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 Correspondent
Featured: Andrew Bragg, NSW Liberal senator

Super access for housing. A trillion dollar risk to aged pension warns Super Members Council

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 Correspondent
Featured: Kevin Naidoo, Commonwealth Bank customer; Joe Longo, ASIC chairman; Dr Domenique Meyrick, co-CEO, Financial Counselling Australia

ASIC slams major banks for not doing enough to help borrowers in mortgage hardship

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.

"always room for improvement" - Aust Banking Assoc CEO Anna Bligh on ASIC mortgage stress report

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

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.

Star Entertainment shares surge 20pc as foreign suitors circle with NSW licence under a cloud

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 Correspondent
Featured: Vicki Brady, Telstra chief executive; Jim Chalmers, Federal Treasurer; James Perkins, Communication Workers Union

Telstra to axe 2,800 jobs; Treasurer Jim Chalmers wants a "please explain"

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 workers to pay restructure price as telco races to reaffirm profit guidance

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 Correspondent
Featured: Emmanuel Macron, French president; Jimmy Nauona, Kanak and Socialist National Liberation Front; Andrew Hall, chief executive, Insurance Council of Australia.
Keywords:

New Caledonia tourists warned not to expect travel insurance payouts

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.

Spending gap widens between young and old but young giving up on essentials

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 Correspondent
Featured: Frank Calabria, Origin Energy, chief executive

Origin Energy boss says delayed Eraring closure means more certainty for renewables switch

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.

Updates on inflation, retail sales to dominate focus of economists .. as insolvencies rise

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.

Super access for housing. A trillion dollar risk to aged pension warns Super Members Council

PeterRyan

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