federal government's budget warchest. Analysis from the ABC's senior business correspondent Peter Ryan. Reporter: ABC senior business correspondent Peter Ryan
Featured: Jim Chalmers, Treasuer; Jerome Powell, chair US Federal Reserve
nflation over the year to June has hit 6.1 per cent, which is the highest level in 21 years after the goods and services tax was reduced. Confirmation of surging prices - up from 5.1 per cent - puts the Reserve Bank on track to deliver a supersized interest rate increase to confront inflation. Reporter: ABC senior business correspondent Peter Ryan
Featured: ;
Keywords: podcast,
There's been a dramatic downgrade for the global economy as the pandemic, inflation and Russia's invasion of Ukraine put any hope of a rapid recovery on hold. The International Monetary Fund has revised its forecasts for the United States, China and Europe warning that rising interest rates could impact financial stability around the world and spark a deep recession.
There's been a dramatic downgrade for the global economy as the pandemic, inflation and Russia's invasion of Ukraine put any hope of a rapid recovery on hold. The International Monetary Fund has revised its forecasts for the United States, China and Europe warning that rising interest rates could impact financial stability around the world and spark a deep recession.
While the global economic focus is on surging inflation and rising inflation, there are growing concerns about a looming property crisis in China.
Authorities in Beijing have intervened with a massive rescue fund to bail out property developers and to resolve a debt crisis - as regular Chinese refuse to pay their mortgages and take to the streets.
The Australian Taxation Office says it received 43,000 tipoffs about businesses engaged in the shadow economy by operating cash in hand.
Also, a busy week ahead for economic news with the latest inflation data on Wednesday and an economic statement from Treasurer Jim Chalmers on Thursday.
A deluge of economic news this week could influence the Albanese government's ambitious legislative agenda. Consumer inflation update on Wednesday is tipped to show annual inflation running at 6.3 percent with an economic statement from Treasurer Jim Chalmers to be "confronting".
After a massive week for the economy with a review announced into the Reserve Bank a few days ago, brace for even bigger economic news next week when we get an updated picture on the challenges ahead. Dr Chalmers will deliver what he calls a "confronting" economic statement to federal parliament on Thursday after the latest consumer inflation is released on Wednesday. Also, the Australian Taxation Office reveals its list of "most dobbed-in" tax avoiders. Reporter: ABC senior business correspondent Peter Ryan
Mining giant Rio Tinto has settled a long tax running dispute for amost $1 billion in one of the biggest payouts in Australian corporate history. The victory for the Australian Taxation Office is critical windfall as the new federal government grapples with paying down a trillion dollar debt.
Reserve Bank review announced; financial complaints on the rise after natural disasters by Peter Ryan
In an emotion-charged atmosphere of surging interest rates and rising pressures on household budgets, Treasurer Jim Chalmers has announced a root and branch review of the Reserve Bank. The review comes at a time when the RBA's stragegy on managing inflation and hiking rates is drawing criticism and concerns about confidence in the institution's decison making processes. Analysis from ABC's Peter Ryan.
As official interest rate rises rattle borrowers, the Reserve Bank's decision making processes will be put under the microscope for the first time in thirty years. The review will examine RBA's core objectives including it's inflation targetting mandate, the way board members are appointed and it's accountability to the federal government. Treasurer Jim Chalmers has defended RBA governor Philip Lowe on claims the review is a witch hunt and that he has a Philip Lowe "voodoo doll".
It's the biggest banking deal in more than a decade - ANZ's proposal to swallow Queensland's Suncorp Bank for almost five billion dollars. But amid the corporate fanfare and promises to retain Suncorp's Queensland identity, now comes the hard part - and that's convincing regulators and Treasurer Jim Chalmers the deal won't erode competition. Small Queensland mutual Heritage Bank sees opportunity as CEO Peter Lock warns Queenslanders will resist bank bosses south of the border. Reporter: ABC senior business correspondent Peter Ryan
Featured: Peter Lock, Heritage Bank ; Peter Ryan, ABC
Keywords: podcast,
Suncorp has accepted a $4.9 billion bid from ANZ to take over its banking business, as the big four bank seeks to accelerate its growth. The proposal has to receive clearance from the Australian Competition and Consumer Commission, which has to be satisfied it will not substantially lessen competition in the banking sector. ABC's Peter Ryan says any deal that erodes competition will be heavily scrutinised. Reporter: ABC senior business correspondent Peter Ryan
Featured: Shayne Elliott, ANZ chief executive; Peter Ryan, ABC
With the jobs market booming and unemployment the lowest in almost fifty years, you might think there'd be champagne corks popping about a strong economy. Instead, borrowers leveraged up with big mortgages are bracing for higher interest rates as the Reserve Bank signals more rates pain ahead as it tries to tame runaway inflation. But Australia's biggest home lender, the Commonwealth Bank, is predicting interest rate cuts in late 2023 after economy reels from significant tightening. Reporter: ABC senior business correspondent Peter Ryan
Featured: ; Peter Ryan, ABC
China's economy contracted sharply in the second quarter while annual growth slowed significantly, highlighting the colossal toll on activity from widespread COVID lockdowns. GDP went backwards by 2.6% in the second quarter while annual growth came in at a tepid 0.4 percent, down from a prior 4.8 percent. ABC's Peter Ryan says China's slowing adds to fears about a global downturn.
Reporter: ABC senior business correspondent Peter Ryan
Featured: ; Peter Ryan, ABC
Keywords: podcast,
The extraordinary fall in the official unemployment rate we saw yesterday took even the most optimistic economists by surprise. The surprise fall in June to 3.5 percent underscores the resilience of Australia's economy. But that there's a sting in the tail and that's the near certainty of more aggressive interest rate rises from the Reserve Bank, perhaps as much as 0.75 percentage points in August. Analysis from the ABC's senior business correspondent Peter Ryan. Reporter: ABC senior business correspondent Peter Ryan
Australia's official jobless rate has tumbled with the latest reading down to 3.5 percent in June. There's also been a remarkable jump in the number of new jobs created. But could good news on the jobs front be bad news for borrowers with the Reserve Bank on track to raise interest rates to tame inflation. Analysis from ABC's Peter Ryan. Reporter: ABC senior business correspondent Peter Ryan
Featured: Peter Ryan, ABC
Keywords: podcast,
Unemployment plunges to 3.5 per cent, with nearly 90,000 jobs added in June
US inflation surges to annual pace of 9.1pc in June - fastest since 1981 as central banks cement aggressive rate rise plans.
The race to contain rampant inflation around the world looks certain to accelerate after consumer prices in the United States hit a fresh 40 year high last month. Evidence that the US economy is running red hot at 9.1 percent is likely to cement the case for another supersized interest rate hike later this month. Analysis from ABC's Peter Ryan.
Australian Super delivers negative return as borrowers brace for another interest rate rise by Peter Ryan
As highly-indebted borrowers await today's decision from the Reserve Bank on interest rates, the head of Australia's biggest superannuation fund says aggressive rate rises to tame inflation could spark a global recession. Mark Delaney, chief executive of Australian Super, says it will be hard for Australia to sidestep a local recession and that the jobless rate could rise if we're swept up in a global downturn. The concerns come as retirement nest eggs have gone negative for the first time since the global financial crisis. Reporter: ABC senior business correspondent Peter Ryan
Featured: Mark Delaney, Australian Super; Peter Ryan, ABC
Australian forensic sleuths to track Russia's suspected theft of wheat from Ukraine. Perth-based Source Certain boss Cameron Scadding says company has been enlisted by UK government in $2.6 billion three year deal to counter Russia's sanction busting of not just wheat but barley, sunflower seeds, diamonds and gold.
Perth-based company Source Certain has been enlisted by the British government to use forensic science to trace wheat and other commodities that Russia might have stolen from Ukraine. Russia has repeatedly denied the allegations, but that's not stopping the UK as well as the European Union from using advanced technology to ensure stolen commodities like wheat don't make it to global markets.
Reporter: ABC senior business correspondent Peter Ryan
Featured: Cam Scadding, CEO Source Certain; Peter Ryan, ABC
Wall Street stocks have crept to another dismal close after soft economic data stoked concerns that the United States is likely to fall into a recession. Investors are nervous about decelerating consumer spending, high inflation and signs that jobless claims are inching higher. The Dow Jones Industrial Average ended lower, heading towards it's biggest six month percentage drop since 1962. Estimates are that US$13 trillion have been wiped from global stocks so far this year.
Reporter: ABC senior business correspondent Peter Ryan
Featured: Emma Wall, market analyst; ; Peter Ryan, ABC
Keywords: podcast,
Commonwealth Bank shocks with massive 1.4 percentage point hike in fixed rates by Peter Ryan
A survey finds that the lower profile "sole traders" are doing it extremely tough, especially with record high petrol prices and the higher cost of taking on new debt. Online digital accountancy service Hnry has taken the pulse of the 1.5 million person sector and finds the economic headwinds are chilling sole traders with 68 percent looking to cut costs, 28 percent reluctant to take on more debt and high petrol prices are putting dent in businesses. Hnry managing director Karan Anand speaks with ABC's Peter Ryan. Reporter: ABC senior business correspondent Peter Ryan
Featured: Karan Anand, Hnry, managing director; Peter Ryan, ABC
Australia's healthcare sector is lagging other sectors on the ASX 200 for disclosing environmental, social and governance issues, a new report has found, with no top 200-listed health company receiving the highest rating on these issues. The Australian Council of Superannuation Investors' annual ESG Reporting Trends report released today found just 6 per cent of ASX 200 companies provide no ESG disclosure at all.
Reporter: ABC senior business correspondent Peter Ryan
Featured: Louise Davidson, Australian Council of Superannuation Investors; Peter Ryan, ABC
Bleak gender gap report shows less than 50pc of women over all generationswork full time by Peter Ryan
As western sanctions over the Ukraine war continue to bite, Russia looks set to default on its sovereign debt repayments for the first time since the Bolshevik revolution more than a century ago. While a Russia debt default might show the sanctions are working, the Kremlin claims it's all symbolic given that they have the money, but can't transfer it because the sanctions won't allow transfers to creditors. Reporter: ABC senior business correspondent Peter Ryan
Featured: Russ Mould, market analyst; Peter Ryan, ABC
Keywords: podcast,
Women face lifelong pay gap - less than 50pc work full time across all generations by Peter Ryan
It's a common perception that retirees and cashed-up baby boomers have been dominating the exodus to regional Australia for a "tree" or "sea" change in their post work lives. But new research from the Regional Australia Institute and the Commonwealth Bank shows it's now millennials and gen-Xers who are leaving the big smoke to buy a home for a much lower price or to chase better job opportunities. Reporter: ABC senior business correspondent Peter Ryan
Featured: Paul Fowler, Commonwealth Bank; Peter Ryan, ABC
The chair of the US Federal Reserve is continuing to insist he's not trying to engineer a recession in the United States to tame surging inflation. But the highly conditional assurances from Jerome Powell are failing to convince average Americans who complain the hard medicine to pull down out of control prices will take the world's biggest economy over a cliff. Mr Powell faced a US Senate grilling in Washington. Reporter: ABC senior business correspondent Peter Ryan
Featured: Jerome Powell, US Federal Reserve chair; Elizabeth Warren, US senator; John Kennedy, US senator; Peter Ryan, ABC
Most Australians probably regard the Reserve Bank as a mysterious institution not necessarily in touch with average workers worried about their mortgage payments. But that's rapidly changing, with recent high profile appearances from RBA governor Philip Lowe where his straight-talking language has been welcomed at a time when aggressive interest rate rises could spark a recession in the United States. The ABC's senior business correspondent Peter Ryan has been covering the Reserve Bank for years and joins me now to look at the changing tone.
Reporter: ABC senior business correspondent Peter Ryan
Featured: Philip Lowe, RBA governor; Peter Ryan, ABC
Keywords: podcast,
Most Australians probably regard the Reserve Bank as a mysterious institution not necessarily in touch with average workers worried about their mortgage payments.
But that's rapidly changing, with high profile appearances from RBA governor Philip Lowe where his straight-talking language has been welcomed at a time when aggressive interest rate rises could spark a recession in the United States.
The ABC's senior business correspondent Peter Ryan has been covering the Reserve Bank for years and joins me now to look at the changing tone.
Reserve Bank governor Philip Lowe says brace for more interest rate rises as he "does with it takes" to tame rampant inflation. Mr Lowe also warns workers that bids for unrealistic wage increases could fuel inflation and risk a rerun of a 1970s style wages breakout. Mr Lowe also said the RBA would review its approach to "forward guidance" after being criticised for signalling that rates would stay near zero until 2024. Reporter: ABC senior business correspondent Peter Ryan
Featured: Philip Lowe, Reserve Bank governor; Peter Ryan, ABC
Keywords: podcast, inflation, interest rates, reserve bank
Former Treasury secretary Ken Henry has bought into Australia's energy crisis, suggesting a windfall tax on gas exports should be introduced to ensure there's enough for critical domestic use. So how would this work, and would it create greater certainty for consumers and businesses in the face of surging power bills. Analysis from the ABC's senior business correspondent Peter Ryan. Reporter: ABC senior business correspondent Peter Ryan
Featured: Ken Henry, former Treasury secretary; Peter Ryan, ABC
As global sharemarkets dive on fears about a recession in the United States, superannuation is likely to take a hit for the first time in more than a decade. But as economic tremors get louder, the message to people worried about their retirement nest eggs is not to panic or make rash decisions could "crystalise" losses that for now are on paper.SuperRatings executive director Kirby Rappell speaks with ABC's Peter Ryan
Mutuals, co-ops bounce back from pandemic woes and lows - I speak with BCCM chief executive Melina Morrison Caption: Throughout the pandemic, there's been a lot of focus on how big companies have navigated the immense challenges - most of them focussed on making big profits and keeping shareholders happy. But behind the scenes, the lower profile sector of cooperatives and mutuals have played a big role in ensuring the wheels of the economy kept turning during lockdowns and border restrictions that took small operators to the brink. I speak with Melina Morrison, chief executive of the Business Council of Co-operatives & Mutuals. Reporter: Melina Morrison, chief executive of the Business Council of Co-operatives & Mutuals; ABC senior business correspondent Peter Ryan
It's been another big night of heavy selling on global sharemarkets amid fears that interest rate rises to tame surging inflation will spark a recession in the United States later this year. Central banks in the UK and Europe are the latest to move, setting the scene for Australia's Reserve Bank to move aggressively at next month's meeting. So where will this end and are the recession fears justified? Analysis from the ABC's Peter Ryan. Reporter: ABC senior business correspondent Peter Ryan
Featured: Mike Novogratz, market analyst; Mike Bapis, fund manager; Peter Ryan, ABC
It's been another big night of heavy selling on global sharemarkets amid fears that interest rate rises to tame surging inflation will spark a recession in the United States later this year. Central banks in the UK and Europe are the latest to move, setting the scene for Australia's Reserve Bank to move aggressively at next month's meeting. So where will this end and are the recession fears justified? Analysis from the ABC's Peter Ryan. Reporter: ABC senior business correspondent Peter Ryan
Featured: Mike Novogratz, market analyst; Mike Bapis, fund manager; Peter Ryan, ABC
Wall Street stocks have staged a relief rally after the US Federal Reserve delivered on expectations with a "supersized" interest rate rise of three-quarters of a percentage point.
And there's almost certainly much more pain to come as the Fed chases inflation which is now entrenched in the US economy, running at a 41 year high.
The Australian Industry Group has slammed today's minimum wage increase, warning it will only fan inflation and put the Reserve Bank under even more pressure to raise interest rates.Chief executive Innes Willox warns businesses will struggle to pass on the pay rise and that some could go to the wall. Reporter: ABC senior business correspondent Peter Ryan
Featured: Innes Willox, Australian Industry Group; Peter Ryan, ABC
Reserve Bank governor Philip Lowe uses a prime time appearance on the ABC's 7.30 program to warn that interest rates will rapidly rise to deal with 7 percent inflation by the end of the year. Also, financial markets brace for a "supersized" interest rate rise from the US Federal Reserve that could top 0.75 percentage points.
Global stocks dive on US recession fears with supersized rate rise tipped this week to confront 8.6pc annual inflation. S&P 500 enters "bear" territory down having lost 21.3 percent so far this year. Australian stocks set to open 2.7pc lower this morning. Reporter: ABC senior business correspondent Peter Ryan
Featured: Russ Mould, market analyst ; Peter Ryan, ABC
Keywords: podcast, Wall Street, US Federal Reserve, inflation
Australian shares have dived more than five percent on gears that aggressive interest rate rises will force an recession in the United States. Banks, miners and technology stocks were swallowed in the sharemarket rout with Block plunging 18 percent. Market analyst Michael McCarthy warns investors to brace for more ugly falls. Reporter: ABC senior business correspondent Peter Ryan
Featured: Michael McCarthy, Tiger Brokers; Peter Ryan, ABC
It's been a dramatic week for Australia's economy - and stressful for anyone with a big mortgage - after the Reserve Bank delivered a much bigger than expected interest rate rise.
Economists at the major banks are now rewriting their forecasts given the tightening cycle from record low rates as the battle to tame inflation hits top gear.
The Commonwealth Bank has dramatically downgraded its economic growth forecasts on worries about surging inflation and aggressive interest rate rises from the Reserve Bank. Australia's biggest home lender sees a 15 percent fall in national house prices and the jobless ticking higher to 4.5 percent in 2023. CBA's head of Australian Economics Gareth Aird is pencilling in rate cuts late next year as inflation falls and the economy cools. Reporter: ABC senior business correspondent Peter Ryan
Featured: Gareth Aird, head of Australian Economics, Commonwealth Bank; Peter Ryan, ABC
Keywords: podcast,
The war in Ukraine is continuing to rock the global economy with the OECD the latest to slash its growth forecasts while warning about surging inflation. While fears about a recession are being played down, the OECD doesn't see much relief in surging prices we're seeing here in everything from food to petrol and energy costs. Analysis from the ABC's Peter Ryan. Reporter: ABC senior business correspondent Peter Ryan
Featured: Matthias Cormann, OECD Secretary-General ; Peter Ryan, ABC
The Reserve Bank's decision to deliver a super-sized interest rate yesterday hike surprised most economists - but the message to borrowers this morning is "get ready for more". Expectations are that the RBA's official cash rate could hit more than two percent by the end of year - and that means aggressive rate increases in the coming months to get the inflation genie back in the bottle. However, UBS economists predict the RBA will cut its cash rate in the second half of 2023 to avoid a hard economic landing. Reporter: ABC senior business correspondent Peter Ryan
The Reserve Bank's decision to deliver a super-sized interest rate yesterday hike surprised most economists - but the message to borrowers this morning is "get ready for more". Expectations are that the RBA's official cash rate could hit more than two percent by the end of year - and that means aggressive rate increases in the coming months to get the inflation genie back in the bottle. However, UBS economists predict the RBA will cut its cash rate in the second half of 2023 to avoid a hard economic landing. Reporter: ABC senior business correspondent Peter Ryan
Featured: Peter Ryan, ABC
It's a massive day for the economy - and anyone worried about their mortgage - with the Reserve Bank widely expected to raise its official cash rate for the second month on a row. While the strategy is to get in front of surging inflation, it's a double-whammy for consumers and businesses already being smashed by higher prices for food, energy and petrol. Analysis from the ABC's Peter Ryan. Reporter: ABC senior business correspondent Peter Ryan
Featured: Daniel Walton, Australian Worker's Union; Peter Ryan, ABC
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The Reserve Bank looks almost certain to raise official interest rates again tomorrow - but the big question is by "how much". The outlook for higher rates comes as inflation runs out of control - more recently stoked by surging energy prices - adding to the rising cost of living.
Reporter: ABC senior business correspondent Peter Ryan
Featured: Peter Munckton, Bank of Queensland chief economist; Peter Ryan, ABC
Keywords: podcast, reserve bank, interest rates
Manufacturers reeling from surging power costs say they're on the brink of disaster - despite Australia being a major exporter of gas. The sector is urging federal government intervention as a matter of survival to stop businesses from going under. But ABC's Peter Ryan says there are no easy answers as the new federal government confronts a crisis that could take years to unravel. Reporter: ABC senior business correspondent Peter Ryan
Featured: Peter Ryan, ABC
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Treasurer yet to pull trigger on emergency measures to tame surging energy prices by Peter Ryan
The new Albanese government is under enormous pressure to intervene in the energy market to protect consumers from soaring gas and electricity prices. Treasurer Jim Chalmers has a mechanism available to preserve domestic gas supplies to keep prices down but he's so far resisting calls to pull the trigger as a cold snap on the east coast pushes up demand. Reporter: ABC senior business correspondent Peter Ryan
Featured: Jim Chalmers, Treasurer; Innes Willox, AI Group; Peter Ryan, ABC
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BREAKING - GDP defies forecasts but still slows. I speak on ABC NewsRadio by Peter Ryan
Australia's economy grews in the past year faster than expected but at a slower pace as inflation and rising intere rates bite. New Treasurer Jim Chalmers has slammed the previous Coalition government for leaving behind a dire set of numbers that are weaker than forecast in the most recent budget update. Analysis from the ABC's Peter Ryan Reporter: ABC senior business correspondent Peter Ryan
Featured: Jim Chalmers, Treasurer; Peter Ryan, ABC
The new Labor government faces the massive task of dealing with the surging cost of living and the outlook for falling house prices as official interest rates rise. Official GDP figures out today are expected to show slowing economic growth from Omicron and floods in northern NSW earlier this year. Corelogic house price data shows real estate prices falling in Sydney and Melbourne for the first time since September 2020. Reporter: ABC senior business correspondent Peter Ryan
Featured: Peter Ryan, ABC
AGL demerger proposal off after action by Mike Cannon-Brookes - live on 702 by Peter Ryan
AGL in crisis - activist investors see company in self imposed "bloodbath" by Peter Ryan
Tech billionaire Mike Cannon-Brookes says AGL's ageing coal-fired power stations could be shut down well before 2035 if his high stakes strategy to take the energy giant into the renewables world succeeds. Mr Cannon-Brookes has also refused to rule out a full takeover of AGL after his action to derail controversial plans to split the company forced the exit of its chairman, chief executive and two high profile directors.
Reporter: ABC senior business correspondent Peter Ryan
Featured: Mike Cannon-Brookes, tech billionaire; Peter Ryan, ABC
Ratings agency S&P Global wants to see the new government's plan to manage $45b in "off budget" spending, warning that Australia's AAA credit status would be jeopardised if deficits blow out. Also tech billionaire Mike Cannon-Brookes is under pressure to restructure energy giant AGL after derailing a demerger proposal. ABC's Peter Ryan says Mr Cannon-Brookes needs to outline a strategy to close down AGL's coal-fired generators well ahead of schedule. Reporter: ABC senior business correspondent Peter Ryan
Featured: Anthony Walker, S&P Global Ratings; Peter Ryan, ABC
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The surging cost of energy has sparked an extraordinary response from the British government to provide to relief from "bill shock" that's rocking households and businesses. Plans have been revealed to levy what's known as a "windall tax" on oil and gas companies which have been profiting from the war in Ukraine. However, Australia's new Prime Minister Anthony Albanese says the UK windfall tax won't be copied in Australia. Reporter: ABC senior business correspondent Peter Ryan
Featured: Rishi Sunak, UK Chancellor of Exchequer; Anthony Albanese, Prime Ministe; Peter Ryan, ABC
Reality is quickly setting in for the new Treasurer Jim Chalmers as he confronts budget numbers that he quickly described as "dire". Just a few days into the job, Mr Chalmers warned the nation should brace for more bad news on debt and deficits - and skyrocketing power prices which will be confirmed later this morning. Reporter: ABC senior business correspondent Peter Ryan
Featured: Peter Ryan, ABC
Keywords: podcast,
The Australian Energy Regulator has decided to pass on hefty increases to the benchmark power price as geopolitical forces more coal and gas more expensive. AER board member Justin Oliver says it's a difficult balance to protect consumers and to ensure energy retailers recover costs and make a profit.
Reporter: ABC senior business correspondent Peter Ryan
Featured: Justin Oliver, Australian Energy Regulator ; Peter Ryan, ABC
Reality is quickly setting in for the new Treasurer Jim Chalmers as he confronts budget numbers that he quickly described as "dire". Just a few days into the job, Mr Chalmers warned the nation should brace for more bad news on debt and deficits - and skyrocketing power prices which will be confirmed later this morning. Reporter: ABC senior business correspondent Peter Ryan
It's been another volatile session on Wall Street as investors continue to worry that aggressive interest rate rises could spark a global recession. Technology stocks have been hit the hardest after a dismal profit outlook saw Snapchat's owner Snap plunge a massive 43 percent. Fears of contagion in social media stocks sparked heavy falls in Twitter, Facebook's parent Meta and Google's parent Alphabet.
Australia's first indigenous employment index shows racism - both direct and unconcious - is common in the workplace for First Nations people. The survey of 42 major employers conducted by Andrew Forrest's Mindaroo Foundation lifts the lid on indigenous employment practices and says many indigenous employees feel "culturally unsafe" at work where they often face discrimination, ridicule or denunciation. I speak with Generation One chief executive Shelley Cable on ABC NewsRadio.
Reporter: ABC senior business correspondent Peter Ryan
Featured: Shelley Cable, Generation One chief executive; Peter Ryan, ABC
Anthony Albanese inherits an economy that remains fragile as it recovers from the pandemic and a hazardous world of surging inflation and rising interest rates. That means pressure on growing on Labor to outline how it plans to rein in budget deficits over the horizon and debt approaching a trillion dollars. ABC's Peter Ryan speaks with AMP chief economist Shane Oliver. Featured: Shane Oliver, AMP chief economist; Peter Ryan, ABC.
Anthony Albanese inherits an economy that remains fragile as it recovers from the pandemic and a hazardous world of surging inflation and rising interest rates. That means pressure on growing on Labor to outline how it plans to rein in budget deficits over the horizon and debt approaching a trillion dollars. ABC's Peter Ryan speaks with AMP chief economist Shane Oliver. Featured: Shane Oliver, AMP chief economist; Peter Ryan, ABC.
There's been more volatility on Wall Street on fears that aggressive interest rate rises to tame inflation could spark a global recession. Also ABC's Peter Ryan says with a tight federal election race, investors will be looking for a majority government to provide certainty, Featured: Michael Hewson, market analyst; Peter Ryan, ABC.
Australia's official unemployment rate has hit the lowest level in more than a generation - a critical development in the final days of a tightly fought election campaign. The Bureau of Statistics is reporting that the jobless rate fell to 3.9 percent in April - a result that while politically good for the Coaltion puts more pressure on the Reserve Bank to raise interst rates. Featured: Peter Ryan, ABC.
Wall Street stocks have tumbled as big US retailers suffer from surging inflation. The inconic Target chain lost 25 percent of its market value after warning its profits will be hit by rising fuel and freight costs. It's Target's worst trading day since the Black Monday sharemarket crash in 1987. Also ABC's Peter Ryan says today's official employment figures are likely to show the April jobless rate fell to 3.9pc, the lowest level since 1974. Featured: Peter Ryan, ABC.
As the election campaign runs into its final frantic days, all eyes will be on critical wages growth data out later this morning. With the Coalition framing its re-election pitch around strong economic management, any sign that wages are picking up will be jumped on given the rising cost of living gripping households at the moment. I speak with independent economist Warren Hogan. Featured: Warren Hogan, economist; Peter Ryan, ABC.
Debate is still raging about the Coalition's controversial policy which would allow allow borrowers to access to their superannuation to buy a home. But economists remain convinced that special access to super would not only push prices higher but force some people on to the aged pension decades ahead. Also a warning that the Coalition's "super for housing" policy could encourage money launderers to wash cash in Australian real estate. Featured: Josh Frydenberg, Treasurer; Andrew Jackson, First AML; Peter Ryan, ABC.
The Coalition reveals the cost of its election promises and flags a $1 billion improvement to the March 29 budget. Also a warning that the Coalition's "super for housing" policy could encourage money launderers to wash cash in Australian real estate. I speak to Andrew Jackson from First AML. The Australian Taxation Offices warns cryptocurrency investors to fully declare their capital gains and losses. Featured: Josh Frydenberg, Treasurer; Andrew Jackson, First AML; Peter Ryan, ABC.
Economists slam "super for home" plan, warn prices will rise and worry super erosion could force borrowers on to aged pension decades ahead. I speak with Saul Eslake and Stephen Koukoulas.
Whoever wins the May 21 election will have the mammoth task of confronting budget deficits extending beyond a decade government debt fast approaching a trillion dollars. Economists say hard and unpopular decisions will be necessary to get the budget back in balance. Featured: Jo Masters, chief economist Barrenjoey Capital Partners; Stephen Koukoulas, independent economist; Peter Ryan, ABC.
Whoever wins the May 21 election will have the mammoth task of confronting budget deficits extending beyond a decade government debt fast approaching a trillion dollars. Economists say hard and unpopular decisions will be necessary to get the budget back in balance. Featured: Jo Masters, chief economist Barrenjoey Capital Partners; Stephen Koukoulas, independent economist; Peter Ryan, ABC.
While there's a lot of attention on the continuing steep falls on global sharemarkets, there's another correction underway in the risky world of cryptocurrencies.The best known cryptocurrency Bitcoin has been smashed with its value halved since hitting a peak last November. As a result there are growing calls for greater regulation of crypto to protect consumers who might not understand what they're investing in. Featured: Dr Lisa Cameron, British MP; Peter Ryan, ABC.
With inflation biting into household budgets, financial counsellors say some consumers are resorting to sometimes risky buy now pay later products to make ends meet. More than a hundred organisations are urging whoever wins the federal election to ensure buy now pay later is properly regulated as a credit product to protect vulnerable consumers who rack up massive debts with multiple cards. ABC's Peter Ryan speaks with "Alana" who ramped up $8,000 in debt after being approved for seven cards. Featured: Alana; Fiona Guthrie, Financial Counselling Australia ; Peter Ryan, ABC.
With inflation biting into household budgets, financial counsellors say some consumers are resorting to sometimes risky buy now pay later products to make ends meet. More than a hundred organisations are urging whoever wins the federal election to ensure buy now pay later is properly regulated as a credit product to protect vulnerable consumers who rack up massive debts with multiple cards. ABC's Peter Ryan speaks with "Alana" who ramped up $8,000 in debt after being approved for seven cards. Featured: Alana; Fiona Guthrie, Financial Counselling Australia ; Peter Ryan, ABC.
Employer groups acknowledge rising inflation but want wage rises capped at three percent. Australian Chamber of Commerce & Industry chief executive Andrew McKellar says Anthony Albanese's suggestion that wages should match 5.1 percent annual inflation is unsustainable. Featured: Andrew McKellar, ACCI chief executive; Peter Ryan, ABC.
Getting wages higher is a complicated challenge for any current or incoming government especially now that traditional market forces don't appear to be working. Dr Jim Stanford from the Centre for Future Work says wages will continue to lag inflation unless governments intervene with targetted wage boosting policies. Featured: Dr Jim Stanford, Centre for Future Work; Peter Ryan, ABC.
Getting wages higher is a complicated challenge for any current or incoming government especially now that traditional market forces don't appear to be working. Dr Jim Stanford from the Centre for Future Work says wages will continue to lag inflation unless governments intervene with targetted wage boosting policies. Featured: Dr Jim Stanford, Centre for Future Work; Peter Ryan, ABC.
Westpac chief executive Peter King says he is yet to see signs of mortgage stress despite last week's decision by the Reserve Bank to raise its official cash rate. Mr King's assurance came as Westpac reported a five percent fall in half year profit to $3.28 billion. Featured: Peter King, Westpac chief executive; Peter Ryan, ABC.
