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 Correspondent
Featured: Anthony Hyland, Commonwealth Bank customer; Alan Kirkland, ASIC commissioner; Anna Bligh, CEO, Australian Banking Association

"Room for improvement" - banks to review ASIC mortgage stress report

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.

Michele Bullock to remain firm on no rates relief until 2025 despite Fed's supersized cut

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

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 Correspondent
Featured: Gina Cass Gottleid, ACCC chair; Nick McKim, Greens senator
Keywords:

ACCC accuses Coles, Woolworths of misleading consumers on supermarket price discounts

Breaking news - ACCC taking Woolworths, Coles to court. Allege consumers were misled on discounts.

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?

Michele Bullock facing communications challenge as Reserve Bank leaves interest rates steady

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 Correspondent
Featured: Jane Hume, Shadow Finance Minister; Michele Bullock, Reserve Bank governor

Negative gearing changes dismissed by Treasurer; Michele Bullock plays down inflation update

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 Correspondent
Featured:
Anthony Albanese, Prime Minister;
Jane Hume, Shadow Finance Minister;
Aruna Sathanapally, CEO, Grattan Institute

PM ducks questions on changes negative gearing, capital gains tax laws for housing investment

"I have no plans to do it" - PM slaps down negative gearing changes on 2GB

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.

PM says he has "no plans" to change negative gearing policy; OECD sees "green shoots" inflation

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.

Reserve Bank warns coming interest rate cuts and cheaper money could stoke new housing boom

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.

"Room for improvement" - banks to review ASIC mortgage stress report

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