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

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".

18 million cyberattacks thwarted every day - Medibank CEO David Koczkar

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.

Crown agrees to proposed $450m fine for anti-money laundering breaches

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

Cashed-up downsizers go "mortgage free" as generational divide widens

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.

UBS warns on mortgage stress - repayment buffers narrow and more borrowers switch to "interest only"

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.

Highly-indebted households at greatest risk as recession fears rise - Judo Bank chief warns

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.

"a finely balanced decision" - Reserve Bank almost left interest rates on hold a fortnight ago

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

Reserve Bank wants 4.5pc jobless rate to tame inflation. Unions say RBA is out of touch .

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

Inflation likely to fall, but surprise blowout could force Reserve Bank into 13th rate hike

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

Mortgage stress rises as RBA weighs 13th rate hike - Aussie Home Loans survey

Mortgage stress rises as RBA weighs 13th hike says Aussie Home Loans

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

Reserve Bank rates "pause" could be shortlived - hangs on key inflation, jobs data

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?

US inflation running at slowest pace in two years. Decision on RBA governor's future is imminent.

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.

Fears of jobless spikes forced RBA rates "pause" - so are the hikes over?

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

Sharemarket floats collapse as global uncertainties rise - just 14 listings in first half of 2023

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,

ASIC takes Vanguard to court over alleged greenwashing

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?

Crackdown on Big 4 firms, maximum fine of $780m for tax breaches could sideline Royal Commission

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

Economy resilient but consumer in hibernation

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

NAB boss Ross McEwan on the road in northern NSW - welcomes housing supply deal

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

Rates to stay on hold at Philip Lowe's final Reserve Bank 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.

Qantas board to face heat at Friday's AGM as survey of 500 boards shows 25pc are dysfunctional

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.

Australia's economy won't avoid Trump tariffs hit - Treasurer Jim Chalmers warns

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 Correspondent
Featured: Misha Schubert, chief executive, Super Members Council
Keywords:

Teen super exclusion "discriminatory" - Super Members Council

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

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.

Michele Bullock warns on inflation risk; Queensland icon RACQ swallowed up in takeover deal

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.

Economy flatlining in slow lane as rate rises bite - only held up by government spending


Title: US interest rates on hold despite Trump demands to cut
Caption: 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..


US interest rates on hold despite Trump demands for Federal Reserve to cut



Title: Donald Trump, Keir Starmer hail limited US-UK trade deal to resolve global tarrif shock
Caption: 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 Correspondent
Featured: Donald Trump, US president; Sir Keir Starmer; UK president; Sir Crawford Falconer, former UK trade negotiator










Donald Trump, Keir Starmer hail limited US-UK trade deal to resolve global tarrif shock

US claims "substantial progress” tariff talks with China

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.



US claims "substantial progress” in high stakes tariff talks with China

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?



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. 


Wealthy rush to avoid new superannuation tax on $3 million accounts that targets earnings of unrealised assets


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 Correspondent
Featured: 
Keywords: 














April jobs surge to temper future interest rate cuts

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 Correspondent
Featured: Besa Deda, chief economist, William Buck



Interest rates relief almost certain tomorrow but economic jury out of more cuts this year with labour market still tight

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

The Commonwealth Bank has confirmed it lost the financial statements of almost 20 million accounts, but insists its customers' account security has not been compromised. CBA's acting head of retail banking Angus Sullivan tells ABC's Peter Ryan the bank decided "on balance" not to disclose the breach despite not being 100 percent certain that the data had been destroyed.

Commonwealth Bank defends 'good decision' not to tell customers about data breach

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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