Wall Street stocks have plunged on fears that the US Federal Reserve will be forced to make more drastic interest rate rises to get inflation under control. Investors worry rates hikes could be supersized despite Fed chair Jerome Powell explicitly ruling out aggressive increases of three-quarters of a percentage point. Meanwhile, the Bank of England hikes to 1 percent while inflation in Turkey hits 70 percent. Featured: ; Peter Ryan, ABC.
National Australia Bank chief executive Ross McEwan says there are no signs of mortgage stress after the Reserve Bank's interest rate rise this week. But Mr McEwan has urged borrowers to "speak up" if they become worried about their ability to repay higher mortgage rates. Featured: Ross McEwan, National Australia Bank chief executive; Peter Ryan, ABC.
I speak with Linda Mottram on the ABC's PM program about the rate that stopped the nation
Australia's major banks say they will offer support to customers who struggle with higher mortgage repayments after the Reserve Bank increased the cash rate to 0.35 percent. ANZ chief executive Shayne Elliott has acknowledged that many customers have never experienced a rate rise and might need assistance. Featured: Shayne Elliott, ANZ chief executive; Peter Ryan, ABC.
Australia's major banks say they will offer support to customers who struggle with higher mortgage repayments after the Reserve Bank increased the cash rate to 0.35 percent. Banks have acknowledged that many customers have never experienced a rate rise. Featured: Peter Ryan, ABC.
Australia's major banks say they will offer support to customers who struggle with higher mortgage repayments after the Reserve Bank increased the cash rate to 0.35 percent. Banks have acknowledged that many customers have never experienced a rate rise. Featured: Peter Ryan, ABC.
Official interest rates are likely to rise when the Reserve Bank meets today in the first hike since November 2010. While mortgage stress is possible for some indebted borrowers, Commonweath Bank head of Australian economics Gareth Aird says a three percentage point buffer means most are well-positioned. Also Mike Cannon-Brookes buys 11.3 percent of energy giant AGL in a bid the derail a demerger which would out coal generators into a separate company. Featured: Gareth Aird, Commonwealth Bank head of Australian economics; Peter Ryan, ABC.
Official interest rates are likely to rise when the Reserve Bank meets today in what would be the first hike since November 2010. While mortgage stress is possible for some indebted borrowers, Commonweath Bank head of Australian economics Gareth Aird says a three percentage point buffer means most are well-positioned. Also Mike Cannon-Brookes buys 11.3 percent of energy giant AGL in a bid the derail a demerger which would out coal generators into a separate company. Featured: Gareth Aird, Commonwealth Bank head of Australian economics; Peter Ryan, ABC.
Qantas is spending billions of dollars to resurrect the airline's ambitious plans to flight non-stop from Sydney to London and New York. Under Project Sunrise - which was shelved during the pandemic - Qantas will purchase twelve A350 jets for the international legs which renew its domestic fleet with 40 new narrowbody jets. Qantas chief executive Alan Joyce says Project Sunrise is the aviation equivalent of the moonshot in the 1960s. Featured: Alan Joyce, Qantas chief executive; Peter Ryan, ABC.
The Reserve Bank is poised to raise official interest rates tomorrow for the first time since November 2010 - a few weeks out from the election. Also, Standards Australia is preparing to introduce or update around 4,000 benchmarks to deal with the growth of renewables like hydrogen and the digital economy. I speak with Adam Stingemore from Standards Australia who says bolts used in the construction of the Sydney Harbour Bridge were approved in 1922 as the organisations first benchmark. Featured: Adam Stingemore, Standards Australia ; Peter Ryan, ABC.
Australians could be paying more for their home loans within days with the Reserve Bank likely to raise official interest rates next Tuesday. But how does the sometimes mysterious board of the RBA work and how could its decisions create pain for borrowers who've never experienced a rate rise? Analysis from the ABC's Peter Ryan who says money markets are pricing in a near certainty the RBA's cash rate will rise for the first time since 2010. Featured: Peter Ryan, ABC.
Australians could be paying more for their home loans within days with the Reserve Bank likely to raise official interest rates next Tuesday. Confirmation that consumer inflation is rocketing could spark the RBA's first cash rate rise in more than a decade - but this time it would be right in the middle of an election campaign. ABC's Peter Ryan says money markets are pricing in a near certainty the RBA's cash rate will rise for the first time since 2010. Featured: Scott Morrison, Prime Minister; Peter Ryan, ABC.
Peter Ryan talks inflation and interest rates with Cassie McCullagh on ABC Radio Sydney by Peter Ryan
Consumer inflation has surged the most in more than 20 years adding pressure on the Reserve Bank to raise official interest rates next week. Prices rose 2.1 percent in the first quarter of 2022 making 5.1 percent over the year. Betashares chief economist David Bassanese says the RBA's independence will be damaged if it doesn't act in inflation and raise rates in May. Featured: Josh Frydenberg, Treasurer; Jim Chalmers, Shadow Treasurer; David Bassanese chief economist Betashares ; Peter Ryan, ABC.
Consumer inflation has surged the most in more than 20 years adding pressure on the Reserve Bank to raise official interest rates next week. Prices rose 2.1 percent in the first quarter of 2022 making 5.1 percent over the year. Betashares chief economist David Bassanese says the RBA's independence will be damaged if it doesn't act in inflation and raise rates in May. Featured: David Bassanese chief economist Betashares ; Peter Ryan, ABC.
Surging inflation in the first three months of this year is likely to force the Reserve Bank of Australia to raise interest rates as cost of living pressures run at the fast pace in 14 years. AMP Capital Investors chief economist Shane Oliver believes there's a chance the RBA board will hikes the cash rate on May 3, rather than waiting until after the election in June. Featured: Shane Oliver, chief economist AMP Capital Investors; Peter Ryan, ABC.
Surging inflation in the first three months of this year is likely to force the Reserve Bank of Australia to raise interest rates as cost of living pressures run at the fast pace in 14 years. AMP Capital Investors chief economist Shane Oliver believes there's a chance the RBA board will hikes the cash rate on May 3, rather than waiting until after the election in June. Featured: Shane Oliver, chief economist AMP Capital Investors; Peter Ryan, ABC.
Poor households could be pushed into poverty as food prices surge, the World Bank has warned. President David Malpass predicts food prices could surge by 37 percent as the war in Ukraine and pandemic-related supply blockages worsen. Also US Federal Reserve chair Jerome Powell says aggressive interest rate rises are "on the table" to pull inflation back. Analysis from the ABC's senior business correspondent Peter Ryan. Featured: David Malpass, president World Bank; Peter Ryan, ABC.
It's been a horror show on Wall Street for the online streaming service Netflix. The company's shares crashed by 36 percent after 200-thousand subscribers switched off as life returns to normal after the pandemic. Netflix is blaming inflation as households trim budgets along with the decision to close its service to Russia in protest against the Ukraine war. Analysis from the ABC's senior business correspondent Peter Ryan. Featured: Russ Mould, market analyst; Peter Ryan, ABC.
The International Monetary Funs is warning that the war in Ukraine and surging inflation are "clear and present dangers" to the global economic recovery from the COVID19 pandemic. The IMF has slashed its global forecasts by nearly a full percentage point adding that rising prices for food and energy could trigger social unrest particulary in poorer countries. Analysis from the ABC's senior business correspondent Peter Ryan. Featured: Pierre-Olivier Gourinchas, IMF chief economist; Peter Ryan, ABC.
Evidence of surging inflation in Australia means the Reserve Bank is on track to raise official interest rates aggressively in the coming months. But Bank of Queensland chief executive George Frazis thinks borrowers should be able to withstand higher payments as long as they keep their jobs. Analysis from the ABC's senior business correspondent Peter Ryan. Featured: George Frazis, Bank of Queelsnand chief executive; Peter Ryan, ABC.
Evidence of surging inflation in Australia means the Reserve Bank is on track to raise official interest rates aggressively in the coming months. But Bank of Queensland chief executive George Frazis thinks borrowers should be able to withstand higher payments as long as they keep their jobs. Analysis from the ABC's senior business correspondent Peter Ryan. Featured: George Frazis, Bank of Queelsnand chief executive; Peter Ryan, ABC.
The official jobless remains at 4 percent defying predictions of unemployment falling to a record low 3.9 percent. The still strong result is a key factor in the Reserve Bank's strategy to raise interest rates to tame inflation. Economist Stephen Koukoulas says there's a chance the RBA will make a pre-election rate hike at its May 3 meeting. Featured: Stephen Koukoulas, independent economist ; Peter Ryan, ABC.
Surging inflation and a record low jobless rate could prompt a Reserve Bank interest rate rise before the May 21 federal election. Independent economist Stephen Koukoulas says a May 3 rate hike is becoming more likely after major central banks in the US, UK, Canada and New Zealand acted to get ahead of inflation. He tells ABC's Peter Ryan there's a possibility the RBA will assert its independence and follow the 2007 precedent when then-governor Glenn Stevens raised rates a week out from the election that ousted John Howard as prime minister. Featured: Stephen Koukoulas, independent economist; Peter Ryan, ABC.
Surging inflation and a record low jobless rate could prompt a Reserve Bank interest rate rise before the May 21 federal election. Independent economist Stephen Koukoulas says a May 3 rate hike is becoming more likely after major central banks in the US, UK, Canada and New Zealand acted to get ahead of inflation. He tells ABC's Peter Ryan there's a possibility the RBA will assert its independence and follow the 2007 precedent when then-governor Glenn Stevens raised rates a week out from the election that ousted John Howard as prime minister. Featured: Stephen Koukoulas, independent economist; Peter Ryan, ABC.
US consumers inflation is running at the fastest pace since 1981 as the Ukraine war stokes petrol and food prices. Analysis from the ABC's senior business correspondent Peter Ryan. Featured: Brian Tora, market analyst; Peter Ryan, ABC.
US consumers inflation is running at the fastest pace since 1981 as the Ukraine war stokes petrol and food prices. Analysis from the ABC's senior business correspondent Peter Ryan. Featured: Brian Tora, market analyst; Peter Ryan, ABC.
Wall Street falls heavily in fears that aggressive interest rate rises to tame inflation could induce a recession in the United States. Inflation is evident in Australia with building costs expected to spike later this year because of supply contraints and the war in Ukraine. I speak with Matthew Mackey executive director of construction consultancy Arcadis who agrees Opposition Leader Anthony Albanese should have known basic economic indicators in an election framed around "strong economic management".Analysis from the ABC's senior business correspondent Peter Ryan. Featured: Matthew Mackey, Arcadis executive director; Peter Ryan, ABC.
Labor leader Anthony Albanese's inability to name the Reserve Bank's cash rate and the official unemployment rate could damage the party's pitch for "strong economic management" credentials. Figures out on Thursday are likely to show the jobless rate fell to 3.9pc in March. Analysis from ABC's Peter Ryan. Featured: Peter Ryan, ABC.
With a federal election set for May the 21st, get ready to hear a lot about strong economic management from both major parties. So Thursday will be a key day in the campaign with the official unemployment rate tipped to have fallen below four percent last month. Analysis from the ABC's senior business correspondent Peter Ryan. Featured: Peter Ryan, ABC.
The budget has some rosy assumptions for a fast recovering economy with the jobless rate diving below four percent and even forecasts for elusive wages growth. But with deficits still stretching out over the horizon when is right time to rein in spending without austerity, especially with a trillion dollar debt in coming years? Analysis from the ABC's senior business correspondent Peter Ryan.
The budget has some rosy assumptions for a fast recovering economy with the jobless rate diving below four percent and even forecasts for elusive wages growth. But with deficits still stretching out over the horizon when is right time to rein in spending without austerity, especially with a trillion dollar debt in coming years? Analysis from the ABC's senior business correspondent Peter Ryan. Featured: Nicki Hutley, independent economist; Peter Ryan, ABC.
The budget has some rosy assumptions for a fast recovering economy with the jobless rate diving below four percent and even forecasts for elusive wages growth. But with deficits still stretching out over the horizon when is right time to rein in spending without austerity, especially with a trillion dollar debt in coming years? Analysis from the ABC's senior business correspondent Peter Ryan. Featured: Nicki Hutley, independent economist; Peter Ryan, ABC.
Global oil prices have tumbled as much as nine percent after China's industrial hub of Shanghai was locked down to control surging COVID19 cases. The lower price for crude comes as the federal budget is poised to lower the excise on fuel to provide household relief volatile global oil prices. ABC's Peter Ryan says the Federal Budget is likely to flag an early strategy for "budget repair" with the official unemployment rate to fall to 3.75 percent. Featured: Rachel Winter, market analyst; Gareth Aird, head of Australian Economics, Commonwealth Bank; Peter Ryan, ABC.
Global oil prices have tumbled as much as nine percent after China's industrial hub of Shanghai was locked down to control surging COVID19 cases. The lower price for crude comes as the federal budget is poised to lower the excise on fuel to provide household relief volatile global oil prices. ABC's Peter Ryan says the Federal Budget is likely to flag an early strategy for "budget repair" with the official unemployment rate to fall to 3.75 percent. Featured: Rachel Winter, market analyst; Gareth Aird, head of Australian Economics, Commonwealth Bank; Peter Ryan, ABC.
Newly-appointed ACCC chair Gina Cass-Gottlieb will target petrol and fuel retailers exploiting uncertainty from the COVID19, the Ukraine war and recent flood disasters to gouge prices. In her first broadcast interview in the top job, the former corporate lawyer confirmed she has severed all ties with higher profile clients including medua tycoon Rupert Murdoch and his son Lachlan.
Newly-appointed ACCC chair Gina Cass-Gottlieb will target petrol and fuel retailers exploiting uncertainty from the COVID19, the Ukraine war and recent flood disasters to gouge prices. In her first broadcast interview in the top job, Ms Cass-Gottleib confirmed she has severed ties with higher profile clients including medua tycoon Rupert Murdoch and his son Lachlan. Ms Cass-Gottlieb also committed to maintaining the pressure on digital titans like Facebook and calling out "green-washing" where companies mislead consumers about their policies about the switch to renewables. Featured: Gina Cass-Gottlieb, ACCC chair; Peter Ryan, ABC.
In another blow to James Packer's gaming empire, Crown Resorts has been found to be unit to operate its lucrative Perth casino. But a final report from a West Australian Royal Commission has not cancelled Crown's licence - instead appointing an independent monitor to oversee the casino. ABC's Peter Ryan says the decision could complicate the $9b takeover bid by private equity giant Blackstone. Featured: Andrew Jackson, anti-money laundering expert; Peter Ryan, ABC.
In another blow to James Packer's gaming empire, Crown Resorts has been found to be unit to operate its lucrative Perth casino. But a final report from a West Australian Royal Commission has not cancelled Crown's licence - instead appointing an independent monitor to oversee the casino. ABC's Peter Ryan says the decision could complicate the $9b takeover bid by private equity giant Blackstone. Featured: Tony Buti, WA Racing & Gaming Minister; Peter Ryan, ABC.
With government debt hitting a trillion dollars in coming years, what's being done to pay it down before global interest rate rises push up borrowing costs? Former Treasury official Stephen Anthony from Macroeconomics Advisory warns the debt bill could double to $1.7 trillion by 2032-33 to fund spending on defence, the NDIS and unfunded superannuation liabilities for public servants. Featured: Stephen Anthony, former Treasury official ; Peter Ryan, ABC.
Regional airline REX in $10 fare hike from Friday as surging fuel costs are passed on to travellers by Peter Ryan
As Australians feel the pain from rising inflation, the Reserve Bank governor says he wants to keep interest rates low for as long as possible to support households. Philip Lowe is aiming to get more people into jobs and wages higher before pushing the rate rise button capitalising on a fast recovering economy. Featured: Philip Lowe, Reserve Bank governor; Peter Ryan, ABC.
The federal government is committing $480m to improve the internet service of Australians living in regional and rural areas. The money will let more customers access fixed wireless services and give them faster internet speeds. Reporter: Paul Fletcher, Communications Min
Just a week out from the federal budget, there are continuing signs that the improving economy is reining in the deficit much faster than expected. But could the turbocharged recovery be jeopardised by a pre-election cash splash to voters, undermining the constant theme of "responsible economic management"? I speak with Deloitte Access Economics partner Chris Richardson. Featured: Chris Richardson, partner Deloitte Access Economics; Peter Ryan, ABC.
Social media giant Facebook is being taken to the Federal Court for allegedly failing to block scam advertisements featuring high profile Australians. Australian Competition and Consumer Commission chair Rod Sims claims Facebook's parent company Meta engaged in false, misleading and deceptive conduct by publishing the ads that were likely to mislead vulnerable consumers. On his final days as ACCC chair, Rod Sims speaks with ABC's Peter Ryan. Featured: Rod Sims, ACCC chair; Peter Ryan, ABC.
With the federal budget just over a week away, there are signs that rather than handing out sweeteners to voters ahead of a tight election, a switch to "budget repair" is happening faster than expected. Treasurer Josh Frydenberg is now flagging an improved budget position will allow a more rapid paydown of massive debt built up from stimulus rolled out during the pandemic. Featured: Josh Frydenberg, Treasurer; Peter Ryan, ABC.
Jobless rate dips to 4pc in February raising bets on early interest rate rise by Peter Ryan
Celebrations might be getting under way for St Patrick's Day, but they're taking place under a dark cloud given distressing scenes from the war in Ukraine.
But already as a member of the European Union, Ireland has acted swifty to provide humanitarian aid in the crisis with Irish families opening their homes six to thousand Ukrainian refugees.
Ireland's minister of state Hildegarde Naughton is visiting Australia on her first trip downunder to open Irish businesses and to build links with Australia as the world emerges from the pandemic.
Ms Naughton took time out to speak with the ABC's senior business correspondent Peter Ryan.
The global price of crude oil has dipped sharply overnight in what should eventually translate into relief at the Australian petrol bowser. The fall below US$100 a barrel erodes the push by some politicians to cut the fuel excise as fallout from the Ukraine war puts a rocket under inflation. Featured: Brian Tora, market analyst; Peter Ryan, ABC.
Calls are growing louder for the federal government to act on the rising cost of living and to freeze or cut the excise on fuel. That's despite a significant drop in the global oil price overnight which - at some point - will be reflected in lower prices at the petrol bowser. Australian Chamber of Commerce & Industry chief executive Andrew McKellar urges the Treasurer to avoid a "sugar hit' and to focus on budget repair. Featured: Andrew McKellar, chief executive Australian Chamber of Commerce & Industry; Peter Ryan, ABC.
A constant theme in the leadup to the federal election has "responsible economic management" with a trillion dollar debt bell down the track. So how responsible would it be to cut the fuel excise as a pre-election sweetener to deal with the rising cost of living? Featured: Jo Masters, chief economist Barrenjoey; Peter Ryan, ABC.
A constant theme in the leadup to the federal election has "responsible economic management" with a trillion dollar debt bell down the track. So how responsible would it be to cut the fuel excise as a pre-election sweetener to deal with the rising cost of living? Featured: ; Peter Ryan, ABC.
Guy Debelle's rapid exit from the Reserve Bank to chase climate change passion. I speak with UTS chief economist Tim Harcourt on ABC NewsRadio.
RBA dep governor Guy Debelle poached by billionaire Andrew Forrest as green energy push gains speed by Peter Ryan
Oil dips as speculators cash in; Wall St has best day in year as investors buy beaten down stocks by Peter Ryan
Wall Street stocks end lower as the world gauges the impact of Joe Biden's decision to ban oil imports from Russia. But what real difference will it make as the economic handcuffs on Vladimir Putin tighten given Europe's reluctance to cut energy ties with Russia. Featured: Peter Ryan, ABC.
Crude oil prices are continuing to surge as the United States consider a possible blockade in Russian energy exports.
So are we in the midst of a global oil shock?
AGL shareholders have slammed the energy giant's decision to knock back an $8 billion takeover bid from billionaire Mike Cannon-Brookes and Brookfield Asset Management. The high profile consortium has now decided to walk away - leaving AGL with a lower share price and no other offer on the table. ABC's Peter Ryan speaks with AGL chief executive Graeme Hunt. Featured: Graeme Hunt, AGL chief executive; Peter Ryan, ABC.
Devastating floods in northern New South Wales have exposed the risk that some properties are now either uninsurable or too costly to insure. Climate Valuation chief executive Karl Mallon warns many state and local government flood maps are out of date and don't include climate change where flood disasters are likely to become more common. Featured: Dr Karl Mallon, Climate Valuation ; Peter Ryan, ABC.
The devastating floods in northern New South Wales have exposed the brutal reality that many properties are now either uninsurable or simply too costly to insure. Experts who assess the risk for major banks and insurers also warn that many state and local government flood maps are now out of date and don't include climate change where flood disasters are likely to become more common. Dr Karl Mallon chief executive of the consultancy Climate Valuation has a database of flood risk for every house in Australia and he warns 350-thousand houses are on the cusp of becoming uninsurble. eatured: Dr Karl Mallon, Climate Valuation ; Peter Ryan, ABC.
Dr Mallon is speaking with the ABC's senior business correspondent Peter Ryan.
Crude oil prices have continued to soar as the war in Ukraine sparks a run on commodities that keep the wheels of the global economy turning. Australia's $3.5 trillion superannuation industry under pressure to withdraw Russian investments. Featured: Jane Hume, Financial Services Minister; Peter Ryan, ABC.
Australia's banks will offer loan repayment deferrals to flood victims in a repeat of extraordinary emergency action last seen two years ago when the pandemic shut down the economy. The deferrals will be up to three months and will apply to residential mortgages, personal loans, credit cards and some business loans. Featured: Anna Bligh, Australian Banking Association; Liam Peach, economist; Peter Ryan, ABC.
Moscow market closed but Russian companies trading elsewhere smashed; push to include lawyers, accountants, real estate agents in anti money laundering laws as AUSTRAC case against Crown hits REPORTER: Peter Ryan, ABC Senior Business Correspondent Featured: Brian Tora, market analyst; Andrew Jackson, First AML; Peter Ryan, ABC.
Russian interest rates spike to 20pc, Moscow sharemarket closed, rouble tanks against US$
Mining billionaire Andrew Forrest has pulled back his renewable energy interests in Russia, condemning Vladimir Putin's invasion of Ukraine. The Fortescue Metals chairman tells the ABC's Peter Ryan he's met with Mr Putin on previous trips to Moscow describing him as "very tough" and someone who won't be rattled by western sanctions. I also preview Wednesday's National Accounts with the Commonwealth Bank's Gareth Aird. Featured: Andrew Forrest, Fortescue Metals chairman; Gareth Aird, Commonwealth Bank; Peter Ryan, ABC.
Wall Street stocks have bounced back despite a global plunge after Russia's invasion of Ukraine. While much of the focus is on rising nerves in the West, there's also been a swift reaction in Russia with Moscow's main share index crashing more than 30 percent. ABC's Peter Ryan says the price of crude oil is likely to continue its surge. Featured: Jack Cordell, Moscow Times; Emma Wall, market analyst; Peter Ryan, ABC.
Qantas chief executive Alan Joyce says the airline is well prepared to withstand the fallout from the crisis in Ukraine, including surging oil prices. But unveiling a $456 million half year loss - much of it from the Omicron and Delta impact - Mr Joyce says Australia could become a refuge for tourists edgy about travelling to Europe. Mr Joyce told ABC's Peter Ryan has expects West Australian premier Mark McGowen to stick to plans to re-open the WA border, saying the delayed opening cost Qantas 60 million dollars. Featured: Alan Joyce, Qantas chief executive; Peter Ryan, ABC.
The new sanctions on Russia, combined with a decision to stop a major gas pipeline from Russia to Europe's seen the price of oil hurtle towards a hundred US dollars a barrel for the first time since 2014. Wall Street stocks fall on fears that Russian sanctions will derail global economic recovery from pandemic. AGL to face tough regulatory hurdles. Former ACCC chairman Allan Fels thinks Foreign Investment Review Board national interest test could be broadened. Featured: Russ Mould, market analyst; Allan Fels, former ACCC chairman; Peter Ryan, ABC.
The new sanctions on Russia, combined with a decision to stop a major gas pipeline from Russia to Europe's seen the price of oil hurtle towards a hundred US dollars a barrel for the first time since 2014. Wall Street stocks fall on fears that Russian sanctions will derail global economic recovery from pandemic. Featured: Russ Mould, market analyst; Peter Ryan, ABC.
The bid by billionaire Mike Cannon-Brookes to buy the energy giant AGL might be in it early stages, but there are already signs the proposed takeover faces big regulatory hurdles. The biggest one is the "national interest" test - and whether the Treasurer uses special powers to protect critical power infrastruture. ABC's senior business correspondent Peter Ryan explains. Featured: Stuart Upson, Brookfield Asset Management; Scott Morrison, Prime Minister; Allan Fels, former ACCC chairman; Peter Ryan, ABC.
The bid by billionaire Mike Cannon-Brookes to buy the energy giant AGL might be in it early stages, but there are already signs the proposed takeover faces big regulatory hurdles. The biggest one is the "national interest" test - and whether the Treasurer uses special powers to protect critical power infrastruture. ABC's senior business correspondent Peter Ryan explains. Featured: Stuart Upson, Brookfield Asset Management; Peter Ryan, ABC.
AGL shares have surged more than 11 percent after the company rejected an initial takeover bid from tech billionaire Mike Cannon-Brookes and Brookfield Asset Management. AGL's board says the audacious offer undervalues the company and is not in the interests of shareholders. But Mr Cannon-Brookes tells ABC's Peter Ryan AGL should reconsider what he calls a "compelling offer" to take the energy giant into the new green economy. Featured: Mike Cannon-Brookes, Atlassian co-founder; Peter Ryan, ABC.
Tech billionaire Mike Cannon-Brookes and Canadian fund manager Brookfield have launched an audacious for for energy giant AGL. A condition of the $8 billion proposal is that AGL accelerates its closure of coal-fired generators by 2030. ABC's Peter Ryan says AGL is likely to reject the initial bid, sparking a bidding war among other potential suitors. Featured: Dan Gocher, Australasian Centre for Corporate Responsibility; Innes Willox, Australian Industry Group; Peter Ryan, ABC.
With the federal budget just over a month away, the Business Council of Australia is urging the federal goverment to resist what it calls "lazy fiscal spending" ahead of a likely May election. BCA president Tim Reed says Treasurer Josh Frydenberg should resist extending tax breaks to low and middle income earners which have been criticised as inflationary and a tactic to woo voters. Featured: Tim Reed, president Business Council of Australia; Jennifer Westacott, Business Council of Australia; Peter Ryan, ABC.
Global tech giant Apple is facing a shareholding revolt over a massive pay rise given its high profile chief executive Tim Cook. Shareholder advisory group ISS says there are significant concerns about the design and magnitude of Mr Cook's pay deal which has rocketed to US$99 million (A$137m). ABC's Peter Ryan says average Americans are angered given rising inflation and hard economic times. Featured: Emma Ward, market analyst; Peter Ryan, ABC.
Origin Energy plans to shut Australia's largest coal-fired power plant seven years early, in 2025, with plans to replace it with a big battery on the same site. Energy Minister Angus Taylor says the move to close the Erararing plant in the NSW Hunter Valley is "bitterly disappointing" and creates a less reliable power grid. Featured: Frank Calabria, Origin Energy chief executive; Matt Kean, NSW Treasurer; Peter Ryan, ABC
The outlook for rising interest rates is already a hot political issue with a federal election campaign likely to be fought on strong economic management during the pandemic. Finance Minister Simon Birmingham told a senate estimates hearing that Labor's uncosted policies could blow the budget and pressure the Reserve Bank to act. Featured: Simon Birmingham, finance minister; Peter Ryan, ABC.
Highly indebted real estate borrowers face more expensive mortgage repayments with the Reserve Bank's cash rate tipped to rise ahead of schedule in June. Commonwealth Bank economists predict a tightening cycle will begin after the federal election taking the RBA's cash rate to 1.25 percent by early 2023. ABC's Peter Ryan says the will move gently with $500 billion of fixed rate mortgages needing to refinance at a higher rate over the next two years. Featured: Gareth Aird, head of Australian economics, Commonwealth Bank; Peter Ryan, ABC.
Rising inflation is forcing some companies to pass on higher costs to businesses and consumers. However, JB Hi Fi chief executive Terry Smart says competition will keep the electronics retailer's prices down and pledges to absorb an eight percent spike for now. Boral chief executive Zlatko Todorcevski says higher costs for coal and diesel will be passed on in "out of cycle" price increases for building products. Featured: Terry Smart, JB Hi Fi chief executive; Zlatok Todorscevski, Boral chief executive; Mike Henry, BHP chief executive; Peter Ryan, ABC.
Rising inflation is forcing some companies to pass on higher costs to businesses and consumers. However, JB Hi Fi chief executive Terry Smart says competition will keep the electronics retailer's prices down and pledges to absorb an eight percent spike for now. Boral chief executive Zlatko Todorcevski says higher costs for coal and diesel will be passed on in "out of cycle" price increases for building products. Featured: Terry Smart, JB Hi Fi chief executive; Zlatok Todorscevski, Boral chief executive; Peter Ryan, ABC.
NBN Company chief executive Stephen Rue says broadband has been the "digital backbone of the economy" during the pandemic. Mr Rue believes that while a "hybrid" return to work model is likely, it might not work for all businesses. Mr Rue also brushes off questions about a potential sale of the NBN to the commercial work, saying that's a decision for the federal government. Featured: Stephen Rue, NBN Company chief executive; Peter Ryan, ABC.
Reserve Bank governor Philip Lowe has once again urged caution about raising interest rates too quickly warning that hiking too early could jeopardise falling unemployment levels. Mr Lowe is confronting rising inflation here in Australia and around the world but says the RBA will be patient before pushing the rate rise button. ABC's Peter Ryan says the Philip Lowe will be unable to hold back if the US Federal Reserve raises rates aggressively to tackle surging inflation. Featured: Reserve Bank governor Philip Lowe ; Peter Ryan, ABC.
Energy giant AGL has signalled it could accelerate the closure of its ageing coal-fired power plants if the takeup of renewables takes hold earlier than expected. The signal comes as activist investors demand faster action on the transition to green energy.But the decision has angered the Federal Government with energy minister Angus Taylor warning early closures could create a "considerable gap" in power generation. ABC's Peter Ryan speaks with AGL chief financial officer Damien Nicks. Featured: Damien Nicks, chief financial officer, AGL Energy; Peter Ryan, ABC.
Stamp duty revenue vulnerable to property price falls as land tax debate reignites by Peter Ryan
A possible correction in the real estate market leaves state governments vulnerable to falling revenue from stamp duty. Moody's Investor Services says governments reliant on billions of dollars from stamp duty revenue need to consider phasing in a land tax. Property Council of Australia chief executive Ken Morrison says a land tax could work if phased in property. Featured: John Manning, Moody's Investor Services; Ken Morrison, Property Council of Australia; Peter Ryan, ABC.
Commonwealth Bank chief executive Matt Comyn confirms the economic recovery is underway and home loan customers are well prepared to weather possible interest rate rises. Posting an improved half year profit of $4.74 billion, Mr Comyn tells ABC's Peter Ryan the bank remains prepared for a new COVID19 variant beyond Omicron. Featured: Matt Comyn, CBA chief executive; Peter Ryan, ABC.
