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"

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

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.

Not so Bonza - failed airline's administrators given extra two months to find buyer

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.

"passing the buck" - scam victims unfairly carrying the burden, banks not doing enough

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

Surprise inflation uptick means interest rates to stay higher for longer

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.

Inflation uptick could force RBA rate hike; remembering radio legend Bob Rogers - the "fifth" Beatle

Radio legend Bob Rogers dies aged 97. Toured with The Beatles on their 1964 world tour

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.

Trump convictions being watched for geopolitical impact; GDP out next week looks like flatlining

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 Correspondent
Featured: Stephen Mayne, shareholder activist

Peter Costello resigns as Nine Entertainment chair after journalist altercation "brain fade"

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.

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

PeterRyan

Related tracks