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.

Digital payments crackdown looms with global tech giants to be regulated

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

PwC contracts to be reviewed by Dept of Industry; BHP in worker underpayment scandal

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

Politicians must tackle productivity reform - outgoing Reserve Bank governor Philip Lowe urges

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

Peter Costello says Qatar Airways veto "hard to fathom" .. and underscores Qantas lobbying power

ACCC chair Gina Cass Gottlieb wants Qantas penalty of more than $300 million

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

AustralianSuper sued over $69m in fees wrongly charged to multiple accounts

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

PwC to end "shadow culture" ex tax leak report looms

Ziggy Switkowski's damning PwC review. I speak with PwC Aust CEO Kevin Burrowes on "PM"

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 Correspondent
Featured: Deborah O'Neill, Labor senator; Kevin Burrowes, PwC Australia CEO; Luke Sayers, former PwC CEO.

New PwC boss throws former CEOs Luke Sayers, Tom Seymour under senate inquiry bus

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 Correspondent
Featured: Michele Bullock, Reserve Bank governor 

Keywords:

Melbourne Cup Day rate bets surge after inflation rebounds

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.

US Federal Reserve pauses rate rises as IMF urges Australia's RBA to hike

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".

"you can never rest easy" NAB boss Ross McEwan on Optus outage crisis

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".

RBA gov Michele Bullock threatens more rate hikes to tackle domestic rather than offshore inflation

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.

Mortgage-stressed households still "doing fine" as Michele Bullock points to "political noise"

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 Correspondent
Featured: Jeetu Pate, general manager of security, Cisco 
Keywords:

"the bad guys are winning" - Cisco global security chief on rising cyberattack risks

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 Correspondent
Featured: Pierre-Olivier Gourinchas, IMF chief economist

IMF sees interest rate cuts by year's end and "soft landing" for global economy

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.

Jobless rate ticks to 4.1 pc in January. Good economic news - though 22k lost work last month

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 Correspondent
Featured: Bran Black, CEO, Business Council of Australia
Keywords:

Dip in wages growth won't be enough to offset inflation - yet

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.

Kamala Harris wants to raise US corporate tax rate to 28pc to fund big spending social plans

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.

ECB rate cut paves way for main event with US Federal Reserve certain to cut next week

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.

US rate cut near certain on Thursday (Aust time). The question is "by how much?"

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 Correspondent
Featured: Katy Gallagher, Finance Minister

Greens urge Chalmers to intervene with never-used powers to demand a Reserve Bank rate cut

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.

More than 1200 big companies paid zero tax: Optus in damage control over ACCC allegations

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 Correspondent
Featured: Michele Bullock, Reserve Bank governor

RBA governor Michele Bullock urges Treasurer Jim Chalmers to avoid pre-election cash splash

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 Correspondent
Featured: Stephen Rue, Optus chief executive
Keywords:

Optus boss Stephen Rue vows to sack unethical staff; CBUS braces for senate hearing

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 China tariffs trade impasse paused for 90 days. Did Donald Trump "blink" and can the truce last?

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 Correspondent
Featured: Warren Hogan, economic advisor, Judo Bank










Reserve Bank poised to deliver interest rate cut but uncertainty about more rates relief given inflation comeback risk

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.








Wall Street jitters amid worries Trump tax cut bill will add trillions to massive US debt pile

A former top executive at the construction firm Leighton Holdings has slammed the company's willingness to weed out corruption or questionable payments. Stephen Sasse, a former head of organisational strategy, told a Senate committee into foreign bribery that Leighton's mechanism at the time for dealing with whistleblowers appeared to be a sham.


Leighton former executive alleges corruption, shady dealings

The demand for cash might be on decline but consumers will still require hard currency as a backup, according the finder.com editor-in-chief Angus Kidman. However, regional and remote communities that don't have access to digital payments still need to be served despite the demise of cash in metropolitan Australia. Angus Kidman speaks with the ABC's Peter Ryan.

LISTEN: Cash on the demise but not a collector item - yet

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.

PeterRyan

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