Coming up on #TWT - I speak with Commonwealth Bank boss Matt Comyn. Confirms economic recovery from pandemic is underway - but remains prepared for any new crisis inc a COVID variant beyond Omcricon. Posts better $4.74b half yr profit despite shrinking margins
Real estate transactions surged by 57 percent in 2021, totalling a massive $688 billion. Online property settlement platform Pexa says the surge underscores the economy's resilience during the pandemic. Pexa head of research Mike Gill tells ABC's Peter Ryan the surge has been fuelled by low interest rates and demand for lifestyle changes. Featured: Mike Gill, head of research, Pexa Insights; Peter Ryan, ABC.
Real estate transactions surged by 57 percent in 2021, totalling a massive $688 billion. Online property settlement platform Pexa says the surge underscores the economy's resilience during the pandemic. Pexa head of research Mike Gill tells ABC's Peter Ryan the surge has been fuelled by low interest rates and demand for lifestyle changes. Featured: Mike Gill, head of research, Pexa Insights; Peter Ryan, ABC.
Business groups warn that the earlier opening of Australia's international borders for the double vaccinated won't mean an immediate return of foreign tourists. With central business districts virtual ghost towns because of Omicron restrictions, strategies are now being finetuned to encourage workers back to the office. Westpac chief executive Peter King tells ABC's Peter Ryan it won't be easy with many workers now conditioned to working remotely from home. Featured: Peter King, Westpac chief executive; Peter Ryan, ABC.
Business groups warn that the earlier opening of Australia's international borders for the double vaccinated won't mean an immediate return of foreign tourists. With central business districts virtual ghost towns because of Omicron restrictions, strategies are now being finetuned to encourage workers back to the office. Westpac chief executive Peter King tells ABC's Peter Ryan it won't be easy with many workers now conditioned to working remotely from home. Featured: Peter King, Westpac chief executive; Peter Ryan, ABC.
Bizarre Gerry Harvey interview - refuses to explain Jobkeeper refund. Citi Journalism Awards. by Peter Ryan
Strong economic management during the pandemic is now a constant theme as Treasurer Josh Frydnberg finetunes the March 29 Federal Budget. At the same time, business groups are rolling out their pre-budget submissions. Featured: Melina Morrison, chief executive, BCCM; Josh Frydenberg, Treasurer; Peter Ryan, ABC.
Emerging "buy now pay later-style schemes" targeting renters are likely to prey on vulnerable consumers who could fall into a dangerous debt spiral if they don't pay on time, Financial Counselling Australia warns. Recent entrant Tenanting offers a free service but charges five percent if a renter opts to borrow to pay future rent. FCA is urging Treasurer Josh Frydenberg to hold an independent inquiry into fintechs who model their businesses to evade proper regulation. Featured: James Hunt, Financial Counselling Australia; Rok Zolnir, Tenanting; Peter Ryan, ABC.
Reserve Bank governor Philip Lowe has conceded it's now "plausible" but not certain that official interest rates could rise this year. While that's good news about a rebounding economy in the face of a pandemic, Mr Lowe has warned highly indebted real estate borrowers to ensure they have a "buffer" to deal with a higher mortgage repayments down the track. ABC's Peter Ryan says financial markets continue to ignore the RBA's dovish outlook and predicts aggressive rate rises this year. Featured: Philip Lowe, Reserve Bank governor; Peter Ryan, ABC.
The Reserve Bank is on track to raise official interest rates as inflation begins to run how. The big question is - by how much and how soon? ABC's Peter Ryan looks at the implications for mortgage repayments and household budgets. Featured: ; Peter Ryan, ABC.
Get ready for a early Reserve Bank rate rise - I speak with Cassie McCullagh by Peter Ryan
The Reserve Bank is set to abandon its commitment to keep official interest rates close to zero until 2024 as inflation begins to run hot. While most economists tip rates will rise later this year, economist Stephen Koukoulas says a rate rise before the federal election can't be ruled out. ABC's Peter Ryan says the RBA is independent is government and has a mandate to tame inflation regardless of politics. Featured: Stephen Koukoulas, economist; Peter Ryan, ABC.
The Reserve Bank is set to abandon its commitment to keep official interest rates close to zero until 2024 as inflation begins to run hot. While most economists tip rates will rise later this year, economist Stephen Koukoulas says a rate rise before the federal election can't be ruled out. ABC's Peter Ryan says the RBA is independent is government and has a mandate to tame inflation regardless of politics. Featured: Stephen Koukoulas, economist; Peter Ryan, ABC.
The US Federal Reserve has signalled an interest rate rise in March as it confronts surging inflation. While acknowledging the US economy remains fragile because of the pandemic, Fed chair Jerome Powell says inflation is hurting average Americans who are paying for for food and petrol. ABC's Peter Ryan says the Fed's rate rise signal pressures Australia's Reserve Bank and governor Philip Lowe's pledge to keep interest rates near zero until 2024. Featured: Jerome Powell, US Federal Reserve chairman ; Peter Ryan, ABC.
The impact of the Omicron variant has derailed the global economic recovery. The International Monetary Fund warns global growth will moderate this year as supply chain blockages caused by the pandemic stoke inflation. ABC's Peter Ryan says a potential Russian attack on Ukraine could complicate any recovery and add to surging inflation.
The Reserve Bank might be forced to raise interest rates sooner than expected after evidence that inflation is starting to run hot in Australia. Consumer inflation for the final three months of last year came into higher than forecast with the annual rate breaking through the RBA's two to three percent target band. ABC's Peter Ryan says RBA governor Philip Lowe will be under pressure to backdown on his pledge to keep the cash rate near zero until 2024. Featured: Jo Masters, chief economist EY; Peter Ryan, ABC.
The Reserve Bank might be forced to raise interest rates sooner than expected after evidence that inflation is starting to run hot in Australia. Consumer inflation for the final three months of last year came into higher than forecast with the annual rate breaking through the RBA's two to three percent target band. ABC's Peter Ryan says RBA governor Philip Lowe will be under pressure to backdown on his pledge to keep the cash rate near zero until 2024. Featured: Jo Masters, chief economist EY; Peter Ryan, ABC.
Inflation rebound to test RBA's low rates pledge - I speak with Tom Oriti on ABC NewsRadio by Peter Ryan
As we head into the third year of the pandemic, investors are confronting two destabilising headwinds - rising inflation and the likehood of higher interest rates.
With the US Federal Reserve on track to hike rates perhaps four times this year, the big question is whether Australia's Reserve Bank can hold its nerve and keep rates near zero in the face of rising inflation here.
We'll get a better idea tomorrow when the latest official inflation numbers are released.
As Australia's economy slowly recovers from the pandemic, pressure is growing to confront the onerous task of "budget repair" with massive and debt and deficits stretching out for years ahead. Former Treasury official Stephen Anthony warns that with interest rates rising, a looming $1.2 trillion debt bill presents "dire risks" to future generations. Featured: Stephen Anthony, Macroeconomics Advisory; Peter Ryan, ABC.
Australian manufacturers worry a surge in business activity will be damaged by labour constraints and continuing supply chain blockages. ACCI chief executive Andrew Mackellar has welcomed the opening of Western Australia's borders early next year, but tells ABC's Peter Ryan supply shortages are looming for diesel additives and pallets used to transport good. Featured: Andrew Mackellar, chief executive ACCI ; Peter Ryan, ABC.
Treasurer Josh Frydenberg is set to reveal a $103b budget improvement when the mid year economic update is released on Thursday. The pre-Christmas optimism defies damaging lockdowns in Sydney, Melbourne and Canberra. Australian Taxation Office deputy commissioner Rebecca Saint says lost revenue from companies dodging tax will remain a major focus as budget repair gets underway. Featured: Rebecca Saint, deputy commissioner Australian Taxation Office; Peter Ryan, ABC.
Australia's digital payments system will be overhauled with greater regulation for buy-now-pay-later companies and cryptocurrency exchanges. The new powers under consideration would give the federal government and regulators like the Reserve Bank greater powers to intervene. Consumer Action Law Centre chief executive Gerard Brody argues a tough new regulator is needed to protect consumers and investors from scams. Featured: Gerard Brody, Consumer Action Law Centre; Peter Ryan, ABC.
The National Australia Bank is being taken to court over allegations that thousands of staff have been bullied into working excessive unpaid hours at nights, weekends and even on while on holiday. The Finance Sector Union claims the unpaid overtime amounts to wages theft and unbearable levels of stress and anxiety for staff who feared they'd be sacked if they refused the demands. Featured: Julia Angrisano, Finance Sector Union; Peter Ryan, ABC.
Rapid budget repair unlikely as federal election campaign looms- Monday Finance with Peter Ryan
Australia's economy shrank 1.9 per cent in the September quarter, but was still 3.9 per cent bigger than it was at the same point in 2020, after the initial COVID-19 lockdowns. Most economists had been expecting GDP to contract by more than 3 percent. ABC's Peter Ryan says the figures point to an economic rebound already underway. Featured: Peter Ryan, ABC.
The result was much better than most economists had feared, with forecasts centring on a 2.7 per cent quarterly decline as large parts of the economy were shut in New South Wales, Victoria and the ACT for most or all of the September quarter.
Global sharemarkets are bracing for more volatility in the coming days amid escalating fears about the new COVID19 variant that's possibly resistant to vaccines. The possibility of tightening restrictions and borders closing will overshadow this week's all-important National Accounts which will confirm deep economic damage from recent lockdowns in Sydney, Melbourne and Canberra. Commonwealth Bank head of Australian economics Gareth Aird speaks with ABC's Peter Ryan. Featured: Gareth Aird, Head of Australian Economics, Commonwealth Bank; Peter Ryan, ABC.
The Commonwealth Bank is predicting steep falls in key commodity prices next year with important corporate tax revenue from iron ore and coal exports likely to decline. So how significant is this for the federal budget bottom line given the historic reliance on resource exports to underwrite the economy? The ABC’s senior business correspondent Peter Ryan explains.
US president Joe Biden has taken unprecented action to cool global oil prices, releasing 50 million barrels of crude oil from America's strategic reserves. The action comes as President Biden confronts inflation-fuelled petrol prices in the US and failed efforts to convince the OPEC oil cartel to pump more crude into the global economy. However, oil analysts don't expect the measures to make a difference to bowser prices in Australia. Featured: Joe Biden, US President; Peter Ryan, ABC.
After another long year of working from home during the pandemic, expectations are rising workers will cautiously trickle back into the office in the new year. But in return for returning to the CBD, employers are being urged to focus on mental health strategies and demands for better conditions including improved ventilation, more open space and access to healthy food. Ben Tindale from commercial property giant JLL says employers need to heed worker demands in the "new normal". Featured: Ben Tindale, managing director accounts, JLL; Peter Ryan, ABC.
Australians working at home during the pandemic clocked up an average six hours unpaid overtime and are owed wages worth eight weeks a year, according to the Australia Institute. Report author Dan Nahum says the unpaid work amounts to wages theft in some circumstances as workers "do what it takes" to get the job done in tightening labour market. AI Group chief executive Innes Willox says employers will need to provide greater flexibility when workers come back to the office. Reporter: Peter Ryan, senior business correspondent Featured: Dan Nahum, Australia Institute; Innes Willox, Australian Industry Group. Keywords: podcast, wages, workers, business, COVID-19,
If you hadn't noticed - unofficial campaigning is already underway for next year's federal election which is likely to be held in May. One key campaign platform is certain to be strong economic management and we're already hearing from the Prime Minister that the Coalition can be relied on to keep interest rates low. But how accurate are those claims especially in what's certain to be a highly charged election campaign? The ABC's senior business correspondent Peter Ryan takes a look.
US inflation surging - what does it mean here in Australia? I speak on ABC Radio Sydney by Peter Ryan
As the global economic recovery continues, there are growing warnings that inflation particularly in the United States is not just temporary but coming back with a vengeance. Economist Stephen Koukoulas from Market Economics says there are signs that inflation might not be transitory but like to become entrenched. He warns there's a growing likelihood that the US Federal Reserve might need to raise official interest rates next year ahead of schedule. Featured: Stephen Koukoulas, Market Economics; Peter Ryan, ABC.
The unemployment rate has surged to 5.2 percent in October as more people looked for work ahead of lockdowns easing in Sydney, Melbourne and Canberra. More than 46,000 jobs were lost. ACOSS says behind the headline figures, long term unemployment is chronic with 826,000 Australians out of work for more than 12 months. Featured: Donna Bennett, long term unemployed; Peter Ryan, ABC.
First, it was taking on credit cards with "buy now pay later" - but now the global fintech Afterpay is turning up the heat on major banks by offering to take on deposits in savings accounts.
Afterpay doesn't have an official deposit-taking banking licence yet but it gets around that by stitching up a deal with Westpac where it will pay a competitive interest rate to hold a customer's cash.
I speak with Afterpay executive vice president Lee Hatton and ask why Afterpay isn't seeking an APRA-approved banking licence of its own.
Optimistic bets for rising inflation and a recovery in wages could see interest rate rises brought forward, despite Reserve Bank assurances of no change until 2023. However, Bank of Queensland chief economist Peter Munckton says RBA governor Philip Lowe will want inflation persistently in the two to three percent target zone and wages at or above three percent before pulling the rate rise trigger. ABC's Peter Ryan says good news about the rebounding economy could be bad news for people who have borrowed heavily to buy into the hot real estate market. Featured: Peter Munckton, chief economist, Bank of Queensland; Peter Ryan, ABC.
The Minerals Council of Australia and APPEA have been singled out as key industry associations allegedly using "obstructive" strategies to influence government climate change policies. Climate investor advisor Influencemap.org has also outed US fossil fuel giants Exxon-Mobil and Chevon as the world's most obstructive companies when it comes to climate engagement. APPEA chief executive Andrew McConville rejects the allegations. Featured: Ed Collins, director InfluenceMap.org; Andrew McConville, chief executive, APPEA
Reserve Bank governor Philip Lowe has rejected suggestions that higher interest rates should used to cool Australia's red hot housing market. Dr Lowe tells AM that while higher rates would dampen real estate prices, the action would harm to the economy as it pulls out of the covid crisis. However, he warned highly-indebted borrowers that interest rates will eventually rise and they should be prepared for that. Featured: Philip Lowe, Reserve Bank governor Chris Richardson, Deloitte Access Economics
The rate that stops the nation. Could RBA dump 2024 low rate pledge at today's board meeting? by Peter Ryan
Westpac chief executive Peter King sees rising interest rates calming housing market at the margin as pressure continues on Reserve Bank to dump its 2024 "zero rates" pledge. Mr King sees "a correlation between interest rates and housing prices" and that "over history .. housing prices are likely to moderate".
Economists are betting the Reserve Bank will use tomorrow's Melbourne Cup day meeting to revise its consistent pledge to keep official interest rates at 0.1 percent until 2024. Judo Bank economic advisor Warren Hogan says RBA governor Philip Lowe is "in a pickle" about the commitment after evidence that inflation is rising faster than expected. ABC's Peter Ryan says alarm bells will be ringing for real estate borrowers who are highly leverage on cheap money. Featured: Warren Hogan, economic advisor, Judo Bank; Peter Ryan, ABC.
Coles chief executive Steven Cain warns a critical shortage of pallets used in the freight of goods could threaten deliveries in the leadup to Christmas.
Mr Cain dubbed the problem "pallet-gate" and said a shortage of wood used to make the pallets could strangle warehouse deliveries.
He warned that people making Christmas orders should move sooner rather than later.
Here's my analysis from The World Today
A jump in fuel prices has contributed to a broader rise in inflation over the past few months, which could put upward pressure on interest rates. The official ABS measure of consumer prices rose 0.8 per cent over the September quarter, with prices 3 per cent higher than a year earlier. ABC's Peter Ryan says the inflation pressure could tempt the Reserve Bank to review its commitment to keep rates near zero until 2024. Featured: Peter Ryan, ABC.
Crown Resorts will keep its Melbourne casino licence for now, despite a Victorian royal commission finding that its conduct was "disgraceful". The final report by commissioner Ray Finkelstein recommended Crown Melbourne should be given a two-year grace period under the control of a "special manager" to correct an "alarming catalogue of wrongdoing". ABC's Peter Ryan says Crown's role as Victoria's single biggest employer was a factor in saving the Melbourne licence. Featured: Melissa Horne, Victorian Gaming Minister; Peter Ryan, ABC.
Rising inflation could test the Reserve Bank's commitment to keep interest on hold near zero until 2024 according to EY chief economist Jo Masters. While most economists bet an inflation spike will be temporary because of global supply blockages, highly-leverage real estate borrowers could be exposed to even small increases to official interest rates. Featured: Jo Masters, EY Oceania chief economist; Peter Ryan, ABC.
Rising inflation could test the Reserve Bank's commitment to keep interest on hold near zero until 2024 according to EY chief economist Jo Masters. While most economists bet an inflation spike will be temporary because of global supply blockages, highly-leverage real estate borrowers could be exposed to even small increases to official interest rates. Featured: Jo Masters, EY Oceania chief economist; Peter Ryan, ABC.
Bank of Queensland chief executive George Frazis thinks that while APRA's recent curbs on home lending will take some "froth" out of the real estate market, he still expects price growth to remain robust. However, Mr Frazis believes the Reserve Bank's commitment to key interest rates on hold until 2024 will limit the impact on highly leveraged borrowers. He also tells ABC's Peter Ryan, it's important that Prime Minister Scott Morrison is able to secure a deal on net zero emissions by 2050 to the Glasgow climate summit. Featured: George Frazis, Bank of Queensland chief executive; Peter Ryan, ABC.
The national unemployment rate edged up to 4.6 per cent from 4.5 per cent in September with another dramatic deterioration in the participation rate the main reason why unemployment did not jump further. The ABS says 138,000 jobs were lost last month as Australia's two most populous states New South Wales and Victoria struggled through extended lockdowns. Featured: Karan Anand, chief executive Hnry (correct!) Australia; Peter Ryan, ABC.
Taxation Inspector-General Karen Payne has slammed the Australian Taxation Office for not advising taxpayers of their right to complain about adverse decisions. Ms Payne tells AM there needs to be an express obligation for the ATO to fully taxpayers about their rights. However, the ATO has pushed back on the recommendation saying it "would not be appropriate to encourage a complaint". Featured: Karen Payne, Inspector-General of Taxation
Budget carrier Bonza Airlines will target regional Australia rather that challenge Qantas and Virgin in the lucrative Sydney, Melbourne, Brisbane triangle. Chief executive Tim Jordan says Bonza plans to target the leisure market rather than business travellers. However, aviation consultant Neil Hansford says Bonza could have problems landing 737 jets in regions where airstrips are too narrow. Featured: Tim Jordan, Bonza chief executive; Neil Hansford, Strategic Aviation Solutions; Peter Ryan, ABC.
The Fair Work Ombudsman is taking the Commonwealth Bank to court for allegedly failing to pay $16.4 million to 7,425 workers. Ombudsman Sandra Parker tells me Australia's biggest bank breached enterprise agreements with staff and could face maximum penalties of $666,000 per serious breach. Featured: Sandra Parker, Fair Work Ombudsman; Peter Ryan, ABC.
Fortescue Future Industries chief executive Julie Shuttleworth tells RN Breakfast "the planet is cooking" while urging top level Australian representation at the Glasgow climate summit later this month. The warning comes as Prime Minister Scott Morrison is yet to confirm if he'll attend. Ms Shuttleworth is travelling to COP26 with Fortescue chairman Andrew Forrest to present a "green" hydrogen strategy to replace coal and gas for the production of iron and steel. Featured: Julie Shuttleworth, chief executive Fortescue Future Industries; Peter Ryan, ABC.
Eased restrictions in New South Wales, and the end of mask wearing in the workplace after 80 percent double vaccinations, has been welcomed by pandemic-weary businesses. Australian Industry Group chief executive Innes Willox says locked-down workers will now be encouraged to venture back into Sydney's near-empty CBD in what will be an important kick start to the economy. Featured: Innes Willox, Australian Industry Group; Peter Ryan, ABC.
The banking regulator has announced tougher serviceability tests for home loans, which will make it harder for some borrowers to get a mortgage, on the same day the Reserve Bank of New Zealand starts lifting its benchmark interest rate. Australian Prudential Regulation Authority chair Wayne Byres tells ABC's Peter Ryan he has acted to reinforce the stability of the financial system. Featured: Wayne Byres, Australian Prudentential Regulation Authority, Reserve Bank of Australia, RBNZ, real estate; Peter Ryan, ABC.
TITLE: Greenwashing deception threatening transition to clean economy, IMF warns SUBBED/UNSUBBEDNOT POSTED KEYWORDS: IMF, International Monetary Fund, greenwashing, Dan Gocher, Australasian Centre For Corporate Responsibility, BYLINE: Senior Business Correspondent Peter Ryan CAPTION: The International Monetary Fund is warning that "greenwashing" by companies and investment funds is one of the biggest challenges in the transition to a green economy and transparently dealing with climate change. The IMF wants great regulatory oversight and better disclosures to prevent companies from deceiving investors that their policies or products are environmentally friendly. Featured: Dan Gocher, Australasian Centre for Corporate Responsibility; Peter Ryan, ABC.
The International Monetary Fund is warning that "greenwashing" by companies and investment funds is one of the biggest challenges in the transition to a green economy and transparently dealing with climate change. The IMF wants great regulatory oversight and better disclosures to prevent companies from deceiving investors that their policies or products are environmentally friendly. Featured: Dan Gocher, Australasian Centre for Corporate Responsibility; Peter Ryan, ABC.
The rapid assessment of insurance claims from natural disasters could be delayed for months unless COVID restrictions are eased before summer. Insurance Council of Australia chief executive Andrew Hall says without a national approach on close and casual contacts and the definition of an essential worker, insurance assessor might not be able to cross borders. The warning follows similar concerns from the food processing industry which says supplies could be delayed in the leadup to Christmas if exposed workers are quarantined. Featured: Andrew Hall, chief executive Insurance Council of Australia; Peter Ryan, ABC.
Christmas supply crunch looms as food workers isolate under COVID isolation rules SUBBED/UNSUBBED NOT POSTED KEYWORDS: Tanya Barden, Australian Food & Grocery Council; Coles; supply chains, COVID BYLINE: Senior Business Correspondent Peter Ryan CAPTION: Food supplies in the leadup to Christmas could be at risk unless strict isolation rules for workers are updated as restrictions ease. The Australian Food & Grocery Council says essentials such as meat, bread and even toilet paper could be delayed with close and casual contacts unable to return to work. Featured: Tanya Barden, chief executive Australian Food & Grocery Council
Food supplies in the leadup to Christmas could be at risk unless strict isolation rules for workers are updated as restrictions ease. The Australian Food & Grocery Council says essentials such as meat, bread and even toilet paper could be delayed with close and casual contacts unable to return to work. Featured: Tanya Barden, chief executive Australian Food & Grocery Council
Supply chain blockages are at their worst since the oil shock of the 1970s, according to a survey by the Australian Chamber of Commerce & Industry. Chief executive Andrew McKellar tells AM despite resilience in some sectors, lockdowns in NSW and Victoria continue to damage confidence. Mr McKellar says ending state border disputes and easing international restrictions will be critical to the re-opening of the economy. Featured: Andrew McKellar, chief executive Australian Chamber of Commerce & Industry
A former naval chief says Australia's decision to scrap a $90 billion submarines deal with France in favour of the AUKUS pact is just "good governance" and recognition of new strategic threats in our region. Retired rear admiral Mark Purcell who spent 30 years in the navy as in top strategic roles says the deal to build nuclear submarines under the alliance will create thousands of local jobs and demand special skills required in building nuclear submarines. Also the International Monetary Fund has warned surging real estate prices pose a threat to Australia's financial system. Featured: Mark Purcell, retired rear admiral, Australian Navy; Harald Finger, International Monetary Fund; Peter Ryan, ABC.
John Elliott, controversial corporate raider, one-time future PM, dies aged 79 by Peter Ryan
Wall Street stocks dive as fear of contagion from potential collapse of China's Evergrande drove investors out of equities in a flight for safety. The potential collapse of the highly-indebted property developed added to other fears that the US Federal Reserve is preparing to announce a timeline for the removed of emergency stimulus introduced during the pandemic. Featured: Susannah Street, market analyst; Peter Ryan, ABC.
Calls are growing louder for a review of the Reserve Bank's monetary policy settings and whether inflation targeting is appropriate for dealing with any future shock such as climate change. Former Reserve Bank board member Professor Warwick McKibbin has backed the OECD's recommendation to review the current 2 to 3 percent inflation target and the selection of external members of the RBA board. Featured: Professor Warwick McKibbin, former RBA board member; Peter Ryan, ABC.
Working from home is here to stay long after the pandemic with a new report suggesting some people might even take a pay cut to remain in their home office. A review by the Productivity Commission has found the percentage of Australians working from home jumped from eight per cent to around 40 per cent over the past two years, staying high even when previous lockdowns have ended. Commission chair Michael Brennan tells AM the swift change in the way we work will remain a feature of our working life, even after the COVID-19 crisis is over. Featured: Michael Brennan, Productivity Commission chair; Peter Ryan, ABC.
The federal government is being urged to embark on major tax reform to help pay down massive debt from COVID crisis. Raising the goods and services tax (GST) and including the entire value of the family home in the aged pension assets test are two politically sensitive recommendations in the OECD's latest review of Australia's economy. Featured: Ben Westmore, OECD report co-author; Peter Ryan, ABC.
Revamped QR codes to send rapid COVID alerts in new normal workplace. I speak with @grantcustance CEO of workforce app developer Nimbus who says QR trials are underway with major gov't departments and listed companies
As the race towards 80 percent double vaccinations speeds up, employers are also racing to encourage their staff they can soon safely return from home to the workplace. The now-commonplace QR code checkins are being revamped to send real time alerts about staff movements and potential COVID risks with trials underway with government departments and listed companies. ABC's Peter Ryan speaks with Grant Custance, chief executive of technology developer Nimbus. Featured: Grant Custance, chief executive, Nimbus; Peter Ryan, ABC.
Businesses are calling for greater guidance on the use of rapid antigen testing in workplaces and at home. It's expected the Therapeutic Goods Administration will approve the use of rapid tests in the coming weeks and has issued a checklist for employers on how to administer them. Featured: John Kelly, Atomo Diagnostics Alexi Boyd, Council of Small Business Organisations of Australia;
Big electrical firms are warning there could be blackouts across Australia this summer as quarantine-weary workers refuse to cross borders to repair and maintain critical power assets. Australian Industry Group chief executive Innes Willox says unless state health orders are amended, economically damaging blackouts might not be avoided. Also, St George Bank chief economist Besa Deda predicts the Reserve Bank might delay plans to trim its quantitative easing program as the economic shock from lockdowns deepens. Featured: Innes Willox, Australian Industry Group; Besa Deda, St George Bank chief economist; Peter Ryan, ABC.
Australia's economy bounced from the COVID recession, with national growth rising 9.6 per cent over the year to June. GDP rose 0.7 per cent in the June quarter, according to Australian Bureau of Statistics, ahead of expectations. But ABC's Peter Ryan says the focus is now on the September quarter growth which could go backwards by 4 percentage points as the economic shock from lockdowns bites. Featured: Peter Ryan, ABC.
Official economic growth numbers for the second quarter of this year are expected to come in sharply softer after lockdowns kept workers at home and smashed confidence. Economists are divided on whether the result will herald a double-dip recess. Meanwhile, Harvey Norman chairman Gerry Harvey is refusing to explain the retailer's sudden decision to repayment $6 million in JobKeeper wage support payments received during the pandemic. Featured: Gerry Harvey, Harvey Norman chairman; Rex Patrick, independent senator; Peter Ryan, ABC.
Gerry Harvey has refused to explain the retailer's sudden decision to repayment $6 million in JobKeeper wage support payments received during the pandemic. The normally upfront Harvey Norman chairman said he had been subjected to a hate campaign on social media after the company posted strong profits while receiving the support. Mr Harvey told ABC's Peter Ryan that while business is booming, a recession looks likely with Sydney and Melbourne locked down. Featured: Gerry Harvey, Harvey Norman chairman; Peter Ryan, ABC.
Pandemic restrictions and a jump in restructuring and regulatory costs has dragged Crown Resorts to a full year loss of $261.60 million. Crown is facing two royal commissions in Victoria and Western Australia as well as the fallout of NSW's Bergin inquiry after the group was found to be facilitating money laundering at its Melbourne casino. The James Packer-backed group has announced Dr Ziggy Switkowski as the new chairman after Helen Coonan stepped down from the role. Featured: Peter Ryan, ABC.
Official GDP figures for the second quarter of this year out on Wednesday are likely to show the economy was already under intense pressure from business and consumer uncertainty. Some economists are predicting Australia could be on the brink of another recession later this year given wide acceptance that the following September quarter growth will confirm a sharp contraction. With around half the population locked down and worried about their futures, ABC's Peter Ryan says many people probably feel they're already living through a recession. Featured: Shane Oliver, chief economist, AMP Capital; Gareth Aird, head of Australian economics, Commonwealth Bank; Peter Ryan, ABC.
Qantas has posted another massive COVID-related loss but is optimistic international travel will resume before Christmas. Chief executive Alan Joyce is now betting national cabinet's 80 percent threshold for vaccinations will see international borders open and domestic restrictions eased. Confirming the $1.7 billion profit hit and $16 billion in lost revenue, Mr Joyce told ABC's Peter Ryan the past year has been "diabolical" for the airline Featured: Alan Joyce, chief executive Qantas; Peter Ryan, ABC.
With vaccination rates continuing to climb, businesses are beginning to agitate for greater guidance on when domestic and international borders will be fully opened. The Australian Industry Group has written to the Prime Minister asking for a timeline on when fully vaccinated business travellers have the automatic right to jump on plane overseas and quarantine at home when they return. Chief executive Innes Willox told ABC's Peter Ryan that Australia risks being "the land that time forgot" as the rest of the world opens up. Featured: Jon Seeley, Seeley International; Zatco Todorcevski, Boral; Innes Willox, Australian Industry Group; Peter Ryan, ABC.
With the spread of the delta variant extending lockdowns in New South Wales and Victoria, debate is continuing to rage about whether vaccinations in the workplace should become mandatory. While Qantas and the food processor SPC have decided to demand vaccinations, most other companies remain hesitant and are waiting on advice from the federal government. Optus chief executive Kelly Bayer Rosmarin is considering mandatory jabs for frontline staff. Featured: Kelly Bayer Rosmarin, Optus chief executive; Sian Lewis, Group Executive Human Resources, Commonwealth Bank; Peter Ryan, ABC.
With the spread of the delta variant extending lockdowns in New South Wales and Victoria, debate is continuing to rage about whether vaccinations in the workplace should become mandatory. While Qantas and the food processor SPC have decided to demand vaccinations, most other companies remain hesitant and are waiting on advice from the federal government. Optus chief executive Kelly Bayer Rosmarin is considering mandatory jabs for frontline staff. Featured: Kelly Bayer Rosmarin, Optus chief executive; Sian Lewis, Group Executive Human Resources, Commonwealth Bank; Peter Ryan, ABC.
Surprise jobless rate rall to 4.6pc in July. But beyond the headline, this is mainly about the participation rate dipping to 66pc - which means fewer people are looking for work and some have given up
UniSuper chief investment officer John Pearce warns Australia risks future trade deals without a federal government commitment to target net zero emissions by 2050. The warning comes as UniSuper's latest Climate Risk Report shows the $100 billion fund's overall fossil fuel exposure halved to 2.5 percent over the past year. Mr Pearce, who oversees the $100 billion fund, tells ABC's Peter Ryan that Australia's international reputation will be damaged if there is not a commitment by the end of the year. Featured: John Pearce, chief investment officer, UniSuper; Peter Ryan, ABC.
Global resources giant BHP will abandon its oil and gas businesses in what's being interpreted as a huge strategic move away from fossil fuels. BHP plans to hive off the assets in a $41 billion merger with Woodside Petroleum. BHP chief executive Mike Henry says the deal is not entirely motivated by dire warnings about the climate but he concedes increasingly more investors want the option to moving away from fossil fuels. Featured: Mike Henry, BHP chief executive; Meg O'Neill, Woodside chief executive; Dan Gocher, Australasian Centre for Corporate Responsibility; Peter Ryan, ABC.
The incoming chief executive of electronics retailer JB Hi-Fi tells AM he will only insist on staff vaccinations if the federal government makes them mandatory. Terry Smart says vaccinations are "the only answer" to the pandemic crisis and warns that despite a $506 million full year profit to June 30, sales have fallen almost 15 percent in July and August since lockdowns were imposed. Featured: Terry Smart, incoming chief executive JB Hi-FI; Peter Ryan, ABC.
Australia's biggest electricity user is planning to switch to almost 100 percent renewable energy by 2029. Tomago Aluminium near Newcastle north of Sydney is a major carbon emitter but is negotiating green energy deals to replace fossil fuel energy provided by AGL's ageing Bayswater generator. The Australasian Centre for Corporate Responsibility says Tomago's decision is "the final nail in the coffin" for AGL's Bayswater plant. Tomago chief executive Matt Howell speaks with ABC's Peter Ryan. Featured: Matt Howell, Tomago Aluminium chief executive; Dan Gocher, Australasian Centre for Corporate Responsibility; Peter Ryan, ABC.
Australia's biggest aluminium smelter is in the midst of a growing COVID cluster and could be forced to scale back production as more staff go into isolation. Tomago Aluminium near Newcastle north of Sydney is struggling to keep the smelter open fearing that more workers might be exposed. Chief executive Matt Howell tells ABC's Peter Ryan closing the smelter is the last resort. Featured: Matt Howell, Tomago Aluminium chief executive; Peter Ryan, ABC.
Commonwealth Bank chief executive Matt Comyn has warned of ongoing economic impacts from the pandemic despite revealing a stellar full year profit. The bottom line for Australia's biggest bank is up almost 20 percent to $8.8 billion due to the recent economic rebound and a fall in bad loans. While the CBA has ramped up its dividend to shareholders and announced a $6 billion share buy-back, Mr Comyn told ABC's Peter Ryan there are difficult days ahead for many locked-down business owners who might not survive. Featured: Matt Comyn, Commonwealth Bank chief executive; Peter Ryan, ABC.
Investor groups who've been lobbying hard for meaningful change on global warming are now increasingly frustrated at businesses that make their money from fossil fuels. The dire warnings from the IPCC puts greater pressure on company boards to dramatically reduce their exposure to traditional energy assets in the race to reduce carbon emissions. ABC's Peter Ryan speaks with Dan Gocher from the Australasian Centre for Corporate Responsibility. Featured: Dan Gocher, Australasian Centre for Corporate Responsibility; Peter Ryan, ABC.
As the urgency to increase vaccinations escalates, corporate Australia is calling for greater government advice on how staff should get the jab in the workplace. While fruit and vegetable cannery SPC wants vaccinations to be mandatory for all staff, Innes Willox from the Australian Industry Group is worried about the legal and industrial issues that might be created. Featured: Innes Willox, Australian Industry Group; Anna Bligh, Australian Banking Association; Peter Ryan, ABC.
With dark clouds over the economy and half the population locked down at home, economists are getting more worried about a double dip recession. Reserve Bank governor Philip Lowe thinks another recession is unlikely and sees a bounceback when restrictions are lifted and most Australians are vaccinated. But Mr Lowe warns a new COVID variant beyond Delta would mean "a whole different world" for economic forecasting. Featured: Philip Lowe, Reserve Bank governor; Anna Bligh, Australian Banking Association; Peter Ryan, ABC.
Fruit and vegetable company SPC has decided to make COVID19 vaccinations mandatory for its entire staff and visitors, in a first for corporate Australia. SPC has given its staff and contractors six weeks to get their first job if they want to come to work. But the Australian Manufacturing Workers' Union (AMWU) says SPC has failed to properly consult over the demand to make vaccination mandatory. Featured: Robert Giles, chief executive SPC; Peter Ryan, ABC.
SPC to mandate COVID19 vaccines for all staff; Square's Amrita Ahuja on $39b Afterpay deal by Peter Ryan
US tech titan Square sees online payments sector hitting US$10 trillion by 2024. In her only Australian broadcast interview, Square's chief financial officer Amrita Ahuja Ms Ahuja says the $39 billion takeover of buy-now-pay-later company Afterpay makes business sense. She told ABC's Peter Ryan that Square intends Afterpay to operate as a distinct company rather than being swallowed in the proposed merger. Featured: Amrita Ahuja, chief financial officer, Square; Peter Ryan, ABC.
Australia's two biggest banks are spearheading the race to vaccinate their employees against COVID 19. Westpac and the Commonwealth Bank will begin a pilot programs next week, with around 12-thousand staff and their families in Sydney's locked down red zones to get the jab. Commonwealth Bank chief executive Matt Comyn tells ABC's Peter Ryan the vaccinations will be voluntary Featured: Matt Comyn, Commonwealth Bank chief execuitive; Peter Ryan, ABC.
RN Drive: Crown Melbourne boss resigns; Qantas standing down 2500 staff; Afterpay's rapid rise by Peter Ryan
The $39 billion takeover of the buy-now-pay-later company Afterpay by US tech giant Square is the latest evidence of a rapidly growing payments sector as consumer shun credit cards and move away from cash. What began as a breakfast chat over vegemite toast between neighbours Nick Molnar and Anthony Eisen a decade ago is now at the centre of the biggest deal in Australian corporate history. In his first broadcast interview on the deal, Afterpay co-founder Nick Molnar spoke with ABC's Peter Ryan. Featured: Nick Molnar, co-founder Afterpay; Peter Ryan, ABC.
US payments giant Square plans to buy Afterpay, in a deal that values the Australian buy now, pay later firm at $39 billion. If sealed, the deal would be the biggest merger and acquisition in Australian corporate history. But ABC's Peter Ryan says the buy now pay now sector continues to worry consumer advocates who want it regulated as a credit product. Featured: Peter Ryan, ABC.
The lockdown in greater Sydney - now expected to run at least another month - continues to savage the New South Wales economy and now looks certain put a deeper than expected hole in Australia's economic rebound. While economists still think a "technical" recession can be averted, there's little dount that September quarter economic growth will go negative. ABC's Peter Ryan speaks with EY Oceania chief economist Jo Masters. Featured: Jo Masters, chief economist, EY Oceania; Peter Ryan, ABC.
Qantas wants COVID vaccines to be mandatory for all aviation workers and has offered its 22,000 staff time off to get the jab. Chief executive Alan Joyce warns against a patchwork of regulations around the country as part of the vaccination strategy. New ASIC chair Joe Longo is also urging staff to vaccinate and sees the regulator's immediate challenge as protecting the economy from the pandemic Featured: Alan Joyce, CEO Qantas; Joe Longo, ASIC chair; Peter Ryan, ABC.
ASIC chair Joe Longo says confronting the pandemic and easing the escalating economic crisis is the biggest immediate challenge for the corporate regulator. He tells ABC's Peter Ryan "it's all hands on deck". In an exclusive interview, Mr Longo defended ASIC decision to scrap its criminal pursuit of wealth manager AMP and warns the rise of cryptocurrencies is "a significant area for concern". Featured: Joe Longo, ASIC chair; Peter Ryan, ABC.
ASIC chair Joe Longo says confronting the pandemic and easing the escalating economic crisis is the biggest immediate challenge for the corporate regulator. He tells ABC's Peter Ryan "it's all hands on deck". In an exclusive interview, Mr Longo defended ASIC decision to scrap its criminal pursuit of wealth manager AMP and warns the rise of cryptocurrencies is "a significant area for concern". Featured: Joe Longo, ASIC chair; Peter Ryan, ABC.
Consumer prices have risen by a stronger-than-expected 0.8 per cent in the June quarter. Inflation has jumped 3.8 per cent since the same time last year with significant price rises in automotive fuel, medical and hospital services and electricity prices in WA. ABC's Peter Ryan says while the inflation spike is a "blip", the International Monetary Funds sees resurgent inflation as a risk. Featured: ; Peter Ryan, ABC.
The International Monetary Fund is warning a rapid rollout of vaccines around the world is now critical to confront more deadly mutations of the COVID19 virus. While the global economic recovery remains on track and Australia's outlook has been slightly upgraded, the IMF is warning that poorer developing nations struggling to vaccinate are most vulnerable. ABC's Peter Ryan says the IMF says rising inflation if sustained could force central banks to raise interest rates sooner than expected. Featured: Gita Gopinath, IMF chief economist; Peter Ryan, ABC.
The Business Council of Australia says the lockdowns in Greater Sydney, Victoria and South Australia are costing about $2.8 billion dollars a week with the Sydney lockdown alone costing $257 million a day. Chief executive Jennifer Westacott says "tweaks" are required to the current commonwealth and state support. Canterbury-Bankstown mayor Khal Asfour says a return of Jobkeeper is now critical to reduce anxiety. Featured: Jennifer Westacott, Business Council chief executive; Khal Asfour, Canterbury-Bankstown mayor; Peter Ryan, ABC.
Treasurer Josh Frydenberg has once again rejected calls for the return of JobKeeper wage support given the deepening lockdown crisis in greater Sydney. Mr Frydenberg says the current emergency measures are sufficient. But prominent businessman Tony Shepherd says Jobkeeper is now critical for small and medium businesses crying out for help. Featured: Josh Frydenberg, Treasurer; Tony Shepherd, businessman; Peter Ryan, ABC.
Governments are overly-fixated with popularity and remaining in office rather than tackling major policy reforms that would boost the nation's prosperity, the Grattan Institute warns. Senior fellow John Daley tells ABC's Peter Ryan that governments should use trust accumulated during the pandemic to push through unpopular reforms on taxation, superannuation and climate change policy. Featured: John Daley, senior fellow, Grattan Institute; Peter Ryan, ABC.
Australians are becoming more financially and mentally distressed with half the population locked down at home and worried about their futures. As the restrictions drag on, the National Australia Bank's consumer stress index out this morning shows households are anxious about paying their mortgage, funding retirement nest eggs while those on lower incomes are struggling just to pay the rent. N-A-B chief executive Ross McEwan tells ABC's Peter Ryan that a faster vaccination rollout is the only way to avoid more economically damaging lockdowns. Featured: Ross McEwan, National Australia Bank chief executive; Peter Ryan, ABC.
Australians are becoming more financially and mentally distressed with half the population locked down at home and worried about their futures. As the restrictions drag on, the National Australia Bank's consumer stress index out this morning shows households are anxious about paying their mortgage, funding retirement nest eggs while those on lower incomes are struggling just to pay the rent. N-A-B chief executive Ross McEwan tells ABC's Peter Ryan that a faster vaccination rollout is the only way to avoid more economically damaging lockdowns. Featured: Ross McEwan, National Australia Bank chief executive; Peter Ryan, ABC.
Will lockdowns and fears about more in coming months unravel Australia's economic rebound to date? Westpac chief economist Bill Evans forecasts a 0.7 percent contraction in September quarter GDP but says a second consecutive quarters or a double dip recession is unlikely. Mr Evans tells ABC's Peter Ryan that the Reserve Bank will continue its massive bond buying program to support the economy. Featured: Bill Evans, chief economist, Westpac; Peter Ryan, ABC.
Will lockdowns and fears about more in coming months unravel Australia's economic rebound to date? Westpac chief economist Bill Evans forecasts a 0.7 percent contraction in September quarter GDP but says a second consecutive quarters or a double dip recession is unlikely. Mr Evans tells ABC's Peter Ryan that the Reserve Bank will continue its massive bond buying program to support the economy. Featured: Bill Evans, chief economist, Westpac; Peter Ryan, ABC.
The Crown Royal Commission has been told the casino giant is not suitable to hold a licence to operate in Victoria. In recommending that Crown's licence be revoked, counsel assisting the Royal Commission Adrian Finanzio SC said the operators of the casino had breached public trust after evidence of money laundering facilitation and associations with criminal gangs. ABC's Peter Ryan says the loss of the Melbourne licence would be devastating for Crown's 12,000 employees in Melbourne. Featured: Adrian Finanzio, counsel assisting Royal Commission; Peter Ryan, ABC.
Wall Street stocks plunge on fears that a spike on COVID19 cases could derail the global economic recovery. Also, Oil Search is reeling from shock exit of chief executive of Keiran Wulff on health concerns but also from a whistleblower complaint about his "management style". Featured: Rachel Winter, market analyst; Rick Lee, Oil Search chairman; Peter Ryan, ABC.
Sydney lockdown, south western Sydney, lockdown, Daniel Hunter, Business NSW, Jo Masters, Ernst & Young, pandemic BYLINE: Senior Business Correspondent Peter Ryan CAPTION: Construction sites in greater Sydney have fallen silent as tough new measures to control spread of the highly infectious Delta variant around Australia's biggest city come into force. The decision is set to cost billions of dollars as the shutdown grinds to the New South Wales economy to a halt with the mental health cost also mounting. ABC's Peter Ryan says combined Sydney and Melbourne lockdowns are likely to put a big dent in Australia's extraordinary economic rebound to date. Featured: Daniel Hunter, Business NSW; Jo Masters, Ernst & Young; Peter Ryan, ABC.
Construction sites in greater Sydney have fallen silent as tough new measures to control spread of the highly infectious Delta variant around Australia's biggest city come into force. The decision is set to cost billions of dollars as the shutdown grinds to the New South Wales economy to a halt with the mental health cost also mounting. ABC's Peter Ryan says combined Sydney and Melbourne lockdowns are likely to put a big dent in Australia's extraordinary economic rebound to date. Featured: Daniel Hunter, Business NSW; Jo Masters, Ernst & Young; Peter Ryan, ABC.
"No further action" - corporate cop ASIC's decision on potential criminal charges against AMP Financial Planning for "fees for no service" evidence revealed at the banking royal commission. Featured: Peter Ryan, ABC.
Australia's official jobless rate has fallen to 4.9 percent in June, the lowest level in more than a decade. The ABS says almost 52,000 new full time jobs were created with employers reporting high levels of job vacancies. Meanwhile, economists are forecasting that the greater Sydney lockdown will carve a slice from Australia's economic rebound with a 0.7 percent contraction in September quarter GDP. ABC's Peter Ryan says there is an outside risk of a double dip recession from a second consecutive quarter of negative growth if the Sydney outbreak spreads to other parts of Australia. Featured: Peter Ryan, ABC.
Economists are forecasting that the greater Sydney lockdown will carve a slice from Australia's economic rebound. Commonwealth Bank head of Australian economics Gareth Aird sees third quarter GDP down 1.4 percent which means a 0.7 percent contraction. Mr Aird tells ABC's Peter Ryan there is an outside risk of a double dip recession from a second consecutive quarter of negative growth if the Sydney outbreak spreads to other part of Australia. Featured: Gareth Aird, Commonwealth Bank; Peter Ryan, ABC.
Economists are forecasting that the greater Sydney lockdown will carve a slice from Australia's economic rebound. Commonwealth Bank head of Australian economics Gareth Aird sees third quarter GDP down 1.4 percent which means a 0.7 percent contraction. Mr Aird tells ABC's Peter Ryan there is an outside risk of a double dip recession from a second consecutive quarter of negative growth if the Sydney outbreak spreads to other parts of Australia. Featured: Gareth Aird, Commonwealth Bank; Peter Ryan, ABC.
Recriminations have flared between Victorian and federal governments emergency support to NSW because of the Sydney lockdown. Meanwhile, Commonwealth Bank economists think Sydney lockdown will hit Q3 GDP hard (down 1.4pc), resulting in a 0.7pc contraction. CBA head of Australian economics Gareth Aird says the risk of a double dip recession because on the Sydney outbreak not spreading from Sydney. Featured: Martin Pakula, Victorian frontbencher; Josh Frydenberg, federal Treasurer; Peter Ryan, ABC.
The pandemic has forced many Australian small enterprises to modify how they do their business with the greater Sydney lockdown likely to be extended by weeks. Personal trainer Matt McConnell has taken his customers to the local park while Airtasker chief executive Tim Fung tells ABC's Peter Ryan that consumers and businesses are adapting to meet strict stay at home orders. Featured: Matt McConnell, personal trainer; Tim Fung chief executive, Airtasker; Peter Ryan, ABC.
With the federal and New South Wales governments set to announce a major relief package later today, the economic cost of the greater Sydney lockdown is accelerating. Australian Retailers Association chief executive Paul Zahra says with the certainty of government support, many businesses open but currently designated as discretionary might chose to close voluntarily. Featured: Paul Zahra, Australian Retailers Association; Justin Level, Cue Clothing; Peter Ryan, ABC.
NSW premier Gladys Berejiklian says a deal on emergency support for Sydney businesses hit by the lockdown is "imminent" and could be announced in the coming days. Special support comes amid confusion about why some businesses remain open as "essential" while shoppers are order not to browse when they go out. COSBOA interim chief executive tells ABC's Peter Ryan that mixed messages from the NSW government are confusing businesses. Featured: Alexi Boyd, COSBOA interim chief executive; Peter Ryan, ABC.
With the lockdown in greater Sydney likely to be extended beyond this week, small businesses are now relying on greater emergency support to survive. The federal government's Expenditure Review Committee meets today to consider financial aid while major banks have reinstated three month loan repayment deferrals for business. AMP chief economist Shane Oliver predicts costs will spiral to $7 billion if the Sydney lockdown is extended by a month. Featured: Alexi Boyd, COSBOA interim chief executive; Peter Ryan, ABC.
With the lockdown in greater Sydney likely to be extended beyond this week, small businesses are now relying on greater emergency support to survive. The federal government's Expenditure Review Committee meets today to consider financial aid while major banks have reinstated three month loan repayment deferrals for business. AMP chief economist Shane Oliver predicts costs will spiral to $7 billion if the Sydney lockdown is extended by a month. Featured: Alexi Boyd, COSBOA interim chief executive; Peter Ryan, ABC.
Reserve Bank governor Philip Lowe has signalled that financial regulators are closely monitoring surging real estate prices and would consider intervening if bank lending standards deteriorated. Mr Lowe's comments come as the central bank begins to gently wind back massive stimulus introduced during the COVID crisis which have taken interest rates to record lows. ABC's Peter Ryan says Dr Lowe was also optimistic the economy will quickly bounce back from recent lockdowns including the current one in Sydney. Featured: Philip Lowe, Reserve Bank governor; Peter Ryan, ABC.
Reserve Bank governor Philip Lowe has signalled that financial regulators are closely monitoring surging real estate prices and would consider intervening if bank lending standards deteriorated. Mr Lowe's comments come as the central bank begins to gently wind back massive stimulus introduced during the COVID crisis which have taken interest rates to record lows. ABC's Peter Ryan says Dr Lowe was also optimistic the economy will quickly bounce back from recent lockdowns including the current one in Sydney. Featured: Philip Lowe, Reserve Bank governor; Peter Ryan, ABC.
Reserve Bank governor Philip Lowe has laid the groundwork for winding back massive emergency stimulus that's been pumped into the economy since the beginning of the COVID crisis. But in what will be good news for highly-leveraged borrowers who've dived into the surging real estate market, the RBA says any increase in the official cash rate probably won't be until 2024. ABC's Peter Ryan says Dr Lowe was also optimistic the economy will quickly bounce back from recent lockdowns including the current one in Sydney. Featured: Philip Lowe, Reserve Bank governor; Peter Ryan, ABC.
Australia's Reserve Bank holds a significant monthly meeting today where it is likely to sign how and when it will wind back massive emergency stimulus rolled out at the height of the pandemic. While the RBA is expected to leave the official cash rate on hold, economists will be watching for any changed language that might signal whether rates will start rising ahead of schedule. Featured: Peter Ryan, ABC.
Australia's Reserve Bank holds a significant monthly meeting today where it is likely to sign how and when it will wind back massive emergency stimulus rolled out at the height of the pandemic. While the RBA is expected to leave the official cash rate on hold, economists will be watching for any changed language that might signal whether rates will start rising ahead of schedule. Featured: Peter Ryan, ABC.
The industry-owned fund Australian Super has delivered a 20 percent return to members who held their nerve during the pandemic induced crisis. The fund's chief investment officer Mark Delaney says the best sharemarket returns since the 1980s fuelled the result despite earlier fears the crisis would erode retirement nest eggs. Featured: Mark Delaney, chief investment officer, Australian Super; Peter Ryan, ABC.
Small businesses are becoming increasingly concerned that the stay-at-home restrictions could send many to the brink of collapse. While state and territory leaders have committed to a four phase plan out of the suppression strategy, business operators are worried that the slow rollout of vaccines could damage the current economic rebound that's underway in parts of Australia. ABC's Peter Ryan speaks with Debbie Brown, founder of the pop-up retailer Eat, Shop, Love.
With greater Sydney in lockdown for the rest of the week, small businesses are becoming increasingly concerned that the stay-at-home restrictions could send many to the brink of collapse. While state and territory leaders have committed to a four phase plan out of the suppression strategy, business operators are worried that the slow rollout of vaccines could damage the current economic rebound that's underway in parts of Australia. ABC's Peter Ryan speaks with Debbie Brown, founder of the pop-up retailer Eat, Shop, Love. Featured: Debbie Brown, Eat, Shop, Love; Peter Ryan, ABC.
The lockdown in greater Sydney is expected to cost the New South Wales economy $2 billion or $143 million a day. Picture framer Avi Afrat says the restrictions will cost him $100,000 in lost revenue as customers stay at home. Featured: Avi Efrat, Fantastic Framing; Amanda Rose, Small Business Women Australia; Peter Ryan, ABC.
Australia's economy will continue to be hampered by the COVID-induced shockwaves hitting government coffers, employment and migration for many decades to come, according to the latest Intergeneration Report released today. Also, the lockdown in greater Sydney is expected to cost the New South Wales economy $2 billion or $143 million a day. Xero economist Louise Southall says the latest restrictions mean more uncertainty for small business especially without government support like JobKeeper. Featured: Josh Frydenberg, Treasurer; Louise Southall, economist Xero; Peter Ryan, ABC.
Australia's economy will continue to be hampered by the COVID-induced shockwaves hitting government coffers, employment and migration for many decades to come, according to the latest Intergeneration Report. Also, the lockdown in greater Sydney is expected to cost the New South Wales economy $2 billion or $143 million a day. Xero economist Louise Southall says the latest restrictions mean more uncertainty for small business especially without government support like JobKeeper. Featured: Josh Frydenberg, Treasurer; Louise Southall, economist Xero; Peter Ryan, ABC.
The unexpected fall in Australia's official jobless rate is raising bets that the Reserve Bank will be forced to raise interest rates ahead of its current 2024 commitment. With unemployment now sharply lower at 5.1 percent and inflation set to rise, top economists predict the Reserve Bank will raise its cash rate in late 2022 or late 2023 as the facts change about the rapid economic recovery. ABC's Peter Ryan speaks with Sally Auld, chief investment officer at JB Were.
LISTEN: Unemployment dives below pre-pandemic levels as jobs surge resumes by Peter Ryan
The official unemployment has dropped below pre-pandemic levels with 115,000 new jobs created in May. The Bureau of Statistics says the jobless rate fell to 5.1 percent, significantly below forecasts for 5.5 percent. ABC's Peter Ryan says the figures are unambiguously good with hours worked higher and the underemployment rate falling to 7.4 per cent, its lowest level since January 2014. Featured: Philip Lowe, Reserve Bank governor; Peter Ryan, ABC.
As the US economy continues to recover from the pandemic-induced crisis, America's central bank has signalled that interest rates might rise much sooner than expected. The US Federal Reserve has laid the groundwork to start withdrawing massive economic stimulus rolled out during the pandemic but still says rates won't begin to rise until 2023. HSBC Australia chief economist Paul Bloxham says the Fed's signals are good news but doubt they will sway the commitment by the Reserve Bank to keep rates near zero until 2024. Featured: Jerome Powell, chairman US Federal Reserve; Paul Bloxham, HSBC Australia chief economist; Peter Ryan, ABC.
As the global economic recovery takes hold, big investors are becoming increasingly nervous that signs of rising inflation might see interest rates rise soon than expected. While inflation remains subdued in Australia, economists will be watching comments from the US Federal Reserve that might signal any rebirth of inflation. ABC's senior business correspondent Peter Ryan analyses the minutes from the Reserve Bank's June meeting. Featured: Peter Ryan, ABC.
Signs of rising inflation around the world continue to rattle major investors who worry the days of near zero interest rates and cheap money might soon be over. Economists will be scrutinising comments this week from the US Federal Reserve which maintains rising inflation is transitory. ABC's Peter Ryan says any changed language from America's central bank could sway the Australia's Reserve Bank commitment to keep rates on hold until 2024. Featured: Peter Ryan, ABC.
Signs of rising inflation around the world continue to rattle major investors who worry the days of near zero interest rates and cheap money might soon be over. But just "how soon" is the big question as professional money managers scrutinise almost every word from central banks and bet on when massive stimulus introduced during the pandemic will be removed. Lori Heinel, chief global investment officer at State Street Global Advisers, says complacency and the slow rollout of vaccines are potential roadblocks to the global economic recovery. Featured: Lori Heinel, global chief investment officer, State Street Global Advisers; Peter Ryan, ABC.
National Australia Bank is the latest financial institution to be targeted for alleged breaches of anti-money laundering and terrorism financing laws. In what appears to be a blitz, the financial crime agency AUSTRAC is also pursuing Crown Resorts and the operator of Adelaide's casino for potentially breaching regulations. ABC's Peter Ryan says corporate Australia is now on red alert for money laundering breaches given hefy fines imposed on Westpac and Commonwealth Bank in recent years. Featured: Peter Ryan, ABC.
The economic and social cost of the extended COVID lockdown in Victoria is continuing to frustrate and anger business leaders. With an estimated $360m being lost each day from deferred spending, Ai Group chief executive Innes Willox is calling for a clear exit strategy. ANZ Bank senior economist Felicity Emmett says the rebound from the Victorian lockdown will be harder given the removal of JobKeeper wage support in late March. Featured: Felicity Emmett, ANZ Bank senior economist; Peter Ryan, ABC.
Australia's economy has bounced back from the COVID recession, growing by a much-better-than-expected 1.1 per cent over the past year. GDP grew 1.8 per cent in the March quarter, above economist expectations of 1.6 per cent. ABC's Peter Ryan says while growth is expected to continue, Australia's rollout of vaccines remains critical to managing future outbreaks. Featured: Besa Deda, St George Bank economist; Peter Ryan, ABC.
This time last year, the outlook for Australia's economy was dire as the fallout from the pandemic sparked damaging lockdowns and border restrictions. But later this morning, official growth numbers are expected to confirm Australia's economic rebound continues with output surpassing pre-pandemic levels. ABC's Peter Ryan says forecasts have been upgraded to show first quarter growth of 1.5 percent, making 0.6 percent over the year. Featured: Paul Bloxham, chief economist, HSBC; Peter Ryan, ABC.
Australia's economy continues to rebound from the pandemic-induced crisis, but there are warnings that delays in rolling out vaccines run the risk of a "sizeable outbreak" and tougher restrictions. The Organisation for Economic Cooperation and Development - or the OECD - says the strong recovery could be undermined without a much faster and effective vaccine rollout. Featured: Laurence Boon, OECD chief economist; Peter Ryan, ABC.
There'll be more evidence this week that Australia's economy is continuing it's steady recovery from the pandemic-induced crisis. Official GDP numbers out on Wednesday are likely to confirm expanding growth, though the V-shaped rebound appears to be flattening out as massive government stimulus begins to fade. ABC's Peter Ryan says the focus will be on Victoria’s COVID lockdown amid calls for the return of Jobkeeper to support workers and employers. Featured: Su-Lin Ong, RBC Capital Markets; Peter Ryan, ABC.
Ousted Australia Post chief executive Christine Holgate says her mental health issues will remain until the Prime Minister apologises for her treatment over the Cartier watches affair. Ms Holgate says she is yet to hear from Mr Morrison despite a senate committee calling for an apology in addition to the resignation of the Australia Post chairman Lucio Di Bartolomeo. Featured: Christine Holgate, former Australia Post chief executive; Peter Ryan, ABC.
A further fall in the official jobless rate has defied earlier fears that the removal of the emergency JobKeeper program in late March would create a surge in unemployment. But as economies recover from the pandemic-induced crisis, investors are watching rising inflation amid concerns that central banks might be forced to hike interest rates sooner than expected. ABC's Peter Ryan says financial markets are spooked by good news about the recovery being interpreted as bad news. Featured: Jo Masters, chief economist, EY; Peter Ryan, ABC.
There's been a further improvement in the official jobless rate which appears to have defied the withdrawal of the emergency JobKeeper program in late March. Despite earlier fears of steep job losses as employers sacked staff, unemployment has fallen to 5.5 percent with almost 34,000 new full time jobs created. ABC's Peter Ryan says Treasurer Josh Frydenberg will claim the result as vindication of his management of the pandemic-induced crisis. Featured: Peter Ryan, ABC.
Economists will be scrutinising the latest official employment numbers out today to gauge any impact from the end of JobKeeper in late March amid earlier concerns of a potential "cliff" or at least a significant blip as workers came off the emergency wage support. Number-crunchers have a wide range of bets from 40,000 losses to what would be an extraordinary 50k new jobs created in direct defiance of the JobKeeper withdrawal. ABC's Peter Ryan says the Prime Minister and Treasurer are likely to jump on confirmation of a steady 5.6 percent jobless rate and vindication of their economic credentials during the crisis. Featured: Peter Ryan, ABC.
Sluggish wage growth a reality check for federal budget strategy as closely watched Wage Price Index for the first quarter of 2021 rises a sluggish 0.6pc. That's something of course but not enough to boost economy.
Last week's big-spending federal budget has staked almost all of its hopes for any sustained economic turnaround on slashing the jobless rate and getting wages higher. There'll be an update on that mammoth task in the coming days when official data on wages growth and employment are released. ABC's Peter Ryan says the data will be critical to the budget's credibility in pitching "jobs and growth" especially with no sign of a return to surplus for a decade. Featured: Warren Hogan, economics adviser, Judo Bank; Peter Ryan, ABC.
Macroeconomics chief economist Stephen Anthony says the budget is a wasted opportunity for repair with too much misdirected spending. Mr Anthony says with the emergency over, the federal government needs to stop pumping in stimulus so the economy can recovery. He tells ABC's Peter Ryan, the cash splash is irresponsible.
Former Australia Post chief executive Christine Holgate says she is mentally scarred but stronger after her painful ousting late last year. Ms Holgate has accepted a new role as chief executive of the freight company Global Express but has called on Prime Minister Scott Morrison to "pick up the phone and apologise" for her treatment. Also, Star Entertainment Group has made a highly conditional offer for the troubled Crown Entertainment casino empire to create a $12 billion merged company. But ABC's Peter Ryan says any deal would require ACCC approval and signoff from state gaming regulators. Featured: Christine Holgate, former Australia Post chief executive; Peter Ryan, ABC.
LISTEN: I speak with ex Aust Post boss Christine Holgate about her new CEO gig with Global Express by Peter Ryan
Treasurer Josh Frydenberg is finetuning a big spending federal budget that will pump tens of billions of dollars into aged care, infrastructure, child care and economic security for women. Westpac chief economist Bill Evans concedes a windfall from surging iron ore prices could be an element of good luck, but says sound economic management in "going big and going early" with emergency stimulus has been critical in the pandemic-induced crisis. Featured: Bill Evans, chief economist Westpac; Peter Ryan, ABC.
National Australia Bank has reported that its half-year profit more than doubled to $3.2 billion thanks to the Australian and New Zealand economies having a "better than expected" COVID rebound. CEO Ross McEwan tells ABC's Peter Ryan that Josh Frydenberg should resist pressure for budget repair. Featured: Ross McEwan, NAB chief executive; Peter Ryan, ABC.
ANZ Bank has revealed that its statutory profit jumped by 45 percent to $2.9 billion for the half-year ending March 31. The bank released $491 million that it had set aside to cover potential COVID-19 losses, and said this was one of the "key drivers" of its much improved result. Also, Westpac has been accused of insider trading in relation to the alleged misuse of privileged information about the NSW government's sale of the energy agency Ausgrid Featured: Shayne Elliott, ANZ chief executive; Peter Ryan, ABC.
Port of Newcastle has been given a funding reprieve after National Australia Bank stepped in with a $666 loan facility tied to strict green and social conditions. National Australia Bank group executive David Gall says the world's biggest coal export facility will be able to reduce its repayments if it meets social and environmental targets. Labor MP Joel Fitzgibbon says the deal is a sign that coal and net zero emissions can live side by side. Featured: David Gall, NAB group executive; Joel Fitzgibbon, Labor MP; Peter Ryan, ABC.
Australia's rapid economic recovery from the pandemic-induced crisis is being reflected in a bumper profit from the nation's second biggest bank. Westpac's first half cash profit is up 256 percent to $3.54 billion driven by a $2.6 billion surge in home loans from owner-occupiers. Also, Solomon Lew's Premier Group has agreed to repay $15.6 million in Jobkeeper payments received over the past year saying improved trading had offset the cost of supporting stood down staff. ABC's Peter Ryan says the Fair Work Ombudsman's investigation into Mr Lew's Just Group is "ongoing". Featured: Peter King, Westpac chief executive; Peter Ryan, ABC.
The budget bottom line is set to be boosted by Australia's "red hot recovery" from the COVID recession with $31 billion set to be shaved from the deficit, according to Deloitte Access Economics. The optimism comes as major banks prepare to unveil higher profits, in stark contrast to gloomy predictions this time last year. Citi banking analyst Brendan Sproules tells ABC's Peter Ryan banks are under pressure to review loan loss provisions introduced when unemployment was expected to surge into double digits. Featured: Brendan Sproules, Citi banking analyst; Peter Ryan, ABC.
Josh Frydenberg has given a commitment that the federal government won't be resorting to austerity to pay for its massive emergency response during the pandemic induced economic crisis. Instead the Treasurer has flagged a big spending budget in a fortnight's time setting itself the target of getting unemployment well below five percent in a bid to lift stagnant wages. Also, lawyer Joe Longo has been appointed as new chair of the corporate regulator ASIC as current chair James Shipton retires hurt despite being cleared over a tax expenses scandal. Featured: Josh Frydenberg, Federal Treasurer; Peter Ryan, ABC.
LISTEN: Near zero cash rate safe for now on softer-than-expected inflation by Peter Ryan
The official measure of consumer prices has risen by less than expected, with inflation of 0.6 per cent over the three months to March. The ABS data show prices rose an average of just 1.1 per cent over the past year. ABC's Peter Ryan says the outlook for soft inflation confirms the Reserve Bank's commitment to key the cash rate at 0.1 percent until 2024. Featured: Peter Ryan, ABC.
The senate inquiry into the controversial ousting of Australia Post chief executive Christine Holgate resumes this morning with the entire Australia Post board called to give evidence.
Board members will be under pressure to justify Ms Holgate's treatment after her decision to buy Cartier watches to reward top executives sparked an angry outburst from the Prime Minister.
With the federal budget just a fortnight away, optimism is growing that Australia's exit from the pandemic-induced economic crisis could be sooner rather than later. Investment bank UBS predicts the budget deficit could be $35 billion smaller than flagged in the midyear economic update. Chief economist George Tharenou thinks it's "plausible" that the budget could be back in balance by 2024/25 with a $200 billion improvement.
Embattled wealth manager AMP looks set to face another shareholder backlash after revelations that controversial executive Boe Pahari could pocket at least $50 million dollars when he exits the company. While Mr Pahari was a financial rainmaker for AMP, he was at the centre of sexual harassment allegations brought by a female subordinate that damaged the company's reputation. ABC's Peter Ryan says investors are expected to protest at Friday's annual general meeting. Featured: Stephen Mayne, shareholder activist ; Peter Ryan, ABC.
The global debt bill from the COVID19 pandemic hit an eyewatering US$81 trillion at the end of 2020 as governments spent massive amounts on emergency stimulus fearing a repeat of the Great Depression. Janus Henderson head of Australian fixed income Jay Sivapalan says governments are set to rack up more debt to underwrite financial stability as economies slowly normalise. Also, the entire Australia Post board will face a senate inquiry tomorrow as the probe into Christine Holgate's ousting as chief executive intensifies.
The Chinese Embassy in Canberra has blasted a decision by the Federal Government to axe two infrastructure agreements between the Victorian Government and China. The deals were part of China's Belt and Road Initiative. But could China ratchet up its "tit for tat" trade war with Australia by targeting exports of iron ore? Also, AGL chief executive Brett Redman resigns only weeks after unveiling a net zero emissions strategy for the energy giant. Featured: Brett Redman, former AGL chief executive; Peter Ryan, ABC.
Thrillseeking Australians have switched to local spending during the pandemic with big increases in surf lessons, skydiving, scuba diving and caravans. The unexpected COVID spending is based on anonymised data of 1.5 million customers from buy now pay later company ZIP. Co-founder Peter Gray says Australians are living life to the full locally with international travel stalled indefinitely. Featured: Peter Gray, ZIP co-founder; Peter Ryan, ABC.
It's now just over three weeks before Josh Frydenberg hands down the federal budget which is expected to deliver more targeted emergency stimulus to guide Australia out of the pandemic induced economic crisis. While there's been surprisingly strong economic news, major uncertainties remain that could easily derail what could be a good news budget - especially delays in getting vaccines out across the country. Also, James Packer strikes deal with NSW gaming regulator that see him banned from influencing the Crown Resorts board as the casino giant faces Royal Commissions in Victoria and Western Australia.
It's now just over three weeks before Josh Frydenberg hands down the federal budget which is expected to deliver more targeted emergency stimulus to guide Australia out of the pandemic induced economic crisis. While there's been surprisingly strong economic news, major uncertainties remain that could easily derail what could be a good news budget - especially delays in getting vaccines out across the country. I speak with UTS chief economist Tim Harcourt. Also, James Packer strikes deal with NSW gaming regulator that see him banned from influencing the Crown Resorts board as the casino giant faces Royal Commissions in Victoria and Western Australia.
Australia's unemployment rate fell to 5.6pc in March with another 70,700 jobs added according to the ABS. The latest figures put the jobless rate just 0.4 of a per cent above where it was prior to the mass job losses seen at the beginning of the COVID-19 pandemic. Commonwealth Bank chief executive Matt Comyn says the jobless rate could fall to 4.7pc by the end of 2022 describing the recovery as "miraculous".
Australia Post has appointed a new chief executive to replace Christine Holgate who was ousted late last year after awarding four senior executives Cartier watches worth almost $20,000. Woolworths executive Paul Graham will join Australia Post in September after more four decades of supply chain and logistics experience including roles at Deutsche Post and DHL. ABC's Peter Ryan says Mr Graham's appointment comes as Christine Holgate prepares to give evidence to a senate inquiry into her controversial departure.
Australia Post has appointed a new chief executive to replace Christine Holgate who was ousted late last year after awarding four senior executives Cartier watches worth almost $20,000. Woolworths executive Paul Graham will join Australia Post in September after more four decades of supply chain and logistics experience including roles at Deutsche Post and DHL. ABC's Peter Ryan says Mr Graham's appointment comes as Christine Holgate prepares to give evidence to a senate inquiry into her controversial departure.
Australia's Reserve Bank ratchets up it's concerns about surging house prices warning that record low interest rates could encourage "excessive borrowing". The RBA says it's carefully monitoring risk-taking by banks as borrowers continue to rush into the red hot real estate market. ABC's Peter Ryan says Christine Holgate's appearance before a senate inquiry into her removal as Australia Post chief executive will be closely watched event amid claims of bullying inside the organisation.
LISTEN: Tsunami of corporate insolvencies not on horizon, says Morgan Kelly of KPMG by Peter Ryan
A feared wave of corporate insolvencies appears to have been averted for now despite the end of JobKeeper, bank loan deferrals and eased insolvency regulations during the crisis. KPMG restructuring partner Morgan Kelly tells ABC's Peter Ryan that unprecedented emergency support extended by six months has given companies additional breathing space to plan their survival in the face of the worst economic downturn since the Great Depression. Featured: Morgan Kelly, KPMG restructuring partner; Peter Ryan, ABC.
LISTEN: JobKeeper ends. So what now? I speak with Paul Turton on ABC Newcastle by Peter Ryan
Wealth manager AMP has confirmed chief executive Francesco De Ferrari will retire in July. ANZ deputy chief executive Alexis George takes over at the embattled company from July 1. Also, shares on the food delivery company Deliveroo tank on day 1 of its share listing in London. ABC's Peter Ryan says analysts backed away from supporting the company because of stance on not paying worker entitlements, Featured: Francesco De Ferrari, AMP chief executive, Sophie Lund Yates, market analyst; Peter Ryan, ABC.
Peter Ryan - Citi Journalism Awards - Helen Coonan interview as Crown Inquiry looms by Peter Ryan
Peter Ryan - Citi Journalism Awards - Crown Inquiry commentary highlights by Peter Ryan
I speak with AGL boss Brett Redman on plans to split old dirty fossil fuel generators into a separate company from green assets. So why not just offload the problem child? Mr Redman says it's about "keeping the lights on" in the renewables transition @abcnews @aglenergy
The rapid rise of renewables has forced the energy giant AGL into an aggressive survival strategy by splitting its dirty fossil fuel assets into a seperate company. The corporate manoeuvre where legacy coal and gas assets will be housed in a company called PrimeCo comes as AGL confronts a fundamental shift to green energy and after pressure from major investors and superannuation funds. But AGL chief executive Brett Redman tells ABC's Peter Ryan can't be sold off given the need to "keep the lights on" during to transition to renewables. Featured: Brett Redman, AGL chief executive; Peter Ryan, ABC.
LISTEN: AGL splits company prepare for fossil fuel exit and survival in renewable age by Peter Ryan
The full impact of the Jobkeeper withdrawal is unlikely to be known for at least a month as many employers decide whether they can afford to hold on to staff. Westpac economists think the jobless rate will drift back to 6 percent before recovering. ABC's Peter Ryan says as many as 150,000 jobs could disappear as a result of the Jobkeeper axing.
People travelling interstate from Brisbane for the first time in months have been caught up in the three day lockdown.
Brendan Ryan made it halfway to Sydney and was at Forster on the New South Wales north coast when he got the news.
He'd decided to head south to visit his elderly mother who he hasn't seen since late 2019 because of last year's border restrictions.
Brendan Ryan spoke with his brother, the ABC's senior business correspondent Peter Ryan.
The federal government's $90 billion JobKeeper wage support scheme has officially ended in what's likely to be a uncertain new chapter in Australia's recovery from the pandemic-induced economic crisis. While the latest official data shows more people exited JobKeeper last month, Treasury estimates up to 150,000 jobs could be lost in the coming months as employers make hard decisions on how many roles they can afford to retain. ABC's Peter Ryan also looks at the mega container vessel stuck in the Suez Canal and an uncertain future for AMP chief executive Francesco De Ferrari. Featured: Dina Bowman, Brotherhood of St Laurence; Peter Ryan, ABC.
With Jobkeeper set to end at the weekend, there are fears that the end of government support will be a shock to the economy and put more Australians out of work. But National Australia Bank chief executive Ross McEwan has told ABC's Peter Ryan that Jobkeeper needs to end and that tourism in far north Queensland is struggling to fill jobs in hotels, bars and cafes. Featured: Ross McEwan, National Australia Bank chief executive; Peter Ryan, ABC.
The first of two Royal Commissions into casino licences held by Crown Resorts will examine how the casino empire deals with customers who are addicted to gambling. Royal Commissioner Raymond Finkelstein will also ask if money laundering is still being conducted at Crown's Melbourne casino. ABC's Peter Ryan says Mr Finkelstein has demanded more information from Crown and says the the Royal Commission won't tolerate delays Featured: Ray Finkelstein, Royal Commissioner; Peter Ryan, ABC.
The first of two Royal Commissions into casino licences held by Crown Resorts gets underway in Melbourne later this morning. The Victorian inquiry will examine evidence of money laundering and exposure to organised crime as well as the influence of majority shareholder James Packer on the Crown board. ABC's Peter Ryan says the stakes as high as Crown's board considers an $8 billion takeover bid from a private equity group. Featured: Elizabeth Sheedy, Macquarie Business School; Peter Ryan, ABC.
Aldi Australia chief executive Tom Daunt tells AM he's concerned the end of Jobkeeper on March 28 could hurt consumers as households tighten budgets. While Mr Daunt is confident about the rollout of vaccines, he see a risk of complacency given the low rate of infections in Australia. He's also shocked by recent revelations from Canberra politics about the treatment of women. Featured: Tom Daunt, chief executive, Aldi Australia; Peter Ryan, ABC.
Customer demand for digital banking services has surged during the COVID crisis as Australians both young and old change their personal finance habits. National Australia Bank group executive of personal banking Rachel Slade says 93 percent of customers use digital banking. Featured: Rachel Slade, group executive personal banking, National Australia Bank; Peter Ryan, ABC.
Australia's unemployment rate fell to 5.8% in February in the latest evidence that the economic recovery continues. It was a much bigger-than-expected drop, as economists were expecting it to fall slightly to 6.3%. Last month, 89,000 people took up new jobs – which was also better than what the market had expected. ABC's Peter Ryan says bets are rising that the Reserve Bank might raise interest rates earlier than expected - providing the end of Jobkeeper doesn't create a shock. Featured: Peter Ryan, ABC.
Warnings are growing that Australia's unemployment rate will rise when emergency support like Jobkeeper ends on March 28. While new targeted stimulus for aviation and tourism announced last week has been welcomed by the sector, there are concerns it won't help accommodation and hospitality businesses. ABC's Peter Ryan speaks with Judo Bank chief executive who sees a systemic risk from the real estate bubble when interest rates eventually rise. Featured: Joseph Healy, Judo Bank chief executive; Peter Ryan, ABC.
The distressing events in Parliament House over the past few weeks have sparked calls for rapid change in the halls of political power. Small Business Ombudsman Kate Carnell is the latest demanding cultural change in politics. Ms Carnell believes an inquiry into a rape allegation against Christian Porter - which he denies - is needed to ensure justice is seen to be done for all parties. Featured: Kate Carnell, Small Business Ombudsman; Peter Ryan, ABC.
Australia's economic recovery from the pandemic is continuing with the latest GDP figures expected to show a strong bounceback in the final three months of last year. Growth in the December quarter is expected to have risen by 2.5 percent with annual growth still in negative territory as the pain of last year's recesssion lingers. ABC's Peter Ryan says some economists expect the momentum will stall when Jobkeeper stimulus ends on March 28. Featured: Peter Ryan, ABC.
Crown Resorts has announced that another key director has quit the board of the embattled casino group. WA based John Poynton has resigned from Crown's board and as chairman of the company's Burswood casino in Perth. Crown executive chairman Helen Coonan says the decision is "appropriate" after concerns by the New South Wales gaming regulator about Mr Poynton's perceived lack of independence from a past relationship with majority shareholder James Packer. Featured: Peter Ryan, ABC.
This week's national accounts are likely to show Australia's recovery from the pandemic-induced recession is continuing. Economists predict GDP in the final three months of last year bounced back by around 2.5 percent driven by a rebound in consumer spending as restrictions eased. But over the year, economic growth will remain negative contracting by 1.8 percent. Peter Ryan also looks at the anxiety on global markets as the government bond selloff continues and the latest code of conduct from the "buy now pay later" sector. Does self regulation work? Featured: Paul Bloxham, chief economist HSBC Australia & New Zealand; Diane Tate, Australian Finance Industry Association; Peter Ryan, ABC.
Qantas chief executive Alan Joyce has vented his frustration at state and territory border restrictions that have contributed to the airline's billion dollar loss in the final six months of last year. Mr Joyce is urging uniform rules to ease confusion and build certainty for travellers. Mr Joyce speaks with the ABC's Peter Ryan. Featured: Alan Joyce, Qantas chief executive; Peter Ryan, ABC.
Senior Business Correspondent Peter Ryan CAPTION: Some market strategists are beginning to bet that central banks including Australia's Reserve Bank might raise interest rates ahead of expectations as the global recovery gains pace. But ABC's Peter Ryan says the RBA is likely to stick to its own forecasts that rates will remain close to zero until 2024. Featured: Jerome Powell, US Federal Reserve; Peter Ryan, ABC
The Royal Commission into Crown's casino licence in Melbourne will look at public interest issues that could go to problem gambling. The Victorian inquiry will also look at Crown's close associates and allegations of money laundering raised in the New South Wales inquiry into the casino giant's Sydney licence. ABC's Peter Ryan says Crown has welcomed the Royal Commission and that it will demonstrate the reforms it already has underway. Featured: Tim Costello, Alliance for Gambling Reform; Peter Ryan, ABC.
Embattled casino giant Crown Resorts is facing a Royal Commission into its licence to operate in Victoria. The inquiry will also look at Crown's close associates and public interest issues in Crown's casino. ABC's Peter Ryan says Crown has welcomed the Royal Commission and that it will demonstrate the reforms it already has underway. Featured: Melissa Horne, Victorian Gaming & Liquor Regulation Minister; Peter Ryan, ABC.
A barometer from the global communications group Edelman says trust across Australian government and business has surged during COVID crisis. But will that trust ebb when JobKeeper and bank loan repayment deferrals end in late March? Also, Peter Ryan assesses the crisis engulfing Crown Resorts as the casino giant battles to win back the trust of regulators. Featured: Susan Redden Makatoa, Edelman; Helen Coonan, Crown Resorts; Peter Ryan, ABC.
The bad news is continuing to roll out for the embattled Crown Resorts gaming empire with COVID lockdown restrictions smashing the company's bottom line. Crown has posted a loss of $120.9 million dollars in the six months to December after its normally lucrative casino in Melbourne was hit hard during last year's lockdown. But ABC's Peter Ryan says that could be the least of Crown's worries as it fights to retain its licence to operate a casino at Barangaroo in Sydney. Featured: Peter Ryan, ABC.
Deferrals or pauses on bank loan repayments have been a critical lifeline during the COVID crisis, preventing many home owners and businesses from going to the wall. But the Australian Banking Association chief executive Anna Bligh says although 91 percent of borrowers have now resumed repayments, it's clear that some won't survive as banks start calling loans in. The end of the loan deferral scheme coincides with the withdrawal of JobKeeper late next month, but Ms Bligh tells ABC's Peter Ryan there won't be an economic shock when the emergency support pulls back. Featured: Anna Bligh, chief executive, Australian Banking Association; Peter Ryan, ABC.
Treasurer Josh Frydenerg is being challenged over his plans to make permanent changes to continous disclosure rules for companies listed on the Australian stock exchange. The overhaul would formalise temporary changes introduced during at the height of the COVID recession to shield company directors from personal liability and class actions. But ABC's Peter Ryan says opponents claims the changes erode the disclosure regime when shareholders not more information - not less. Featured: Stephen Mayne, shareholder activisit; Stephen Jones, Labor financial services spokesman; Peter Ryan, ABC.
The crisis confronting Crown Resorts is deepening by the day with regulators in Western Australia recommending an investigation into whether the company is suitable to operate its Burswood casino in Perth. The WA probe comes after the New South Wales regulator effectively stripped Crown of its licence for a casino at Barangaroo in Sydney. ABC's Peter Ryan says corporate regulator ASIC is closely watching for potential breaches of corporate law. Featured: Peter Ryan, ABC.
Crown Resorts has been dealt another blow after the New South Wales gaming regulator said the company was no longer suitable to hold a licence for its new Sydney casino. While Crown is racing to overhaul its board and management, the ruling is casting a shadow over the company's other lucrative casino licences in Sydney and Perth. Featured: Peter Ryan, ABC.
Former Victorian premier Jeff Kennett says Crown Resorts chairman Helen Coonan should resign as part of a boardroom cleanout. Mr Kennett says Ms Coonan needs to take responsibility given her board role from 2011 when evidence of money laundering breaches at the casino should have been detected. Crown chief executive Ken Barton is also under pressure to resign after the Bergin inquiry found the company was unfit to hold a licence for a Sydney casino. Featured: Jeff Kennett, former Victorian premier; Peter Ryan, ABC.
Pressure is growing for Crown Resorts chief executive Ken Barton to resign after the chairman of the New South Wales casino regulator said he needed to go. Crown's chairman Helen Coonan has unreservedly apolgised the the casino giant's shortcomings agreeing there's a urgency for root and branch change. NSW Independent Liquor & Gaming Authority chairman Philip Crawford agrees Mr Barton and director Andrew Demetriou "need to go". Featured: Philip Crawford, NSW Independent Liquor & Gaming Authority; Linda Hancock, Deakin University; Peter Ryan, ABC.
The pandemic-driven recession has carved a big hole from the Commonwealth Bank's half year profit.
Australia's biggest bank has been forced to increase its provisions for bad debts from rising unemployment while record low interest rates have also eroded the CBA's bottom line.
It's statutory profit has dropped 21 percent to $4.9 billion dollars.
But the Commonwealth Bank's chief executive Matt Comyn is optimistic about the economic recovery though he's confident that Jobkeeper can be removed in late March without causing more hardship or another shock.
Mr Comyn spoke this morning with the ABC's senior business correspondent Peter Ryan.
The future of James Packer's gaming empire is in real jeopardy this morning after a New South Wales inquiry found Crown Resorts is not suitable to operate a new casino in Sydney. The findings are highly damaging for Mr Packer and members of Crown's board after evidence the company turned a blind eye to money laundering and fostered questionable links to shady junket operators. ABC's Peter Ryan says Mr Packer may be forced to sell down his 37 percent stake to save the Sydney licence but also Crown's cash cows in Melbourne and Perth. Featured: Damon Kitney, James Packer biographer; Peter Ryan, ABC.
In a severe blow to the fortunes of billionaire James Packer, an inquiry has found Crown Resorts is not suitable to operate a casino at Barangaroo in Sydney. Mr Packer is Crown's majority shareholder, but the inquiry by the New South Wales gaming regulator says he needs to sell down his control after allegations the company facilitated money laundering and has links with shady junket operators. ABC's Peter Ryan says the inquiry's finding are damning of Crown's management and board of directors, raising the question of whether the casino giant is capable of overhauling its operations. Featured: Peter Ryan, ABC.
One of Australia's biggest banks has abandoned its funding of the Port of Newcastle north of Sydney under new climate policies that shun fossil fuel related sectors. The ANZ Bank recently updated its climate change stance on how it plans to transition customers to net zero emissions by 2050. But Labor MP Joel Fitzgibbon whose electorate covers the coal-rich Hunter Valley tells ABC's Peter Ryan its a "dumb" decision. Featured: Julien Vincent, Market Forces; Joel Fitzgibbon, Labor MP; Peter Ryan, ABC.
A report out this morning warns that critical financial information sometimes blurred in climate change risk models could expose businesses and consumers to major risks. The paper published in the journal Nature Climate Change says methodologies used in risk assessments can often be clouded in corporate "black boxes" or "commercial in confidence" agreements where information could be misconstrued. ABC's Peter Ryan speaks with Dr Tanya Fiedler of the University of Sydney Business School. Featured: Tanya Fiedler, University of Sydney; Peter Ryan, ABC.
LISTEN: CBA results to confirm cautious economy but Jobkeeper exit nerves rise by Peter Ryan
Monday Finance on RN Breakfast with Fran Kelly - CBA results to confirm economic bounce by Peter Ryan
As Australia's economy continues to recover from the COVID crisis, all eyes are companies rolling out their profit results this week. The major focus is on Wednesday when the Commonwealth Bank reveals its half year numbers and importanty the economic outlook from chief executive Matt Comyn who's remains cautiously optimistic the worst is behind us. But the Australian Industry Group is warning there could be a shock in late March when JobKeeper ends. Featured: Brett Le Mesurier, banking analyst Velocity trade; Innes Willox, Australian Industry Group; Peter Ryan, ABC.
LISTEN: Housing market "more resilient than expected" in covid crisis says RBA boss by Peter Ryan
The Reserve Bank is forecasting the economy will bounce back to its pre-pandemic strength by the middle of this year. However, governor Philip Lowe says the RBA's official cash rate will remain on hold until 2024 as the economy fully recovers. Also, Gamestop shares have lost 60 percent of their value as steep selling left some amateur day traders challenging sophisticated hedge funds badly burned. Featured: Nicki Hutley, economist; Evan Lucas, market analyst; Peter Ryan, ABC.
The price of silver has soared overnight as amateur traders continue to take on big professional institutions at their own high risky game. It's the latest installment in the current David versus Goliath battle after day traders swapping information on social media pushed up the price of a little known company Gamestop. ABC's Peter Ryan says there are fears that day traders buying in at the top of the market could get badly burned when the silver price corrects. Featured: Ross Norman, Metals Daily; Peter Ryan, ABC.
It's a big week ahead for economic news with the Reserve Bank providing a major update on Australia's recovery from the pandemic-induced shock. A key question for economists is how the RBA balances the current near zero interest rates with the consequence of soaring real estate prices, fueled by cheap money and pent up demand from househunters. ABC's Peter Ryan also discussed market volatility caused by Gamestock trading on Wall Street where retail investors on "main street" are taking on major hedge funds on Wall Street. Featured: Jo Masters, chief economist, EY; Peter Ryan, ABC.
It's a big week ahead for economic news with the Reserve Bank providing a major update on Australia's recovery from the pandemic-induced shock. A key question for economists is how the RBA balances the current near zero interest rates with the consequence of soaring real estate prices, fueled by cheap money and pent up demand from househunters. ABC's Peter Ryan also discussed market volatility caused by Gamestock trading on Wall Street where retail investors on "main street" are taking on major hedge funds on Wall Street. Featured: Jo Masters, chief economist, EY; Peter Ryan, ABC.
The Australian share market has suffered heavy losses, after a sharp pullback across US and European markets overnight. Investors have turned more cautious on fear of overvalued stocks and the economic impact of the COVID-19 pandemic. US Federal Reserve chairman Jerome Powell says there are key unknowns such as new virus strains and the effective rollout of vaccines. Featured: Jerome Powell, US Federal Reserve chairman; Peter Ryan, ABC.
Consumer prices rose 0.9 per cent over 2020, despite Australia enduring its first recession in almost three decades. The Australian Bureau of Statistics says the Consumer Price Index (CPI) rose 0.9 per cent in the December quarter because of higher tobacco taxes and rising childcare expenses. Featured: Gita Gopinath, IMF chief economist; Peter Ryan, ABC.
The world is slowly starting to recover from the economic carnage wrought by the pandemic but there's still "exceptional uncertainty", the International Monetary Fund has warned. Global growth is forecast to be 5.5 percent in 2021 as vaccinations roll out. But IMF chief economist Gita Gopinath warns vaccine hoarding by wealthy nations is a major risk to the recovery. Featured: Gita Gopinath, IMF chief economist; Peter Ryan, ABC.
- Joe Biden's US$1.9 trillion emergency stimulus plan
- Janet Yellen confirmed as US Treasury Secretary
- Australian inflation figures out tomorrow
- Jobkeeper to end on March 28. Will more stimulus be needed?
Joe Biden's ascension to the US presidency has been welcomed by global investors who are betting on greater certainty and stability that was missing in the Donald Trump era. Shane Oliver, chief economist at AMP Capital Investors, says Mr Biden is also likely to ease trade tensions with China which in turn could help Australia in its own bitter trade feud with China.
TITLE: Biden push for US$1.9 trillion rescue for struggling economy SUBBED/UNSUBBED NOT POSTED KEYWORDS: Joe Biden, Donald Trump, coronavirus, pandemic, economy, China BYLINE: Senior Business Correspondent Peter Ryan CAPTION: Joe Biden's ascension to the US presidency has been welcomed by global investors who are betting on greater certainty and stability that was missing in the Donald Trump era. Shane Oliver, chief economist at AMP Capital Investors, says Mr Biden is also likely to ease trade tensions with China which in turn could help Australia in its own bitter trade feud with China. Featured: Shane Oliver, chief economist, AMP Capital Investors; Gareth Aird, Commonwealth Bank
Joe Biden's ascension to the US presidency has been welcomed by global investors who are betting on greater certainty and stability that was missing in the Donald Trump era. Shane Oliver, chief economist at AMP Capital Investors, says Mr Biden is also likely to ease trade tensions with China which in turn could help Australia in its own bitter trade feud with China. Featured: Shane Oliver, chief economist, AMP Capital Investors
Just when the economy looked like turning the corner after the pandemic-induced recession, the lockdown on Sydney's northern beaches is raising new fears about tougher restrictions returning as states protect themselves from the virus. Australian Industry Group chief executive Innes Willox says even before the outbreak, businesses were on edge about a tough year ahead especially with JobKeeper ending in late March. Mr Willox tells ABC's Peter Ryan that additional lockdowns would be disastrous for the economic recovery.
There's more cautious optimism about the economic recovery with confirmation that the official jobless rate unexpectedly dipped last month. Unemployment is now slightly lower at 6.8 percent with 90,000 new jobs created in November, most of them full time. Featured: Peter Ryan, ABC
Evidence of widespread wages theft in the fruit picking sector could force the closure of an industrial loophole that allows farms to pay foreign workers as little as three dollars an hour or $60 a day. The Australian Workers Union will apply to the Fair Work Commission to amend the current horticulture award to ensure farm workers receive the minimum $24.80 an hour. ABC's Peter Ryan speaks with AWU national secretary Daniel Walton who says greater enforcement in the sector is needed to ensure workers are not exploited. Featured: Daniel Walton, Australian Workers Union; Peter Ryan, ABC
Despite the social chaos caused by the pandemic, a report out this morning says the construction industry is recovering from the COVID-induced recesssion. But a big oversupply of city apartments has put downward pressure on rents though that reprieve could be short lived. Hugh Hartigan, head of research at the National Housing Finance Investment Corporation, says shock from the pandemic could be an opportunity for state and federal governments to boost housing supply. Featured: Hugh Hartigan, National Housing Finance Investment Corporation ; Peter Ryan, ABC
After a white knuckle ride during the pandemic-induced economic crisis, there's likely to be positive news when the federal government releases it's mid year budget update or MYEFO in the coming days. Economists expect the budget deficit will be slightly narrowed with other key economic forecasts upgraded as the wheels of business roll in the all important leadup to Christmas. But higher than expected iron ore prices have also come to the budget rescue touching US$160 a tonne over the weekend. ABC's Peter Ryan speaks with economists Chris Richardson and Shane Oliver.
Small businesses are being killed by unaffordable insurance policies with some premiums tripling in just a few years, Small Business Ombudsman Kate Carnell is warning. An inquiry is warning of dire consequences for Australia's economy as companies still feeling the impact of last summer's bushfires say they can't get insurance cover for more natural disasters. Ms Carnell tells ABC's Peter Ryan the federal government needs to be an insurer of last resort. Featured: Kate Carnell, Small Business Ombudsman; Peter Ryan
Australia's massive emergency response to the COVID crisis has seen come at a cost to the powerhouse states of New South Wales and Victoria. Both have been stripped of their coveted AAA crediting rating as government debt surges. Westpac's head of rates strategy Damien McColough tells ABC's Peter Ryan the federal governmet's AAA credit rating is also vulnerable from spiralling debt. Featured: Damien McColough, Westpac chief rates strategist; Peter Ryan, ABC
Despite serious fears of a real estate correction or even a crash earlier this year during the pandemic, Australia's property values are holding up and rebounding in some capital cities. But with so much cheap cash and record low interest rates, RateCity head of research Sally Tindall tells RN Breakfast the federal government should shelve plans to scrap responsible lending laws brought in after the global financial crisis. Also, ABC's Peter Ryan speaks with British backpacker "Keiran" who is one of the many foreign workers allegedly exploited on an underpayment scandal on blueberry farms on the Coffs Coast in northern New South Wales. Featured: Sally Tindall, RateCity; "Keiran", UK backpacker; Peter Ryan, ABC
Foreign workers exploited by labour contractors in blueberry industry wage theft scandal by Peter Ryan
An investigation into the blueberries industry on the New South Wales north coast is alleging systemic wages theft and intentional worker underpayment by unscrupulous labour hire firms. Research commissioned by the Austalian Workers Union claims contractors used by some farms in the Coffs Harbour region have forced young foreign workers to accept below award wages to renew their working holiday visas. AWU national secretary Daniel Walton says the culture of systemic underpayments is a national shame and needs to be investigated by the Royal Commission. Featured: Edward Cavanough, McKell Institute; Daniel Walton, Australian Workers Union; Lautiro Wickmann, Argentinian backpacker; Peter Ryan, ABC
An investigation into the blueberries industry on the New South Wales north coast is alleging systemic wages theft and intentional worker underpayment by unscrupulous labour hire firms.
Research commissioned by the Austalian Workers Union claims contractors used by some farms in the Coffs Harbour region have forced young foreign workers to accept below award wages to renew their working holiday visas.
AWU national secretary Daniel Walton says the culture of systemic underpayments is a national shame and needs to be investigated by the Royal Commission.
Featured: Edward Cavanough, McKell Institute; Daniel Walton, Australian Workers Union; Lautiro Wickmann, Argentinian backpacker; Peter Ryan, ABC
Australia's economy is in the midst of an extraordinary recovery from the worst downturn since the Great Depression. Official growth figures out this morning show the economy grew 3.3 percent in the three months to September - meaning the "technical" recession brought on by the pandemic is now over. Reserve Bank governor Philip Lowe has confirmed the economy has "turned the corner" but warns the recovery will be bumpy.
Australia's hopes of bouncing out of the pandemic-induced recession have been sharply upgraded in a new global report by the Organisation for Economic Cooperation and Development. In upgrading its outlook for the global economy, the OECD is also positive about a recovery next year with three coronavirus vaccines in development while warning that further waves can't be ruled out. The optimism cooincides with Australia's September quarter GDP out this morning which is expected to confirm a sharp rebound. Sarah Hunter, chief economist at BIS Oxford Economics, speaks with ABC's Peter Ryan. Featured: Angel Gurria, OECD secretary-general; Sarah Hunter, chief economist BIS Oxford Economics; Peter Ryan, ABC
LISTEN: Energy debt stress during pandemic could worsen with Jobkeeper end by Peter Ryan
Households and small business face increasing debt stress over energy bills during the pandemic, according to the Australian Energy Regulator. Chair Clare Savage tells AM while retailers have been resisted disconnecting customers, pressure will grow when emergency support like JobKeeper is tapered back in March. Featured: Clare Savage, Australian Energy Regulator chair; Peter Ryan, ABC
It's shaping up as a positive week for Australia's economy, with new growth figures likely to show the recession is over - at least by the technical measure. Economists forecast growth in the September quarter of 2.5 percent, after a 7 percent crash in the prior reading. Economist Jo Masters says while it looks like a V-shaped rebound in paper, the reality is that unemployed Australians continue to feel the pain of a deep recession. Featured: Jo Masters, chief economist EY; Peter Ryan, ABC
Australian business investment fell by more than expected last quarter as coronavirus lockdowns forced firms to delay purchases of equipment, but future spending plans were upgraded in a hopeful sign of recovery. Also Telstra faces a $50 million fine for ripping off 108 indigenous consumers for mobile phone plans they didn't understand and couldn't afford. Featured: Peter Ryan, ABC
The consumer watchdog has revealed a massive spike in complaints against travel companies during the pandemic. The ACCC has received 24,200 complaints so far this year about cancellation policies and travel businesses sometimes misleading consumers about their right to a refund. ABC's Peter Ryan says many consumers were shocked to discover that because of the pandemic they weren't automatically entitled to get their money back. Featured: Sarah Court, ACCC commissioner; Peter Ryan, ABC
National Australia Bank chief executive Ross McEwan has warned that communities should prepare for more natural disasters induced by climate change. Mr McEwan is visiting recovering communities in regional Victoria and tells AM that climate change needs to be taken "much more seriously." Featured: Ross McEwan, National Australia Bank chief executive; Peter Ryan, ABC
A report by advisory firm PWC has found that spending on video-on-demand services has surged during the pandemic while traditional media has seen advertising revenue crushed. Like most parts of the economy, Australia's media and entertainment sector has been hit hard by the pandemic as advertising revenue continues to sink. PWC's annual media & entertainment outlook has found demand for streaming services for binge-watching of TV blockbusters, movies, sport has boomed. But PWC partner Justin Papps tells ABC's Peter Ryan there are signs the spending surge could be hit when emergency measures like JobKeeper are tapered back in March. Featured: Justin Papps, PWC partner; Peter Ryan, ABC
A report by advisory firm PWC has found that spending on video-on-demand services has surged during the pandemic while traditional media has seen advertising revenue crushed. Like most parts of the economy, Australia's media and entertainment sector has been hit hard by the pandemic as advertising revenue continues to sink. PWC's annual media & entertainment outlook has found demand for streaming services for binge-watching of TV blockbusters, movies, sport has boomed. But PWC partner Justin Papps tells ABC's Peter Ryan there are signs the spending surge could be hit when emergency measures like JobKeeper are tapered back in March. Featured: Justin Papps, PWC partner; Peter Ryan, ABC
TITLE: Workers stand to lose wage rises if super guarantee rate rises, retirement review warns SUBBED/UNSUBBED NOT POSTED KEYWORDS: retirement income review, superannuation, Scott Morrison, super guarantee BYLINE: Senior Business Correspondent Peter Ryan CAPTION: A highly anticipated review into Australia's retirement income system suggests that workers could be worse off financially if the superannuation guarantee is increased as scheduled from next year. While the review says the current system is "sound", it leaves the door open for the Prime Minister to consider putting the legislated super increase on hold or scrapping it all together. ABC's Peter Ryan says the decision is likely to be delayed until the May budget. Featured: Peter Ryan, ABC
A highly anticipated review into Australia's retirement income system suggests that workers could be worse off financially if the superannuation guarantee is increased as scheduled from next year. While the review says the current system is "sound", it leaves the door open for the Prime Minister to consider putting the legislated super increase on hold or scrapping it all together. ABC's Peter Ryan says the decision is likely to be delayed until the May budget. Featured: Peter Ryan, ABC
New Virgin Australia chief executive has pledged tough competition with arch rival Qantas as she uneveils a less expensive "mid-market" model for the struggling airline. Ms Hrdlicka tells AM her greatest challenge is the new lockdown in Adelaide on top of current border restrictions but is optimistic that families can be re-united by Christmas. Featured: Jayne Hrdlicka, Virgin Australia chief executive; Peter Ryan, ABC
LISTEN: Crown's Barangaroo opening delayed - independent gaming chief "uncomfortable" by Peter Ryan
Reserve Bank governor Philip Lowe says he's not worried that record low interest rates are fuelling a dangerous real estate bubble in Australia. Mr Lowe says a "precipitous" fall in housing prices is not likely and that while house prices are holding up, prices for apartments and rentals are lower. ABC's Peter Ryan says Mr Lowe's relaxed mood comes as updated figures from the Australian Banking Association show a 70 percent fall on bank loans on emergency deferral. Featured: Philip Lowe, Reserve Bank governor; Peter Ryan, ABC
LISTEN: Pandemic bank loan deferrals down 70pc, but risks ahead with JobKeeper tapering by Peter Ryan
Bank loan deferrals are down almost 70 percent to $86 billion as emergency support measures like JobKeeper buoyed households and businesses. Australian Banking Association chief executive Anna Bligh remains cautious and warns of hard decisions ahead when JobKeeper is wound back next year. But shen tells ABC's Peter Ryan that combined bank and government measures helped to avoid "catastrophic" consequences. Featured: Anna Bligh, Australian Banking Association; Peter Ryan, ABC
Reserve Bank governor Philip Lowe says his greatest fear in the early stages of the pandemic was that global democracies like Australia would not tolerate lockdowns and restrictions to control the spread of the virus. Mr Lowe said he had deep concerns that Australia might not be prepared after early lockdowns in China, Italy, South Korea and Iran. Also, ABC's Peter Ryan says a budget initiative by the New South Wales government to provide vouchers to every adult would be critical in getting consumers spending. Featured: Philip Lowe, Reserve Bank governor; Peter Ryan, ABC
Reserve Bank governor Philip Lowe has urged consumers and businesses that despite the economic fallout from the pandemic, now is the time to start taking risks. Speaking in Sydney last night, Mr Lowe said the central bank's priority is to create jobs and to lower the unemployment rate and that risk was needed to reach the new goals. Also ABC's Peter Ryan says the Australian Stock Exchange is set to re-open this morning after an embarrassing computer glitch took it offline for most of yesterday. Featured: Philip Lowe, Reserve Bank governor; Peter Ryan, ABC
Reserve Bank governor Philip Lowe has urged consumers and businesses that despite the economic fallout from the pandemic, now is the time to start taking risks. Speaking in Sydney last night, Mr Lowe said the central bank's priority is to create jobs and to lower the unemployment rate and that risk was needed to reach the new goals. Also ABC's Peter Ryan says the Australian Stock Exchange is set to re-open this morning after an embarrassing computer glitch took it offline for most of yesterday. Featured: Philip Lowe, Reserve Bank governor; Peter Ryan, ABC
Australia's corporate watchdog says some consumers are having to cut back on essentials such as meals because of debt they have racked up from using buy now, pay later, warning one in five consumers are missing payments. ASIC has stopped short of recommending that buy now, pay later players be regulated in the same way as credit card companies. Financial Counselling Australia chief executive Fiona Guthrie tells ABC's Peter Ryan that some consumers resorting to payday loans to service their debt.
Featured: Fiona Guthrie, Financial Counselling Australia; Peter Ryan, ABC
Global investors have a cautious spring in their step at the moment with hopes that a coronavirus vaccine might be available early next year. But optimism about getting the health crisis under control comes in the face of surging coronavirus cases in the United States and continuing uncertainty about when Donald Trump will concede he's lost the White House to Joe Biden. Also, ABC's Peter Ryan says big investors are demanding higher standards after Nine Entertainment chief executive Hugh Marks resigns over rumours about an office affair. Featured: Jason Ireland, McGrathNicol partner; Peter Ryan, ABC
Two corporate giants have sidestepped the hot political debate over green energy by setting their own ambitious agendas for renewable energy targets. Supermarket giant Woolworths plans to power all its operations with renewable energy by 2025 while Andrew Forrest's Fortescue Metals has revealed a plan to provide low cost green energy not just in Australia but right around the world. RE100 Australia coordinator Jon Dee tells ABC's Peter Ryan that global demand for green energy ignores the local toxic political debate.
Featured: Andrew Forrest, chairman Fortescue Metals; Jon Dee, RE100; Peter Ryan, ABC
Cautious optimism in Australia's economic recovery is growing with Westpac's latest confidence survey saying consumers are looking forward to a "normal" Christmas. Commonwealth Bank says home loans on deferrals fell 51 percent in October to 46,000 down from 125,000 in June. ABC's Peter Ryan says the upbeat mood is also reflected on the sharemarket with hopes of a successful vaccine from Pfizer creating winners and losers. Featured: Peter Ryan, ABC
Global stocks have rocketed on news that Pfizer's COVID19 vaccine could be 90 percent effective. The euphoria saw the Dow Jones Industrial Average surge more than 5 percent at one point with big gains for travel stocks, oil producers and banks. But ABC's Peter Ryan says even in the best case scenario of the vaccine working, there'll be no economic snapback until the health crisis gets under control. Featured: Peter Ryan, ABC
Global stocks have rocketed on news that Pfizer's COVID19 vaccine could be 90 percent effective. The euphoria saw the Dow Jones Industrial Average surge more than 5 percent at one point with big gains for travel stocks, oil producers and banks. But ABC's Peter Ryan says even in the best case scenario of the vaccine working, there'll be no economic snapback until the health crisis gets under control. Featured: Peter Ryan, ABC
Global stocks have rocketed on news that Pfizer's COVID19 vaccine could be 90 percent effective. The euphoria saw the Dow Jones Industrial Average surge more than 5 percent at one point with big gains for travel stocks, oil producers and banks. But ABC's Peter Ryan says even in the best case scenario of the vaccine working, there'll be no economic snapback until the health crisis gets under control. Featured: Mikael Dolsten, Pfizer; Peter Ryan, ABC
Joe Biden's victory over Donald Trump is being welcomed by global investors with Australia likely to benefit with some heat coming out of the US China trade war. But with Mr Trump yet to concede defeat while he grasps at legal challenges, there's a lot of uncertainty ahead as Mr Biden confronts surging coronavirus cases, a deep recession in the US and much of his ambitious agenda likely to be blocked in the republican-controlled Senate. ABC's Peter Ryan speaks with AMP Capital chief economist Shane Oliver. Featured: Shane Oliver, AMP Capital chief economist; Peter Ryan, ABC
The Reserve Bank has optimistically upgraded its key economic forecasts signaling a slow recovery from the pandemic-induced recession is underway. Economic growth is expected to bounce to 6 percent by June 2021 after contracting earlier this year by a massive 7 percent as fallout from the coronavirus ravaged output. Unemployment is forecast to peak at just below 8 percent in December this year after initial estimates it would surge beyond 10 percent. ABC's Peter Ryan says the recovery was dragged down by recently lifted lockdown restrictions in Victoria. Featured: Peter Ryan, ABC
Investors bet on narrow win for Joe Biden as Republicans retain control of US senate; NAB boss Ross McEwan reveals 47pc profit fall as recession bites pushing impairments to $2.7b
Global markets are on edge in cautious bets that Joe Biden will scrape into the White House. National Australia Bank chief executive Ross McEwan says Australia must work with the winner, whether its Mr Biden or Mr Trump. However, Mr McEwan is more focussed on the NAB's full year profit sliding 47pc to $2.5b as the pandemic-induced recession bites. Featured: Ross McEwan, National Australia Bank chief executive; Peter Ryan, ABC
Wall Street has surged on rising bets that Joe Biden might scrape through to the White House but that his Democratic Party won't win control of the US Congress. Mr Biden's agenda of higher taxes, tighter regulation and tougher scrutiny of tech company power are likely to be blocked by a Republican-controlled Senate. ABC's Peter Ryan says global investors are grasping for any certainty. Featured: Chris Lowe, FTN Financial; Peter Ryan, ABC
Crown Resorts and major shareholder James Packer are "unfit" to operate a casino at Barangaroo in Sydney, a NSW gaming inquiry has heard. The explosive comment from counsel assisting Adam Bell SC comes as Crown prepares to open Barangaroo next month. Also Australian shares sink despite US rally as presidential election results trickle in and worry investors. Featured: Peter Ryan, ABC
Reserve Bank governor Philip Lowe says negative interest rates "unlikely" unless other big central banks do the same. However, Lowe said it would be foolish to "completely & irrevocably" rule the option out. Mr Lowe tells upset depositors they need to consider the "collective good" rather than focusing on returns. ABC's Peter Ryan says that rather than falling, the Australian dollar has rising on the RBA's optimistic outlook for an economic recovery. Featured: Philip Lowe, Reserve Bank governor; Peter Ryan, ABC
LISTEN: Reserve Bank cuts cash rate to 0.1pc, unleashes $100b program to buy gov't debt by Peter Ryan
While the final hours of the US presidential race keep financial markets nervous, Australia's Reserve Bank is set to unveil its latest fightback against the pandemic-induced recession. The big tip on Melbourne Cup day is that the RBA board will cut interest rates close to zero but also unleash a plan to buy massive amounts of government debt to keep borrowing costs low. Featured: Peter Ryan, ABC
LISTEN: Reserve Bank set to cut cash rate to 0.1pc. I speak with Thomas Oriti on ABC NewsRadio by Peter Ryan
While the final hours of the US presidential race keep financial markets nervous, Australia's Reserve Bank is set to unveil its latest fightback against the pandemic-induced recession. The big tip on Melbourne Cup day is that the RBA board will cut interest rates close to zero but also unleash a plan to buy massive amounts of government debt to keep borrowing costs low. Commonwealth Bank head of Australian economics Gareth Aird speaks with ABC's Peter Ryan. Featured: Gareth Aird, Commonwealth Bank; Peter Ryan, ABC
Westpac's annual profit has slumped by two-thirds after it was fined $1.3 billion for 23 million breaches of money laundering laws. The bank says full-year net profit fell by 66 per cent to nearly $2.3 billion for the year to the end of September because of writedowns and the pandemic-induced recession. ABC's Peter Ryan says the Reserve Bank is likely to cut interest rates to a new record low when the board holds its Melbourne Cup Day meeting. Featured: Peter King, Westpac chief executive; Peter Ryan, ABC
It's a massive week ahead for the global economy with the US presidential election dominating and an anticipated victory for democrat candidate Joe Biden now likely to be be much narrower than first thought. Also locally, most economists expect Australia's Reserve Bank to slash interest rates to almost zero in its latest pandemic response - and to unleash a program to buy more than 100 billion dollars of government debt to keep borrowing costs low. So what's that telling us about the true state of the economic recovery? Warren Hogan, industry professor at UTS Sydney, speaks with ABC's Peter Ryan. Featured: Warren Hogan, UTS; Peter Ryan, ABC
The Australian Taxation Office has refunded $19.5 billion since July 1 as people rush to claim back their "working from home" expenses racked up during the pandemic. The deadline to lodge a tax return or register with a tax agent expires this week - though the 80 cent per hour deduction for working from home has now been extended to the end of the year. Assistant tax commissioner Karen Foat says while the A-T-O is sympathetic to the current hardship, but tells ABC's Peter Ryan there are some questionable claims related to the pandemic that send up red flags. Featured: Karen Foat, Assistant commissioner, ATO; Peter Ryan, ABC
The Australian Taxation Office has refunded $19.5 billion since July 1 as people rush to claim back their "working from home" expenses racked up during the pandemic. The deadline to lodge a tax return or register with a tax agent expires this week - though the 80 cent per hour deduction for working from home has now been extended to the end of the year. Assistant tax commissioner Karen Foat says while the A-T-O is sympathetic to the current hardship, but tells ABC's Peter Ryan there are some questionable claims related to the pandemic that send up red flags. Featured: Karen Foat, Assistant commissioner, ATO; Peter Ryan, ABC
Some positive economic news this lunchtime with confirmation that consumer inflation has bounced back into positive territory after going negative during the pandemic. The update comes amid optimism from Reserve Bank deputy governor Guy Debelle who says the technical recession might soon be over with a positive outcome expected in the September quarter. Coles chief executive Steven Cain expects government support to continue if required if the economic crisis deepens. Featured: Steven Cain, Coles chief executive; Peter Ryan, ABC
There are encouraging signs that the economic recovery is underway with the Reserve Bank deputy governor Guy Debelle declaring the recession might be over.
I speak with Thomas Oriti on ABC NewsRadio
There are encouraging signs that the economic recovery is underway with the Reserve Bank deputy governor Guy Debelle declaring the recession might be over. But how big a call is that given the economic pain being felt around the country from restrictions imposed to control the pandemic? ABC's Peter Ryan says the economic contraction has likely hit the bottom but the recovery will be slow and painful. Featured: Peter Ryan, ABC
Uncertainty has rocked Wall Street with surging coronavirus cases and fears that next week's presidential election in the US could still go down to the wire. Investors have also moved to the sidelines with a trillion dollar bill for more emergency stimulus still deadlocked in the US congress. CMC Markets chief strategist Michael McCarthy speaks with ABC's Peter Ryan. Featured: Michael McCarthy, CMC Markets; Peter Ryan, ABC
Australian Securities & Investments Commission deputy chair Daniel Crennan has suddenly resigned after a scandal about his expense claims.
Mr Crennan - recruited in 2017 to be the corporate watchdog's chief prosecutor - had been under enormous pressure after an audit raised concerns about almost $70,000 to pay his rent approved as part of his relocation expenses.
ASIC chairman James Shipton has stepped aside after the audit revealed $118,000 in taxation expenses associated with his relocation from the United States to take on the top role.
With the clock ticking down to a momentous election day in the United States, economists are sharpening their forecasts on who'll win the White House and what it means for the world. If the polls can be trusted, Donald Trump is heading for a defeat in a fortnight's time though the margin could be narrower than initially expected. So now the focus is turning to democratic contender Joe Biden and the massive challenge he faces in turning around America's pandemic ravaged economy. Also I speak with ACCC chairman Rod Sims about Bain Capital's plans for Virgin Australia who says he'll be "watching very closely" to ensure the airline is a full service competitor to Qantas. Featured: David Bassanese, chief economist, Betashares; Rod Sims, ACCC chairman; Peter Ryan, ABC
Crown Resorts investors deliver board of the casino giant a "first strike" in a large protest vote at its annual general meeting. Three directors have kept their board roles after majority shareholder James Packer used his voting power to ensure their survival. Chairman Helen Coonan has apologised to investors as the company deals with a backlash against its remuneration report. Featured: Helen Coonan, Crown chairman; John Horvath, Crown director; Peter Ryan, ABC
Crown Resorts investors have delivered the casino giant a "first strike" in a large protest vote at its annual general meeting. Three directors have kept their board roles after majority shareholder James Packer used his voting power to ensure their survival. Chairman Helen Coonan has apologised to investors as the company deals with a backlash against its remuneration report. Featured: Helen Coonan, Crown chairman; John Horvath, Crown director; Peter Ryan, ABC
@CrownResorts facing shareholder revolt as James Packer confidential briefing protocol axed; NSW licence inquiry targets former chairman Rob Rankin for potential prosecution over alleged failures to tell Crown board about China risks
Casino giant Crown Resorts has terminated a controversial agreement where the billionaire James Packer was given confidential briefings unavailable to other smaller investors. The move to limit the influence of Crown's biggest shareholder comes as the company faces an investor revolt at today's annual general meeting after admissions that executives may have "enabled" money laundering. ABC's Peter Ryan says former Crown chairman Robert Rankin faces potential prosecution under the Corporations Act for allegedly failing to tell the Crown board about risks to local China staff who were later arrested. Featured: Scott Aspinall, counsel assisting NSW inquiry; Peter Ryan, ABC
The board of Crown Resorts is meets today as the company reels from damaging new admissions about money laundering at its Melbourne casino. Crown chairman Helen Coonan has conceded the casino giant "enabled" money laundering while denying it turned a blind eye to criminal activity. ABC's Peter Ryan says three Crown directors face a protest vote at tomorrow's annual general meeting. Featured: Helen Coonan, Crown chairman; Patricia Bergin SC, inquiry chairman; Peter Ryan, ABC
The stakes are getting higher for the Crown casino group after the financial crime agency AUSTRAC announced an inquiry into the company's adherence to strict laws to prevent money laundering. As Crown's crisis deepens, the company is bracing for a shareholder backlash at this week's annual general meeting. Chairman Helen Coonan faces an independent gaming inquiry as she considers "boardroom renewal" with some directors likely to leave. ABC's Peter Ryan says the investigation will focus on Crown's Melbourne casino and the "management of customers identified as high risk and politically exposed". Featured: Andrew Wilkie, independent MP; Peter Ryan, ABC
The casino giant Crown Resorts has confirmed it's being investigated by the financial crime agency for potential breaches of anti-money laundering laws. The probe comes as Crown is under siege from a New South Wales inquiry into Crown's suitability to operate a casino at Barangaroo in Sydney. ABC's Peter Ryan says the investigation will focus on Crown's Melbourne casino and the "management of customers identified as high risk and politically exposed". Featured: Gavin Durbin, former AUSTRAC senior executive; Peter Ryan, ABC
Crown Resorts chairman Helen Coonan has signaled a cleanout of the company's troubled board after revelations of lax oversight on money laundering risks and potential exposure to organised crime. The gaming giant's licence to operate a new casino at Barangaroo in Sydney is now in jeopardy and Crown shareholders are likely to protest the re-election of three directors at this week's annual general meeting. ABC's Peter Ryan is covering the inquiry which is also examining the influence of Crown's biggest shareholder, billionair James Packer. Featured: Geoff Bowd, Australian Shareholders Association; Helen Coonan, Crown Resorts chairman; Jane Halton, Crown Resorts director; Peter Ryan, ABC
LISTEN: Virgin boss Paul Scurrah seated in exit row. I speak to ABC NewsRadio by Peter Ryan
There's more turbulence in aviation this lunchtime, with the chief executive of Virgin Australia Paul Scurrah confirming he's leaving the airline. Mr Scurrah's departure was confirmed after days of speculation that Virgin's new owner was replacing him with the former Jetstar boss Jane Hrdlicka. ABC's Peter Ryan says Bain Capital has denied claims it wants to operate as a budget airline, and now says it prefers a "hybrid" model.
Half of Australia's paused home loans still not being repaid as amnesty period comes to a close. Updated data from the Australian Banking Association shows almost half of the deferred loans are now being repaid - down from a crisis peak of almost 700,000 - as the economy shows signs of recovering. Bank of Queensland chief executive George Frazis speaks with ABC's Peter Ryan. Featured: George Frazis, chief executive Bank of Queensland; Peter Ryan, ABC.
Half of Australia's paused home loans still not being repaid as amnesty period comes to a close. Updated data from the Australian Banking Association shows almost half of the deferred loans are now being repaid - down from a crisis peak of almost 700,000 - as the economy shows signs of recovering. Bank of Queensland chief executive George Frazis speaks with ABC's Peter Ryan. Featured: George Frazis, chief executive Bank of Queensland; Peter Ryan, ABC.
The International Monetary Fund is warning against the premature withdrawal of emergency stimulus that has propped up businesses and households. While the IMF thinks the global recession will be less severe than first thought, the fallout will be long lasting with poverty to rise for the first time in two decades. ABC's Peter Ryan says according to the IMF there are 90 million people in "extreme deprivation" living on US$1.90 a day. Featured: Gita Gopinath, IMF chief economist; Peter Ryan, ABC.
The International Monetary Fund is warning against the premature withdrawal of emergency stimulus that has propped up businesses and households. While the IMF thinks the global recession will be less severe than first thought, the fallout will be long lasting with poverty to rise for the first time in two decades. ABC's Peter Ryan says according to the IMF there are 90 million people in "extreme deprivation" living on US$1.90 a day. Featured: Gita Gopinath, IMF chief economist; Peter Ryan, ABC.
Crown Resorts director Andrew Demetriou has been castigated for reading from notes while giving evidence to a high stakes casino licence inquiry. Mr Demetriou, a former AFL chief executive, admitted he got definition of "culture" from the internet for the notes. ABC's Peter Ryan says the hearings are becoming a daily train wreck for Crown. Featured: Andrew Demetriou, Crown director; Scott Aspinall, counsel assisting; Patricia Bergin SC, inquiry commissioner; Peter Ryan, ABC.
Former AFL boss Andrew Demetriou has rejected allegations at the Crown casino licence inquiry that the company board "turned a blind eye" to money laundering risks. The former AFL boss Andrew Demetriou, who joined the Crown board five years ago, has conceded that Crown had a "failure of culture" where the top levels of the company were shielded from bad news about potential exposure to organised crime. Mr Demetriou is the latest Crown director to say he was "in the dark" about the arrests of staff in China four years ago. ABC's Peter Ryan is covering the NSW gaming inquiry and speaks with Thomas Oriti on ABC NewsRadio. Featured: Andrew Demetriou, Crown director; Scott Aspinall, counsel assisting; Patricia Bergin SC, inquiry commissioner; Peter Ryan, ABC.
Coal producers are on edge after an unverified report said China's biggest energy companies have been verbally told to stop importing Australia coal. Trade Minister Simon Birmingham says he has not yet seen evidence of the import restrictions and is waiting on more information. ABC's Peter Ryan says the reaction to speculation shows Australia's relationship with China remains fraught. Featured: Simon Birmingham, Trade Minister; Peter Ryan, ABC.
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Former AFL boss Andrew Demetriou is the latest director of Crown casinos to say he was "in the dark" about the arrests of staff in China four years ago. The admission about poor risk management comes as Victoria's gaming regulator has slapped Crown with a "show cause" disciplinary notice under the casino control act. ABC's Peter Ryan is covering the NSW gaming inquiry into Crown's licence to operate a casino at Barangaroo in Sydney.
The Reserve Bank has warned that thousands of small business could fail when emergency measures come to an end early next year. The RBA's latest financial stability review says while the banking system remains strong, that many businesses relying on loan repayment deferrals won't survive. PWC partner Paul Abbey says the "carry loss back" measure revealed in last week's federal budget is critical as the government consider eventual measures to raise revenue. Crown director Harold Mitchell tells the casino licence inquiry he did anti-money laundering training in 30 minutes as James Packer signals he might sell at least some of his 36 percent stake in Crown to meet the "fit and proper" requirement.
Reclusive billionaire James Packer has signaled he might sell down his major shareholding in the casino giant Crown Resorts after a New South Wales gaming inquiry heard more evidence of poor safeguards to prevent money laundering and exposure to organised crime. Mr Packer acknowledged Crown's licence to operate a casino at Barangaroo in Sydney could be in jeopardy, labelling the revelations as a "shocking experience". ABC's Peter Ryan is covering the inquiry and says Mr Packer seems likely to sell at least some of his 36 percent stake in Crown Resorts. Featured: James Packer; Patricia Bergin SC; Peter Ryan, ABC.
Billionaire James Packer says Crown's initial response to media allegations that rocked the casino group "reflects poorly" on the Crown board. Mr Packer was quizzed on inaccuracies in full page newspaper ads that said the company had robust processes to deal with junket organisers. Peter Ryan reports on Mr Packer's third day of testimony. Featured: James Packer; Naomi Sharp SC; Peter Ryan, ABC.
There've been more fascinating insights into the business affairs of the troubled billionaire James Packer at a high stakes casino licence inquiry underway in Sydney. Mr Packer has conceded he was kept in the dark by top executives at the Crown casino empire on the events leading up to the arrest of Crown staff in China who were arrested four years ago for luring high rollers to gamble in Australia. Inquiry commissioner Patricia Bergin SC quizzed Mr Packer on why Crown executives were reluctant to brief him on bad news despite the risk to staff and the company's now shattered reputation. ABC's Peter Ryan with this analysis on ABC Newsradio. Featured: James Packer; Adam Bell SC; Patricia Bergin SC; Peter Ryan, ABC.
Australia's economic recovery from the coronavirus crisis hinges on key assumptions and risk factors that could easily unravel the already fragile budget forecasts. Former Treasury official Stephen Anthony - now chief economist at Industry Super Australia - says more massive spending is possible if the budget measures don't work. He speaks with ABC's Peter Ryan.
Australia's economic recovery from the coronavirus crisis hinges on key assumptions and risk factors that could easily unravel the already fragile budget forecasts. But Ernst & Young chief economist Jo Masters tells ABC's Peter Ryan that massive debt is a bet worth taking.
Australia's economic recovery from the coronavirus crisis hinges on key assumptions and risk factors that could easily unravel the already fragile budget forecasts. But Ernst & Young chief economist Jo Masters tells ABC's Peter Ryan that massive debt is a bet worth taking.
Wall Street stocks rose on positive news about Donald Trump's health and that he was about to be discharged from hospital. The Dow Jones Industrial Average ended 1.7 percent higher on optimism the US Congress will provide another tranche of stimulus to businesses and households. Featured: Peter Ryan, ABC.
Australian shares surged more than two percent on hope that Donald Trump will survive his COV19 infection and return to the White House. The initial optimism has eased concerns that the US presidential election could be delayed. Featured: Peter Ryan, ABC.
Global financial markets are on edge much more than usual at the moment after Donald Trump, the First Lady and other White House aides tested positive for the coronavirus. The fast-moving developments overshadow the big local event here in Australia - Josh Frydenberg's COVID-19 recession budget to be revealed tomorrow. I speak with Commonwealth Bank head of Australian economics Gareth Aird. Also James Packer to face casino licence inquiry against backdrop of alleged inadequate compliance with anti-money laundering regulations. Featured: Gareth Aird, Commonwealth Bank; Naomi Sharp SC; John Alexander, Crown Resorts; Peter Ryan, ABC.
Flight Centre will shut down another 91 stores as the travel agency continues to struggle under the weight of foreign and interstate travel restrictions. This is on top of the 330 stores that Flight Centre had already closed down, since the pandemic struck. In August, the company posted a $662 million full-year loss as a result of the financial hit from COVID-19. ABC's Peter Ryan speaks with NewsRadio's Sandy Aloisi. Featured: Peter Ryan, ABC.
Economists are urging a $60 billion emergency package to generate jobs and to help households avoid a "cliff" as stimulus measures wind back. EY chief economist Jo Masters says $750 payments to low income households and that infrastructure spending would slash the jobless rate by one percentage point. Ms Masters tells ABC's Peter Ryan the federal government should exploit record low interest rates. Featured: Jo Masters, EY chief economist; Peter Ryan, ABC.
Economists are finetuning their forecasts the next week's federal budget with a pandemic-induced deficit of $200 billion now likely. The Reserve Bank is also poised to cut the cash rate to a new record low of 0.1 percent. But Westpac chief economist Bill Evans believes that rather than a budget day rate cut, the RBA will hold off until the Melbourne Cup Day meeting in November. Featured: Bill Evans, Westpac chief economist; Peter Ryan, ABC.
Reclusive billionaire James Packer and the Crown Resorts board will be grilled by an inquiry this week to examine the future of the company's licence to operate a casino at Barangaroo in Sydney. The inquiry being held by the New South Wales gaming regulator is looking whether Mr Packer and Crown are "fit and proper" to retain the licence after allegations that Crown Resorts was exposed to alleged anti-money laundering breaches and links to organised crime. Featured: Damon Kitney, James Packer biographer; Bill Evans, Westpac chief economist; Peter Ryan, ABC.
Westpac reaches a deal with financial crime agency AUSTRAC to settle more than 23 million alleged breaches of anti-money laundering laws by paying a record $1.3 billion penalty. The fine outstrips the $700 million paid by the Commonwealth Bank to settle almost 54,000 breaches. ABC's Peter Ryan says the penalty is reputation-shattering for Westpac. Featured: Josh Frydenberg, Treasurer; Peter Ryan, ABC.
Westpac reaches a deal with financial crime agency AUSTRAC to settle more than 23 million alleged breaches of anti-money laundering laws by paying a record $1.3 billion penalty. The fine outstrips the $700 million paid by the Commonwealth Bank to settle almost 54,000 breaches. ABC's Peter Ryan says the penalty is reputation-shattering for Westpac. Featured: Josh Frydenberg, Treasurer; Peter Ryan, ABC.
The National Broadband Network will get a $4.5 billion upgrade to provide better speeds to homes and businesses in the latest response to the COVID-19 crisis. But is the upgrade an admission that the current project is not up to the job? NBN Co chief executive Stephen Rue skirts around the politics when he speaks with ABC's Peter Ryan. Featured: Stephen Rue, NBN Co chief executive; Peter Ryan, ABC.
The National Broadband Network will get a $4.5 billion upgrade to provide better speeds to homes and businesses in the latest response to the COVID-19 crisis. The move comes after the NBN has endured years of criticism that the project was sub-standard because of the Coalition's decision to use copper wire and old technologies instead of fibre connections. Communications Minister Paul Fletcher denies the policy change is a backdown or an admission that the NBN is just not good enough. Featured: Paul Fletcher, Communications Minister; Luke Clifton, Macquarie Telecom; Peter Ryan, ABC.
The National Broadband Network will get a $4.5 billion upgrade to provide better speeds to homes and businesses in the latest response to the COVID-19 crisis. The move comes after the NBN has endured years of criticism that the project was sub-standard because of the Coalition's decision to use copper wire and old technologies instead of fibre connections. Communications Minister Paul Fletcher denies the policy change is a backdown or an admission that the NBN is just not good enough. Featured: Paul Fletcher, Communications Minister; Paul Budde, telco analyst; Michelle Rowland, Labor spokeperson; Peter Ryan, ABC.
Global sharemarkets have dived on fears that a second wave of coronavirus will prompt more lockdowns across Britain and Europe. The US Congress is stalled on emergency stimulus and a replacement for late US Supreme Court justice Ruth Bader Ginsberg is to dominate as Nov 3 election looms. The good news? RBA's Guy Debelle has played down rerun of the Great Depression. Featured: Guy Debelle, Reserve Bank deputy governor; Peter Ryan, ABC.
Fears are rising about a wave of insolvencies in corporate Australia when emergency measures protecting companies end on December 31. ASIC chairman James Shipton warned earlier this year there might not be enough administrators and liquidators to deal with companies in distress. King & Wood Mallesons head of restructuring and insolvencies Tim Klineberg tells ABC's Peter Ryan that "zombie" companies surviving because of the measures risking dragging down other parts of the economy. Featured: Tim Klineberg, King & Wood Mallesons; Kate Carnell, Small Business Ombudsman; Peter Ryan, ABC.
Fears are rising about a wave of insolvencies in corporate Australia when emergency measures protecting companies end on December 31. ASIC chairman James Shipton warned earlier this year there might not be enough administrators and liquidators to deal with companies in distress. King & Wood Mallesons head of restructuring and insolvencies Tim Klineberg tells ABC's Peter Ryan that "zombie" companies surviving because of the measures risking dragging down other parts of the economy. Featured: Tim Klineberg, King & Wood Mallesons; Kate Carnell, Small Business Ombudsman; Peter Ryan, ABC.
Australia's unemployment rate has posted a surprise fall as 111,000 jobs were created last month, despite a lockdown in Melbourne and regional Victoria. ABC's Peter Ryan says the Bureau of Statistics figures appear to show the bounce-back in jobs is real, rather than a statistical illusion. Featured: Peter Ryan, ABC.
The World Bank warns economic carnage from the pandemic is threatening hard won gains in health and education over the past decade. Poorest nations are hardest hit with a billion children kept away from school now less likely to achieve their full potential. World Bank chief economist for human development Roberta Gatti tells ABC's Peter Ryan the pandemic will push 100 million people into deep poverty. Featured: Roberta Gatti, World Bank; Peter Ryan, ABC.
The Australian arm of a global bank is the latest financial institution to be fined for breaching anti-money laundering laws. The US-owned State Street bank has been hit with a penalty of $1.24 million for failing to declare international transfers that potentially left it exposed to exploitation by organised crime. Peter Soros, deputy chief executive of financial crime agency AUSTRAC, speaks with ABC's Peter Ryan. Featured: Peter Soros, deputy chief executive AUSTRAC; Peter Ryan, ABC.
Economic thinktank CEDA is urging the federal government to ensure migration is a key element of Australia's post pandemic economic recovery. Chief economist Jarrod Ball says the October 6 budget should resist calls for permanent migration restrictions and do more to help international students, particularly in Victoria. Mr Ball tells ABC's Peter Ryan that JobKeeper and JobSeeker should be extended to temporary migrants who are currently excluded even though they pay Australian tax. Featured: Jarrod Ball, CEDA chief economist; Peter Ryan, ABC.
The US Federal Reserve will temporarily sideline its normal focus of targetting inflation to focus on creating jobs for millions of Americans cast out of work over the past six months. Investors have welcomed the news, assured that interest are now certain to stay close to zero for years. Perpetual head of investment strategy Matt Sherwood says Australia faces major challenges of high debt levels and a gradual housing correction. Featured: Jerome Powell, US Federal Reserve chairman; Matt Sherwood, Perpetual; Peter Ryan, ABC.
The US Federal Reserve will temporarily sideline its normal focus of targeting inflation to focus on creating jobs for millions of Americans cast out of work over the past six months. Investors have welcomed the news, assured that interest are now certain to stay close to zero for years. Perpetual head of investment strategy Matt Sherwood says Australia faces major challenges of high debt levels and a gradual housing correction. Featured: Jerome Powell, US Federal Reserve chairman; Matt Sherwood, Perpetual; Peter Ryan, ABC.
Woolworths chief executive Brad Banducci has forfeited his performance bonus as the supermarket giant returns $500 million in backpayments to underpaid workers. In handing down a 57 percent fall in full year profit to $1.16 billion , Mr Banducci said he was embarrassed about the underpayments as the company braces for a steep fine from the Fair Work Ombudsman. Featured: Brad Banducci, Woolworths chief executive; Peter Ryan, ABC.
ALDI Australia chief executive Tom Daunt says border closures aren't hurting supermarket supply chains yet but are difficult to manage. Mr Daunt says shoppers appear to be calmer that at the height of the crisis and accept the "new normal" will remain until a vaccine emerges. Also, Mr Daunt tells ABC's Peter Ryan that ALDI stores and warehouses will run on 100pc renewable power from 2021. Featured: Tom Daunt, Aldi Australia chief executive; Peter Ryan, ABC.
Westfield shopping mall owner Scentre Group has posted a $3.6 billio first half loss as pandemic carves $4.1b off asset valuations. Mosaic Brands, locked in rent dispute with Scentre, says it might close between 300 & 500 stores, as it reels from $170m full year loss. ABC's Peter Ryan says the dispute between Scentre and Mosaic highlight the emerging "cliff" when measures to ensure rent relief for struggling tenants is ultimately wound back. Featured: Peter Allen, Scentre Group chief executive; Peter Ryan, ABC.
As the AMP board once again confronts deep cultural problems, the Australian Shareholders Association says the man at the centre of sexual harassment complaints Boe Pahari should not join chairman David Murray in leaving the wealth company. Spokesman Ian Graves tells ABC's Peter Ryan that Mr Pahari has paid his penalty for his behaviour and it is now up to the AMP board to restore the company's reputation. Featured: Ian Graves, Australian Shareholders Association; Peter Ryan, ABC.
AMP chairman David Murray and director John Fraser have resigned over the company's handling of a series of sexual harassment complaints against top executive Bo Pahari. Mr Murray conceded his decision to quit followed "feedback expressed by some major shareholders". ABC's Peter Ryan speaks with Shaw & Partners banking analyst Brett Le Mesurier. Featured: Brett Le Mesurier, Shaw & Partners; Peter Ryan, ABC.
Qantas swings to a $2 billion loss, saying just the first few months of the coronavirus pandemic cost it $4 billion in lost revenue, but that it can survive even if the current travel restrictions last into 2022. Chief executive Alan Joyce tells ABC's Peter Ryan he's confident a vaccine is on the horizon but wants to see greater leadership from National Cabinet to deal with frozen borders. Featured: Alan Joyce, Qantas CEO; Peter Ryan, ABC.
One of the local rivals in the race to kill the virus predicts a vaccine could be ready for emergency use by mid next year. The blood products company CSL is working with the University of Queensland and other potential partners, but warns there's a risk that no vaccine will end the pandemic. CSL chief executive Paul Perreault tells ABC's Peter Ryan there are complex technical and regulatory hurdles ahead. Featured: Paul Perreault, CSL chief executive; Peter Ryan, ABC.
The chief executive of BHP says the global mining giant is still weighing up the potential destruction of forty indigenous heritage sites in Western Australia's Pilbara as it consults with traditional owners.
Mike Henry has told the ABC he doesn't want a repeat of the Juukan Gorge destruction after its rival Rio Tinto blew up the 46,000 year old rock shelters earlier this year.
BHP was days away from blasting at its South Flank mine in the Pilbara but put the plans on hold after Rio Tinto was globally slammed for going ahead with the Juukan Gorge destruction.
BHP is now under shareholder pressure to put a moratorium on the destruction of sacred sites until West Australian laws are strengthened to protect indigenous interests.
Mike Henry spoke with the ABC's senior business correspondent Peter Ryan.
JB Hi Fi's profit has surged on demand for home electronics for the stay at home office - anything from computer monitors to coffee machines to robotic vacuum cleaners. Chief executive Richard Murray backs mandatory facemasks for staff and customers if that's the medical advice - but he's more concerned about bad customer behaviour towards his workers. Mr Murray tells ABC's Peter Ryan the legislated rise in employer superannuation to 12 percent might need to be delayed rather than abandoned. Featured: Richard Murray, chief executive JB Hi Fi; Peter Ryan, ABC.
Australia's biggest steelmaker Bluescope Steel like most companies has been rocked by the pandemic, this morning reporting a 91 percent fall in its full year profit. But the company's chief executive Mark Vassella sees a silver lining behind the gloomy numbers with growing demand for steel products in regional Australia as people working from home begin to shun high density apartment life in big cities like Sydney and Melbourne. Featured: Mark Vassella, Bluescope Steel; Peter Ryan, ABC.
There's more evidence that the scheme allowing emergency access to superannuation at the height of the pandemic has been abused by some Australians. Depersonalised data from advisory firms AlphaBeta and Illion shows that people dipping into their super didn't need the emergency cash and have been spending on discretionary items rather than necessities. Betashares chief executive Alex Vynokur says the current $30 billion raided by Australians translates to a $100 million budget hole decades ahead as more people are forced to rely on the aged pension system. Featured: Alex Vynokur, CEO, Betashares; Peter Ryan, ABC.
The Commonwealth Bank has revealed the latest economic damage from the pandemic with an 11 percent plunge in its full year cash profit to $2.5 billion. Facing the prospect of surging unemployment and a possible hit to housing prices, the CBA has ramped up its provisions for rising loan losses to 2-and-a-half billion dollars. Chief executive Matt Comyn tells ABC's Peter Ryan the health and economic outlook is "uncertain" but he's encouraged that the number of CBA customers on home loan deferrals has fallen to 135,000. Mr Comyn spoke this morning with the ABC's senior business correspondent Peter Ryan. Featured: Matt Comyn, CBA chief executive; Peter Ryan, ABC.
While the economy has taken a battering during the pandemic, the often-maligned National Broadband Network is an unexpected winner with many Australians soaking up high speed internet to work from home and educate their children. The NBN boosted broadband capacity by 40 percent in the early days of the crisis to deal with the unprecedented demand. But the NBN Co's chief executive Stephen Rue tells ABC's Peter Ryan the emergency measure was never meant to be open-ended and is set to end midway through next month. Featured: Stephen Rue, NBN Co chief executive; Peter Ryan, ABC.
GPT Group posts $519m half year loss as pandemic measures carve $711m off property valuations. Melbourne jeweller Wesley Rutherford says 50% rent relief is fine, but tells @LaTrioli that businesses losing 100% of revenue are in despair @abcnews @abcmelbourne
Banking analyst Brian Johnson has frank advice to anyone still seeing a V-shaped economic rebound: "if you are thus inclined you should buy a lottery ticket, throw your face mask in the bin and buy every Australian bank given the material upside" he tells me on @RNBreakfast .
The warning comes as the Commonwealth Bank of Australia prepares to reveal a full year cash profit of $7.6 billion which could be ten percent lower because of the pandemic.
With 127,000 CBA customers on loan repayment deferrals, Mr Johnson says the bank is exposed to impairments causes by rising unemployment.
Virgin Australia chief executive Paul Scurrah says he would consider mandatory face masks on all flights in addition to Sydney and Melbourne if health officials demand. Mr Scurrah confirmed the airline went close to liquidation before US private equity firm Bain Capital rescued the company in the face of $6.8 billion owing to creditors. Mr Scurrah tells ABC's Peter Ryan he is confident creditors will approve the Bain Capital ownership although he concedes is it not yet a done deal. Featured: Paul Scurrah, chief executive, Virgin Australia; Peter Ryan, ABC.
Virgin Australia has revealed plans to make about a third of its workforce redundant, with approximately 3,000 jobs expected to go under new owners Bain Capital, while 6,000 staff remain. Chief executive Paul Scurrah said it was a tough day for the airline, but would not guarantee the jobs cuts would be capped at 3,000 when pressed by the ABC's Peter Ryan. Featured: Paul Scurrah, chief executive, Virgin Australia; Michael Kaine, Transport Workers Union; Peter Ryan, ABC.
Businesses are scrambling to assess the impact of new lockdown rules introduced in Victoria to confront the pandemic. Glen Cameron Group chief executive Nick Capp tells ABC's Peter Ryan the trucking company is working with staff and customers to limit confusion. Mr Capp says the delivery of supplies to supermarkets is a priority to ensure consumers do not stockpile or panic buy. Featured: Nick Capp, chief executive, Glen Cameron Group; Peter Ryan, ABC.
Wesfarmers chief executive Rob Scott says some Victorian staff will need to be stood down as a result of tough new lockdown restrictions in Victoria. Mr Scott is urging a review of the rules on a "risk based approach". KPMG chief economist Dr Brendan Rynne tells ABC's Peter Ryan that lost production in August could be $830 million and that the measures will be the final nail in the coffin for some businesses. Featured: Rob Scott, chief executive Wesfarmers; Dr Brendan Rynne, chief economist, KPMG; Peter Ryan, ABC.
Investors are bracing for the worst company reporting season in years, with predictions that some profits might collapse as the pandemic smashes the economy. Citi Australia head of research Craig Woolford has been grappling with the lack of profit guidance and is predicting that some full year earnings could fall between 15 and 20 percent.
Treasury Secretary Dr Steven Kennedy has revealed a grim outlook for Australia's economy, warning growth contracted by 7 percent in the second quarter of this year. Dr Kennedy told the COVID-19 committee the forecast gross debt $852 billion this financial year is "entirely manageable" because of low interest rates. Dr Kennedy says household savings are 20 percent higher because of the massive emergency stimulus. Featured: Dr Steven Kennedy, Treasury Secretary; Peter Ryan, ABC.
One of the big casualties from the pandemic has been offshore call centres that Australian companies have been using in recent decades to reduce high local labour costs. Westpac has become the latest to company to bring call centre positions back home after operations in the Philippines and India were locked down under COVID-19 restrictions. Westpac chief executive Peter King speaks with ABC's Peter Ryan.
Featured: Peter King, Westpac chief executive; Grant Custance, Nimbus; Peter Ryan, ABC.
Confirmation of deepening budget deficits and debt spiralling towards a trillion dollars paint a sobering picture of the economic crisis sparked by the pandemic. With hopes of a "back in the black" surplus now a distant memory, the advisory firm P-W-C warns the budget might not get back until balance for another twenty years and the debt bill unpaid until 2061. PWC chief economist Jeremy Thorpe speaks with ABC's Peter Ryan. Featured: Jeremy Thorpe, PWC chief economist; Peter Ryan, ABC.
Economists say the deepening budget deficit and spiralling debt confirmed in today's budget update is "manageable" because record low interest rates will remain low for years. ABC's Peter Ryan says the federal government had no choice to unleashed massive emergency measures and impose a recession on the economy to respond the the COVID-19 crisis. Featured: Peter Ryan, ABC.
It's an emotional day for Qantas and many Australian travellers are the airline farewells the last of its 747 jumbo jets. The economic crisis from the pandemic forced Qantas to bring forward the retirement of its 747 fleet and this afternoon QF flight 7474 leaves Australian shores for its new home in the Mojave Desert in the United States. The ABC's senior business correspondent Peter Ryan has jetted around in his share of 747s - and went to Sydney Airport to also say goodbye. Featured: Peter Ryan, ABC.
Small Business Ombudsman Kate Carnell predicts a "tsunami of insolvencies" as emergency measures like JobKeeper are gradually wound back. Ms Carnell says some businesses now propped up as "zombie" companies would have crashed in normal circumstances and are only surviving because of the government payments. Kate Carnell speaks with ABC's Peter Ryan. Featured: Kate Carnell, Small Business Ombudsman; Peter Ryan, ABC.
The Climate Council says a blueprint to blitz renewable energy projects in post COVID19 economy will create 76,000 new jobs. The proposal comes as the Federal Government prepares Thursday's budget update. I speak with Climate Council board member Sam Mostyn and Alpha Beta director Andrew Charlton who has done the economic modelling. Featured: Andrew Charlton, Alpha Beta; Sam Mostyn, Climate Council board member; Peter Ryan, ABC.
The economic fallout from the COVID19 crisis has seen corporate and government debt spiral into the trillions of dollars to keep businesses and households afloat during the pandemic. How to pay down that massive debt in a post-pandemic world is a major consideration as the federal government puts the finishing touches on Thursday's scheduled budget update. ABC's Peter Ryan speaks with Janus Henderson head of fixed interest Jay Sivapalan and ANZ Bank senior economist Cherelle Murphy.
Industry super owned IFM Investors wants to "supercharge" infrastructure investment to support Australia's economy recovery in the post-pandemic world. IFM chief executive David Neal tells ABC's Peter Ryan the $160 billion fund has "billions of dollars" standing by for major projects but wants local contractors to get preference ahead of multinationals companies to reduce exposure to taxpayers when projects become distressed. Featured: David Neal, chief executive, IFM Investors; Peter Ryan, ABC.
Official numbers from the Bureau of Statistics estimate unemployment rose from 7.1 to 7.4 per cent in June, despite the addition of nearly 211,000 jobs. While underemployment and underutilisation rates are slightly lower, youth unemployment has reached a 23 year high of 16.4%. ABC's Peter Ryan says real unemployment rate without JobKeeper would be an effective 13.3 percent. Featured: Peter Ryan, ABC.
ME Bank chief executive Jamie McPhee resigns, haunted by controversial decision to change redraw facilities on mortgages. The latest CBA credit and debit card data shows Victorians are cutting back on their spending after lockdown restrictions were reimposed last week.
A new report into the "gig" economy has called for a stronger code of conduct to protect workers who don't receive basic entitlements because they are not classified as employees. Former Fair Work Ombudsman Natalie James says some workers are especially exposed given the outlook for surging unemployment. Featured: Natalie James, former Fair Work Ombudsman; Peter Ryan, ABC.
Fair Work Ombudsman Sandra Parker says 60 large companies have come forward to admit worker underpayments over the past 18 months, some during the pandemic. Ms Parker says while the regulator maintains pressure on big business, it will take COVID-19 into account when pursuing smaller offenders. Ms Parker tells ABC's Peter Ryan that despite initial confusion, JobKeeper has helped ease anxiety for businesses and their employees. Featured: Sandra Parker, Fair Work Ombudsman; Peter Ryan, ABC.
Australia China Business Council chairman David Olsson says ties with Beijing remain strong despite rising tensions over the future of Hong Kong. Releasing a blueprint to win back Chinese tourists after COVID-19 restrictions ease, Mr Olsson said the ACBC would be using backchannels with businesses on the ground to get around the freeze in diplomatic relations. Speaking with ABC's Peter Ryan, Mr Olsson said Australia would have to beat tough competition to win trade and commerce that might exit Hong Kong. Featured: David Olsson, Australia China Business Council; Peter Ryan, ABC.
ANZ chief executive Shayne Elliott tells AM the four month extension to loan repayment deferrals is "critically important" in supporting distressed customers reeling from the pandemic. Mr Elliott says it's a lifeline but concedes some borrowers could ultimately lose their homes or businesses warning "we can't save everybody .. this is not a get out of jail free card". Featured: Shayne Elliott, chief executive, ANZ Bank; Peter Ryan, ABC.
Bank customers struggling financially due to COVID-19 will be given another four months to start paying back their loans. However, banks have warned extensions will not be automatic and any customer who can afford to start repaying their mortgage or business loan will be expected to do so once the initial six-month deferral period expires in September. Australian Banking Association chief executive Anna Bligh told ABC's Peter Ryan that the extension of the federal government's JobKeeper program will be critical in any recovery. Featured: Anna Bligh, Australian Banking Association; Peter Ryan, ABC.
Pressure rising for higher GST rate of 12.5 percent and a broader base to add currently GST-free items like health, food, education and childcare. PWC partner Paul Abbey concedes low income groups would have to be compensated but tells ABC's Peter Ryan it's time to get serious about tax reform for the post pandemic world where massive debt will have to be paid down. Featured: Paul Abbey, PWC partner; Peter Ryan, ABC.
Deloitte Access Economics says Australia's economy will recover from the pandemic next year, but is warning that Victoria will suffer "prolonged misery" because of the fresh outbreak of COVID-19. Deloitte says GDP will contract by 3 percent in 2020, more optimistic by the original forecast of five percent. But Deloitte Access partner Chris Richardson says unwinding the $70 billion JobKeeper program in late September will be a delicate operation. Featured: Chris Richardson, Deloitte Access Economics; Peter Ryan, ABC.
Australian Super has delivered a small positive return for its balanced option fund despite the global economic damage from the pandemic. Chief investment officer Mark Delaney said the 0.52 percent return for the 2020 financial year as a good result given the impact on global financial markets. Mr Delaney tells ABC's Peter Ryan that the JobKeeper program in Australia will need to be extended to prevent more unemployment and insolvencies. Featured: Mark Delaney, chief investment officer, Australian Super; Peter Ryan, ABC.
AFP commissioner Reece Kershaw will update ABC managing director David Anderson on the investigation into journalists Daniel Oakes and Samuel Clark which prompted raids on the ABC'S Ultimo headquarters last year. Also, Mr Kershaw confirmed that $200,000 from more than 50 bank accounts has been "restrained" as part of investigations into organised crime links. Mr Kershaw told ABC's Peter Ryan that wants to put a blowtorch to serious organised crime. Featured: Reece Kershaw, AFP Commissioner; Peter Ryan, ABC.
Organised crimes syndicates are suspected of exploiting JobKeeper, JobSeeker and early superannuation access. The Australian Federal Police has confirmed that $200,000 from more than 50 bank accounts has been "restrained" while investigations continue. ABC's Peter Ryan says AFP commissioner Reece Kershaw wants to put a blowtorch to serious organised crime. Featured: Peter Ryan, ABC; Josh Frydenberg, Treasurer.
Energy giant AGL says it's taking a major step for a cleaner future by linking executive pay to reductions in carbon emissions. The move makes AGL for first top 50 company to make such a commitment as it prepares to phase out old coal-fired power stations. But the Australasian Centre for Corporate Responsibility says AGL's plan "lacks any substantive new commitment". Peter Ryan with this analysis. Featured: Peter Ryan, ABC.
With the $70 billion JobKeeper program half way through, the federal government is being urged to phased it out gradually from late September to avoid a fresh shock in the coronavirus response. The Grattan Institute says more than $70 billion in stimulus will be needed to underwrite businesses and to prevent long term unemployment which could scar the economy for years. Featured: John Daley, Grattan Institute; Peter Ryan, ABC.
Virgin Australia's administrators have entered into a sale agreement with Bain Capital, after its private equity rival Cyrus Capital Partners suddenly withdrew its offer. Bain has pledged to protect as many Virgin jobs as possible but TWU national secretary Michael Kaine would give no guarantees, and told ABC's Peter Ryan Bain would be maximising its investment. Featured: Michael Kaine, Transport Workers Union; Peter Ryan, ABC.
TITLE: HESTA dumps coal from super investments to meet 2050 zero emissions target SUBBED/UNSUBBED NOT POSTED KEYWORDS: HESTA, thermal coal, fossil fuels, superannuation, COVID19, coronavirus BYLINE: Senior Business Correspondent Peter Ryan CAPTION: The $52 billion HESTA industry super fund has ended investments in thermal coal, and will offload fossil fuels over the next decade to meet a zero net emissions target by 2050. Chief executive Debby Blakey says the fund will gradually divest fossil fuel to sideline potentially "stranded assets" as renewables sources accelerate. Ms Blakey also said she was concerned that some women were draining their superannuation accounts as part of emergency access measures introduced at the height on COVID-19. Featured: Debby Blakey, HESTA chief executive; Peter Ryan, ABC.
Qantas will cut at least 6,000 jobs across all parts of the business, while continuing to stand down a further 15,000 employees, in response to the coronavirus pandemic. Chief executive Alan Joyce confirmed $15 billion in costs would be cut from the airline amid predictions that global aviation might take three years to recover. Featured: Alan Joyce, Qantas chief executive; Peter Ryan, ABC.
The deepening damage from the spread of the coronavirus has forced the International Monetary Fund to slash its forecasts for the global economy even further. In its latest update, the IMF says global growth will shrink by 4.9 percent although the outlook for Australia is the one bright spot in a sea of pessimism with a softer than expected contraction of 4.5 percent.
The ABC will axe it's flagship 7.45am radio news bulletin and lose 250 jobs as the national broadcaster deals with budget cuts of $84 million. The controversial decision comes after federal government budget cuts and will see the "AM" program reduced to 25 minutes. ABC's Peter Ryan covers the breaking news. Featured: Peter Ryan, ABC.
National Australia Bank chief executive Ross McEwan warns banks will be less profitable in the short term as the economy recovers from COVID-19 fallout. Mr McEwan has also doused hopes of a rapid "V" shaped recovery, and says a bumpy "W" shaped outcome is possible. Featured: Ross McEwan, National Australia Bank; Peter Ryan, ABC.
The Australian Taxation Office is turning up the heat on fraudsters who are exploiting the federal government's COVID-19 emergency stimulus package. The ATO says it's received tip-offs about the abuse of the JobKeeper program and the early release of superannuation - both designed, in theory, to keep households afloat during the crisis. ABC's Peter Ryan says the ATO has received intelligence about abuse of the emergency economic measures.
Reserve Bank governor Phil Lowe has repeated his calls for economic reform once Australia begins to recover from the COVID19 crisis. Mr Lowe says he's optimistic about the economy but warns that without reform Australia will meander with medicocre growth. Featured: Philip Lowe, Reserve Bank governor; Peter Ryan, ABC.
The mining industry's powerful lobby group will commit to decarbonising Australia;s economy and will endorse the Paris Agreement on climate change. Minerals Council of Australia chief executive Tania Constable says a blueprint will support the use of electric vehicles and renewable energy. However, Ms Constable tells ABC's Peter Ryan there is no date for the mining industry to reach a net zero emissions target.
Australia's unemployment rate jumped to 7.1 per cent in May from 6.4 per cent in April, with the Bureau of Statistics estimating a further 227,700 jobs were lost last month. The participation rate surprised by slumping a further 0.7 percentage points to 62.9 per cent, the lowest level since January 2001. ABC's Peter Ryan says the jobless rate is set to rise further in the coming months. Featured: Peter Ryan, ABC.
Reserve Bank economists considered urging the Federal Government to shut down the real estate industry, 'pausing' sales of established homes, to avoid perceptions of a coronavirus-inspired housing market crash. Highly classified documents from inside Australia's central bank also suggest house prices could slump up to 15 per cent. Australian Banking Association chief executive Anna Bligh tells ABC's Peter Ryan she isn't surprised the RBA would consider all options given the depth of the crisis. Featured: Anna Bligh, chief executive, Australian Banking Association ; Peter Ryan, ABC.
Caution has returned to the sharemarket after the world's most powerful central banker warned there'll be no economic recovery until the coronavirus has been contained. US Federal Reserve chairman Jerome Powell issued a reality check to global investors as sharemarkets bounce back despite the dire economic outlook. Featured: Jerome Powell, US Federal Reserve chairman; Peter Ryan, ABC.
Australian shares have surged after the US Federal Reserve ramped up its emergency stimulus for financial markets with a bond buying program. But ABC's Peter Ryan says it could be a temporary "sugar hit" as investors worry about the dire state of the US economy and a possible second wave of the coronavirus. Featured: Peter Ryan, ABC.
BP will write off US$17.5 billion from the value of its oil and gas assets as the COVID-19 crisis accelerates a shift away from fossil fuels. The energy giant is reinventing its strategy to focus on its growing renewables business. Featured: Cornelia May, former BP executive; Ed Davey, former UK Energy Secretary; Julien Vincent, Market Forces; Peter Ryan, ABC.
Men are gambling with some of their superannuation accessed under emergency measures during the COVID19 crisis, according to fresh anonymised data. Advisory firms Alpha Beta and Illion have accessed spending of 13,000 recipient which reveals women have focused on essential spending like food and clothing. Alpha Beta director Andrew Charlton speaks with ABC's Peter Ryan. Featured: Jonathan Peachey, Cyrus Capital; Peter Ryan, ABC.
One of the final two bidders for Virgin Australia has refused to rule out job cuts if it wins control of the troubled airline.The US based Cyrus Capital is fine tuning it's final bid for Virgin and is confident the company can be turned around and will be strong enough to compete with arch rival Qantas. But Cyrus adviser Jonathan Peachey tells ABC's Peter Ryan that jobs might need to be cut in a leaner airline. Featured: Jonathan Peachey, Cyrus Capital; Peter Ryan, ABC.
There's been a brutal reality check on Wall Street as a dire outlook on the US economy canceled out earlier investor exuberance. The Dow Jones Industrial Average plunged a massive 6.9 percent on rising fears about a second wave of the coronavirus. ABC's Peter Ryan says hopes of a rapid V-shaped recovery have been extinguished. Featured: Mary Lou Montgomery, Fidelity Investments; Peter Ryan, ABC.
Australians working from during the COVID19 pandemic could get special tax break in this year's return. The Australian Tax Office has calculated a special flat hour rate to cover out of pocket work expenses such as electricity, internet and office equipment. But ATO assistant commissioner Karen Foat tells ABC's Peter Ryan that suspicious claims will continue to be scrutinised. Featured: Mary Cotter, partner; Karen Foat, Australian Taxation Office; Peter Ryan, ABC.
Australians working from during the COVID19 pandemic could get special tax break in this year's return. The Australian Tax Office has calculated a special flat hour rate to cover out of pocket work expenses such as electricity, internet and office equipment. But ATO assistant commissioners Karen Foat tells ABC's Peter Ryan that suspicious claims will continue to be scrutinised. Featured: Mary Cotter, partner; Karen Foat, Australian Taxation Office; Peter Ryan, ABC.
ASIC chairman James Shipton warns the financial system faces enormous pressure when emergency measures of JobKeeper & bank loan repayment holidays unwind in September. Releasing an updated #COVID19 strategy, Mr Shipton tells ABC's Peter Ryan that not all businesses and borrowers will survive the "cliff" and warns there might not be enough liquidators to deal with corporate collapses. Featured: James Shipton, ASIC chairman; Peter Ryan, ABC.
While the outlook for Australia's economy remains grim, there's been a remarkable bounceback in consumer sentiment as COVID19 lockdown restrictions are gradually eased. The latest monthly survey from Westpac says confidence has surged with news that the spread of the coronavirus appears to be under control. Featured: Peter Ryan, ABC.
Investors are cautiously re-entering global sharemarkets on hopes that optimism about the economic recovery from COVID-19 fallout will be faster than expected. But CMC Markets chief strategist Michael McCarthy says investors face significant risks with a grim outlook in the months ahead. Featured: Michael McCarthy, CMC Markets; Peter Ryan, ABC.
Is Australia in recession today? @JoshFrydenberg says "the answer to that is yes" based on advice he's been given about the true depth of the downturn, ahead of June quarter GDP which will confirm a technical recession @abcnews
Official figures show Australia's economy shrank 0.3 per cent in the March quarter, amid bushfires and the early stages of the coronavirus pandemic, making a recession certain with a big fall in activity in the current June quarter. ABC's Peter Ryan says June quarter GDP due for release in early September will show a severe economic contraction of as much as 8 percent. Featured: Peter Ryan, ABC.
Economists expect Australia's economy slightly contracted in the first three months of 2020 in the prelude to confirmation of a deep recession later this year. Westpac chief economist Bill Evans says despite the technical definition of two consecutive negative quarters of growth, surging unemployment shows Australia's economy is already in deep distress from lockdown restrictions. But ABC's Peter Ryan says there is an outside chance that the March quarter could come in marginally positive.
Could Australia be on the cusp of negative interest rates? Reserve Bank governor Philip Lowe says the prospect is unlikely, but Westpac chief economist Bill Evans says negative rates would stop investors hoarding money and lower the Australian dollar as the economy faces the end of JobKeeper payments in September. But Mr Evans tells ABC's Peter Ryan there is a risk that negative rates would further unsettle economic recovery.
Concerns are rising that Australians dipping into their superannuation in the face of an economic shock are living large rather than buying essentials. Alpha Beta director Andrew Charlton says two third of emergency super funds are being spent on discretionary items rather than essentials. PWC partner Paul Abbey tells ABC's Peter Ryan that without tax reform, the budget could remain in deficit for two decades.
News Corporation has confirmed major jobs losses across its newspaper business as the bulk of its regional and community mastheads go purely digital. Executive chairman Michael Miller says metropolitan mastheads will continue to with print editions but will become more state focussed with increased regional content. Mr Miller speaks with ABC's Peter Ryan.
Tributes flow for journalism legend Tom Krause. Laurie Oakes honours Tom on ABC's RN Breakfast by Peter Ryan
In the latest crisis to hit Australia's struggling retail sector, the Wesfarmers conglomate says it will either close or rebrand up to 167 Target stores. The massive restructure could see as many as 1,300 staff lose their jobs, at a time when the jobless rate is surging because of fallout from COVID19. The decision has sparked an extraordinary outburst from the Agriculture Minister David Littlerproud who says Australians should vote with their wallets. But ABC's Peter Ryan says Wesfarmers is taking hard decisions to reduce its exposure to commercial leases.
Transport Workers Union national secretary Michael Kaine says the clock is ticking on the survival of Virgin Australia and it's now critical for the federal government to stump up with an emergency rescue loan. The request comes as the German government considers a 20 percent equity stake in Lufthansa worth US$9.9 billion. Mr Kaine tells ABC's Peter Ryan that the Prime Minister's steadfast refusal is "brinkmanship" and complicates the work of Virgin's administrators.
When was the last time you used cash during the pandemic? And will it disappear all together in a post-virus world as cashless payments dominate? I speak with HSBC global economist James Pomeroy who sees a "cash lite" post COVID19 world where human contact is minimised.
Economists from Australian National University and UNSW Sydney have shown how the Federal Government‘s JobKeeper scheme could be phased down as the economy re-opens and recovery takes shape.
In a recent study, economists Bruce Chapman and John Piggott propose a government-controlled revenue-contingent loan scheme for businesses to ease the transition from the JobKeeper scheme.
I speak with the ANU's Bruce Chapman on how a HECS style program could ease the pain of the JobKeeper "cliff" in late September.
The Queensland government's rescue bid for the troubled airline Virgin Australia has raised questions about the potential risk to taxpayers given the uncertainties of COVID-19 and the crisis in global aviation. Deputy Prime Minister Michael McCormack says governments should stay away and let markets decide. Aviation analyst Neil Hansford says the bid appears to be poorly thought out and that the Queensland Investment Corporation will be up against cut throat players experienced in aviation deals.
Australia's unemployment rate has posted its steepest monthly rise on record, with 594,300 people losing their jobs in April as restrictions to limit coronavirus shut thousands of businesses and affected many more. Unemployment jumped 1 percentage point to 6.2 per cent, which would have been much worse except that many people did not look for work. Prime Minister Scott Morrison said Australians should prepare for more bad economic news.
Commonwealth Bank has sets aside a large pile of cash to cover expected COVID-19-related losses, as Australia's biggest home lender warns of a potential 32 per cent house price crash in a worst-case "prolonged" economic downturn.
Here's my report from The World Today
Business conditions have plunged to levels not only below the global financial crisis but the last recession in the 1990s. A survey by the National Australia Bank for April shows all sectors are "deeply negative" with the exception of mining. Premier Investments says it will re-open its stores on May 15, after standing down 9,000 staff when restrictions were first introduced.
There's been a grim reality check on the economy from the Reserve Bank which see GDP growth going backwards by 8 percent in June as the pandemic locks down the nation. The official jobless rate will rise to 10pc in June with inflation turning negative consumers cut their spending.
Advisory firm KPMG says remote working is here to stay, big corporates will reduce their city office spaces as workers stay home in the suburbs and high flying executives should say goodbye to international trips. KPMG Futures partner James Mabbott says there could be an upside and tells ABC's Peter Ryan people are becoming kinder and reflecting on what really matters.
Australian property prices are in for a potential hammering, as the pandemic hits pay packets, and jobless queues grow. Research by ANZ Bank sees price falls of 13 percent in Sydney, Melbourne and Hobart as borrowers confront falling incomes and rising unemployment. ANZ senior economist Felicty Emmett tells ABC's Peter Ryan the official ABS employment rate masks great uncertainty in the economy.
ME Bank has been forced to make a humbling apology for raiding the redraw facilities on some mortgage accounts that left customers shocked and bewildered. Chief executive Jamie McPhee concedes the bank "messed up" when it changed rules at the height of the pandemic on how borrowers access extra payments already pumped into an account. While the bank says there are no concerns about the it's stability during the crisis, complaints from anxious customers have sparked the attention of financial regulators. ABC's Peter Ryan with the story.
Qantas has underscored the economic damage from the COVID-19 pandemic by extending its flight cancellations for another two months.The airline will be burning through $40 million a week by next month to maintain operations but says it can withstand the scenario of flights not getting back to normal until December next year. Chief executive Alan Joyce flags cheaper flights once the recovery takes hold.
The Australian Prudential Regulation Authority says $1.3 billion has so far been released to anxious Australians who have raided their superannuation after the federal government changed hardship provisions during the pandemic. APRA deputy chair Helen Rowell says the superannuation sector is acting responsibly in the crisis, but warned the regulator will take action against super funds that are holding back on urgent payouts to struggling Australians. Mrs Rowell tells ABC's Peter Ryan that APRA has asked the industry super backed M-E Bank for a "please explain" after the boutique bank tapped the redraw facility in some mortgages at a time of crisis.
Consumer spending is on a slide as COVID-19 pandemic tightens household budgets according to real time data from advisers Illion and AlphaBeta. Applications for new finance is down and shoppers are choosing Aldi and Costco over Coles and Woolies. ABC's Peter Ryan says initial government spending is starting to fade. .
Banking giant Westpac has revealed an ugly half-year profit result, which is down 62 percent to $1.2 billion. The bank has deferred its dividend to shareholders, and flagged $2.2 billion in charges for bad loans, which includes the potential impact of COVID-19. Mr King said Westpac would not be following action of ME Bank, which has upset borrowers by tapping redraw facilities in mortgages.
Europe is on the brink of a deep recession with the Eurozone economy contracting by 4.8 percent in the most recent quarter. European Central Bank president Christine Lagarde has warned of worst to come. Manufacturing in April crashed to worst level in 28 years according to a survey Australian Industry Group. AI Group chief executive Innes Willox tells ABC's Peter Ryan that employment will take years to recover from the economic lockdown.
The ANZ Bank has become the latest major lender to reveal the impact of the pandemic on its bottom line. The bank's half year profit plunged 51 percent to $1.4 billion and the ANZ board has deferred its dividend payment to shareholders to keep cash on the balance sheet. Chief executive Shayne Elliott is bracing for profound economic fallout and says it could take 3 to 5 years for employment to fully recover.
Panic buying in the early phase of the COVID-19 restrictions has resulted in record sales for the Coles supermarket chain given the hoarding of toilet paper and more recently flour to feed a baking craze. While the behaviour of anxious shoppers has been great for the Coles bottom line, it's chief executive Steven Cain has become the latest business leader to say the time is getting closer to re-open the economy.
The economic damage from COVID-19 is continuing to cut a swathe through the banking sector. Westpac has revealed $2.2 billion in impairments and says $1.6 billion is related to economic fallout from COVID-19. CEO Peter King says it's clear that not all businesses will survive. F
From toilet paper and hand sanitizer hoarding - to the soaring demand for flour to feed Australia's home baking craze. Supermarket giant ALDI Australia managing director Tom Daunt says supply chains initially faced enormous pressure because of the unusual demand during the COVID-19 pandemic. Mr Daunt tells ABC's Peter Ryan he wants to see restrictions eased when the health crisis is contained and is cautiously leaving scrutiny of China's role in the pandemic to politicians.
National Australia Bank has revealed a 51 percent fall in half year profit to $1.3 billion, attributing the plunge directly to fallout from COVID19. In the first move by any of the Big Four banks, the NAB will also slash its dividend to shareholders and is seeking to raise $3 billion to strengthen the bank's balance sheet as it confronts the deepest downturn since the Great Depression. ABC's Peter Ryan says NAB is predicting the jobless rate will peak at 11.7 percent. Featured: Ross McEwan, National Australia Bank CEO; Peter Ryan, ABC.
What's expected to be a long and complex administration process to restructure Virgin Australia has been complicated by the COVID-19 lockdown. Justice John Middleton has approved changes to allow Virgin's first creditors meeting scheduled for next week to be online rather than as the normal physical gathering. ABC's Peter Ryan says Justice Middleton declared his interests as a potential creditor including Virgin tickets, frequent flyer points and membership of the Virgin lounge but would not be claiming.
One of Virgin Australia's former top executives believes the airline can re-emerge in a leaner meaner incarnation to ensure Qantas isn't handed a monopoly in Australian skies. John Thomas - who left the embattled airline in 2017 after falling out over strategy- had been a contender to succeed then chief executive John Borghetti. Mr Thomas says if Virgin's administrators can find new owners and restructure $5 billion of debt, they should take Qantas on as a full service airline rather than become a budget competitor in the post COVID19 world.
Virgin Australia is likely to re-emerge as a leaner and meaner airline with the company's administrators confident of selling it to one of ten interested parties within three months. Aviation veteran Sir Rod Eddington says the federal government was right to reject Virgin's bid for a $1.4 billion loan. ACCC chairman Rod Sims tells ABC's Peter Ryan it's now critical to ensure Qantas does not swamp the market and become a monopoly.
Airport logistics company SwissPort is poised to sack 80 percent of its workers unless it gets a $125 million lifeline from the Federal Government. Executive vice-president Glenn Rutherford says that without the cash injection to guarantee services like security and checkin, the sector could collapse even if travel restrictions are eased. Glenn Rutherford's warning comes as Virgin Australia's administrator is optimistic of restructuring and selling the airline in two to three months. ABC's Peter Ryan with the latest. Featured: Glenn Rutherford, SwissPort; Paul Scurrah, Virgin Australia CEO; Vaughan Strawbridge, Virgin administrator; Michael McCormack, deputy prime minister; Peter Ryan, ABC.
Virgin chief executive Paul Scurrah remains upbeat about the rapid turnaround and sale of the stricken airline with ten potential suitors circling. However, Mr Scurrah said he was disappointed that the federal government refused to provide a $1.4 billion loan after eight meetings with the Prime Minister and Treasurer in recent weeks. He tells ABC's Peter Ryan that Virgin staff should be encouraged by comments from administrator Vaughan Strawbridge that no redundancies are being planned.
Virgin Australia has entered voluntary administration after the Federal Government rejected its pleas for a $1.4 billion loan as global aviation reels from coronavirus fallout. Deloitte administrator Vaughan Strawbridge is cautiously confident the airline can be restructured and says there are no plans to sack staff, confirming the $1500 per fortnight JobKeeper supplement would be paid. ABC's Peter Ryan says if Virgin survives, it will be a vastly different airline. Featured: Paul Scurrah, Virgin Australia CEO; Vaughan Strawbridge, administrator; Peter Ryan, ABC.
LISTEN: Virgin Australia announces it has put itself into voluntary administration by Peter Ryan
Virgin Australia's administrators face the massive task of untangling high levels of debt and staff entitlements in the hope of restructuring the airline as a going concern and competitor to Qantas.
ABC's Peter Ryan says the insolvency firm Deloitte is expected to be appointed as administrators later today.
Australians appear to be sticking to social distancing guidelines during the COVID-19 crisis, according to the Bureau of Statistics. Data for the first week of April shows 98 percent of the thousand people surveyed were social distancing, 88 percent avoiding public places and 87 percent using hand sanitiser more often. However, the ABS says around 3 percent of people with a job in March didn't have one in April. ABC's Peter Ryan explains.
The economic toll from the coronavirus lockdown is now becoming apparent with one prediction that as many as 26 percent of Australians could be out of work in the coming weeks. The Grattan Institute says while the federal government's $130 billion JobKeeper program will keep the official jobless rate much lower, there's growing alarm that the reality will be much more brutal. ABC's Peter Ryan with this analysis.
Virgin Australia chief executive Paul Scurrah says a $1.4b taxpayer loan is necessary to prevent the airlines collapse and a national aviation crisis. Speaking at an industry summit, former Labor Treasurer Wayne Swan says the lessons from the global financial crisis do not appear to have been learned and that consumers are frightened about Australia's economic future.
Australia's official jobless rate ticked slightly higher to 5.2 percent in March, below estimates for 5.5 percent. But economists warn coming months will confirm a surge in unemployment with Treasury estimating a 10 percent jobless rate by mid-year. Applications for the $130 billion JobKeeper program open next week and will be administered by the Australian Taxation Office. Deputy commissioner James O'Halloran tells ABC's Peter Ryan the ATO will have strict checks and balances to ensure eligible workers get the money without delay.
Business leaders are questioning the economic damage from the coronavirus lockdown as the International Monetary Funds warns of the worst downturn since the Great Depression. Former Prime Minister Kevin Rudd is sceptical of the IMF's forecast 6.1 percent bounce for Australia's economy in 2021, saying a "V" shaped recovery could become a volatile "W" shaped turnaround. Westpac's closely watched consumer confidence survey collapses with the biggest decline in its 47 year history exceeding the 1990s recession.
Australia will be swept up in the worst global downturn since the Great Depression with economic growth contracting sharply because of the coronavirus pandemic, the International Monetary Fund is warning. In its latest World Economic Outlook, the IMF predicts Australia's economy will shrink by 6.7 percent this year with unemployment surging to 7.6 percent and 8.9 percent in 2021. However, the IMF forecasts Australia will bounce back with 6.1 percent growth in 2021 if the pandemic is contained and restrictions ease, referring to a "swift and sizable" fiscal response. I speak with Ernst & Young chief economist Jo Masters who says Australia's economy might never be the same even in the best case scenario.
Does the $320 billion coronavirus debt bill create an opportunity for big tax reform? Australian National University tax expert Professor Robert Bruenig says the family home should be in aged pension assets test, the goods and services tax should be raised, death duties considered, and state stamp duty replaced by land tax. ABC's Peter Ryan says tax reform is risky and potentially toxic for both major parties.
Australia's official jobless rate is expected to have risen to 5.5 percent in March with around 50,000 jobs disappearing. The update from the Australian Bureau of Statistics scheduled for Thursday will reflect the economic fallout from the coronavirus lockdown. The Reserve Bank is warning of potential falls in real estate values with the risk of "negative equity" for some borrowers as an outstanding loan exceeds the value of a property.
Bank of Queensland chief executive George Frazis warns of steep falls in housing prices as coronavirus crisis bites and that, at the margins, there could be some cases of negative equity. But Mr Frazis tells AM, the federal government is likely to step in with more stimulus if unemployment goes into double digits to protect distressed borrowers. The banking veteran tells ABC's Peter Ryan, the key to any economic recovery is lifting lockdown measures sooner rather than later.
https://www.abc.net.au/news/2020-04-08/banking-giant-hsbc-flags-potential-money-laundering-breaches/12132454?section=business
Global banking giant HSBC has quietly outed itself to Australia's financial crime agency for potential breaches of anti-money laundering laws by failing to report transfers to foreign banks and institutions. HSBC joins other banks including Commonwealth Bank and Westpac which have been implicated in breaches of anti-money laundering laws. ABC's Peter Ryan with this analysis.
The extreme measure of "helicopter money" is on the table as an option to resuscitate the economy one it begins to crawl out of the coronavirus lockdown.
Economist Andrew Charlton, who advised Kevin Rudd during the global financial crisis, says the risky strategy where money is printed and pumped to households might have to be considered.
Commonwealth Bank chief economist Stephen Halmarick agrees the measure would be extreme and says without massive government and Reserve Bank stimulus, the economy would have tipped into a crisis beyond a deep recession.
Here's my report from this morning's AM program.
The stakes are getting higher for Virgin Australia as the airline pleads for a $1.4 billion loan from the federal government.
Virgin's chief executive Paul Scurrah has not set a deadline for assistance but is betting the Prime Minister won't want to hand Qantas a monopoly if Virgin collapses.
Mr Scurrah has also tapped Virgin's major investors including Singapore Airlines, Etihad and the Chinese group HNA but says they face the same global predicament.
Paul Scurrah speaks with ABC's Peter Ryan.
News Corporation Australia executive chairman Michael Miller speaks with ABC's Peter Ryan on the media giant's decision to suspend hard copy print runs for 60 community newspaper titles.
Mr Millers says the coronavirus has accelerated a rapid deterioration in advertising revenue but that the refuse of the tech titans Google and Facebook to pay for content continues to harming the media industry.
Westpac's newly-appointed chief executive Peter King has warned the risk of spiralling unemployment means not all borrowers will survive the coronavirus emergency.
The Westpac veteran says more than a hundred thousand people are being helped to manage their repayments during the crisis amid expectations of a recession and a jobless rate of ten percent.
Mr King replaces Brian Hartzer who resigned after last year's money laundering scandal - and he spoke with ABC's Peter Ryan.
New Optus chief executive Kelly Bayer Rosmarin says demand for high speed internet has surged during the coronavirus lockdown as millions of Australians work from home. Data from the telco giant shows online meeting apps are putting extraordinary pressure on networks with the use of the Zoom service up 1125 percent. The former Commonwealth Bank senior executive says Optus is hiring as many as 500 recently laid-off staff including some from the airline Virgin Australia. Ms Bayer Rosmarin has backed Scott Morrison's $320 billion emergency package and is confident Australia will come out of the coronavirus crisis stronger.
The looming cost of shielding businesses and households from the worst of the coronavirus is set to push Australia's debt to eye-watering levels. Some economists predict the debt bill could eventually exceed a trillion dollars as the Prime Minister does "what it takes" to get Australia to the other side of this crisis. But prominent businessman Graham Bradley says all the normal rules have been put aside for now as Australia deals with the biggest challenge since World War 2. Mr Bradley speaks with ABC's Peter Ryan.
Economists have welcomed the Prime Minister's $130 billion rescue package to keep as many as six million Australians in jobs. But UBS Australia chief economist George Tharenou predicts a deep recession with GDP diving ten percent in the second quarter of 2020 with a jobless rate of 10.5 percent. Mr Tharenou speaks with ABC's Peter Ryan.
AGL chief executive Brett Redman tells AM despite the risk of workers going down with COVID-19, he's confident about "keeping the lights on". With the national energy grid an essential service, he outlines contingency plans AGL has such as special backup accommodation for isolating any infected staff. Mr Redman backs the PM's $130 billion wages subsidy scheme and tells ABC's Peter Ryan it will be critical in keeping the wheels of the economy turning.
Major banks have put commercial landlords under moral pressure not to evict tenants or terminate leases. Landlords will be extended a six month loan repayment holiday on the condition that they "do the right thing" and agree to throw distressed tenants a lifeline. Australian Banking Association chief executive Anna Bligh warns there's more pain to come. Also, the Foreign Investment Review Board will now scrutinise all proposals in a tightening of rules to protect Australian assets and distressed companies from potential raids. ABC's Peter Ryan with this analysis.
Flight Centre will stand-down 3,800 Australian staff as the coronavirus fallout bites in the economy. The retailer Premier Investments is standing down 9,000 staff globally and will closes all its Australian stores after close of business today. The Australian Bureau of Statistics says about half of businesses surveyed say they are experiencing an "adverse impact" form the coronavirus. ABC's Peter Ryan with this analysis.
Economists predict US weekly jobless claims out this evening could surge by between a million and four million as companies lay off workers. Westpac predicts Australia's jobless rate will spike to 11 percent by mid-2020 and that a likely deep recession that will be worse than the global financial crisis a decade ago. As government debt spirals, market analyst Russ Mould says future generations will be left with a mind-boggling bill.
Westpac predicts the unemployment rate will spike to 11 percent by mid-2020 and that Australia will fall into a deep recession that will be worse than the global financial crisis a decade ago. At the same time, Virgin Australia will stand down 80 percent of its 10,000 staff as the coronavirus freezes global aviation. The airline will cut its flight capacity by 90 percent and ground 125 aircraft.
Economists are revising their forecasts on Australia's jobless rate amid predictions the it could spike as high as 15 percent with more than a million people out of work. Commonwealth Bank head of global economics Stephen Halmarick doesn't have an official forecast but says the flow of government assistance to the newly unemployed is now critical.
The coronavirus pandemic is shaping up as a bigger catastrophe than the global financial crisis more than a decade ago.
That's the stark warning from Matt Comyn, the chief executive of Australia's biggest home lender, the Commonwealth Bank.
But will record-low interest rates and $90 billion in cheap loans be enough to save thousands of small and medium-sized businesses?
Australia's major banks have announced action to protect households and consumers from the economic fallout from the coronavirus. Small businesses will be given a six month deferral on their loan repayments to help get them through the tough months ahead. The National Australia Bank is going a step further, offering the same relief to residential mortgage customers. Chief executive Ross McEwan tells ABC's Peter Ryan Australia is facing a risk that eclipses the global financial crisis a decade ago.
The Reserve Bank is tipped to make an emergency interest rate cut to a new low of 0.25 percent today as it unleashes a quantitative easing program to cushion the economy from the coronavirus crisis. Also, banks are coming under pressure to offer deferred loan repayments to small and medium businesses as ANZ economists predict a recession and a jobless rate of 7.8 percent. ABC's Peter Ryan analyses the latest move by central banks.
With global travel in lockdown, the airline Virgin Australia will suspend all international flights and halve its domestic services. The drastic action comes as Virgin joins others in the aviation industry struggling to survive as the coronavirus pandemic begins to freeze the global economy. S&P Global Ratings predicts that world will be unable to avoid a recession with the US and Europe facing a deep downturn. ABC's Peter Ryan analyses the developments for The World Today.
Wall Street has ended its worst day since the 1987 sharemarket crash, with coronavirus panic selling sending the Dow Jones Industrial Average 12.9 percent lower. ABC's Peter Ryan says the US Federal Reserve emergency rate cut accelerated concerns that the pandemic will result in a global recession.
Australia's economy could take almost a decade to recover from coronavirus fallout even after being cushioned by the federal government $17 billion stimulus, according to a report out this morning. Modelling by the advisory firm KPMG warns the potential for a fully-blown global economic crisis "is now very real" with as the public health crisis spilling over into economies of every nation. KPMG says in the best case scenari, Australia's economic growth will decline by 0.9 percent in 2020 amounting to a $17 billion hit before slowing recovering in 2021. KPMG chief economist Dr Brendan Rynne speaks with ABC's Peter Ryan.
Australian shares have tumbled more than seven percent after Donald Trump's shock travel ban between Europe and the US has exacerbated steep falls on global sharemarkets. On Wall St, the Dow Jones Industrial Average ended 9.9 percent lower in the worst single day percentage fall since the 1987 sharemarket crash. Virgin Australia has slashed capacity and Flight Centre will close 100 stores. ABC's Peter Ryan with the latest.
Donald Trump's shock travel ban between Europe and the US has exacerbated steep falls on global sharemarkets. On Wall St, the Dow Jones Industrial Average ended 9.9 percent lower in the worst single day percentage fall since the 1987 sharemarket crash. Fears are rising that fallout from the coronavirus could trigger a new global financial crisis. ABC's Peter Ryan with the latest.
Economist Warren Hogan says the major challenge for Scott Morrison's emergency stimulus is to ensure households spend the $750 handout rather than use it to pay down debt. But Professor Hogan tells ABC's Peter Ryan that the Prime Minister has sent the message that he is in control.
The net is tightening on tax dodgers who use sophisticated offshore schemes and artificial arrangements to cheat the system and their fellow Australians. While 90 percent of high wealth individuals paid $9 billion in 2016-2017, the Australian Tax Office estimates $772 million is missing from wealthy individuals and companies. ATO deputy commissioner Tim Dyce told ABC's Peter Ryan that high wealth groups using risky and often illegal arrangements will be targeted in a new crackdown later this year.
The RBA says lower interest rates as well as the Federal Government's pending stimulus package will cushion the economic impact of coronavirus, and Australia will bounce back quickly once the virus is contained. Deputy governor Guy Debelle says iron ore and coal exports are likely to benefit with Chinese authorities expected to unleash massive economic stimulus.
An eerie but cautious calm has descended over the Australian sharemarket after the worst global selloff since the depth of the global financial crisis. But Australian stocks have so far avoided the steep plunge on Wall Street earlier today but the dual forces of the coronavirus and an oil price shock has investors bracing for more wild swings amid fears of a global recession. With nerves taking grip in Australia, the Prime Minister Scott Morrison has urged businesses to do what it takes to keep staff on as Qantas puts workers on paid leave to stave off redundancies.
Global sharemarkets are in the midst of the deepest shock since the financial crisis a decade ago as the coronavirus and an oil price crash strike fear and panic into investors. Wall Street has plunged a massive eight percent following similar heavy selling across Europe. Prime Minister is outlining his emergency stimulus plan to protect businesses and to keep consumers spending. Former Labor Treasurer Wayne Swan tells ABC's Peter Ryan the current government needs to "act decisively".
Businesses are bracing for the impact of a possible global downturn fuelled by the coronavirus and the rising probability of a recession here in Australia later this year. With the forecast budget surplus now almost certainly toast, Treasurer Josh Frydenberg is preparing to roll out an emergency stimulus package perhaps this week to keep businesses open and consumers spending. But businessmen Gerry Harvey tells ABC's Peter Ryan says the crisis is an opportunity to help revive local companies who've been hurt by cheap imports from China.
There are alarming projections about that human toll from the coronavirus with one warning that as many as 39 million people could die in a pandemic. The dire outlook from the advisory firm PriceWaterhouseCoopers warns half the world's population could contract the deadly disease over the next year. PWC says a US$1 trillion could be carved from the global economy and $34 billion dollars in Australia where the government's forecast surplus would swing into a heavy deficit not seen since the global financial crisis. ABC's Peter Ryan with the latest on the economic fallout.