ANZ in "messy" $6.4b profit under shadow of Royal Commission, CBA sells wealth arm to Japanese banking giant

ANZ Bank has delivered what chief executive Shayne Elliott calls a "messy" $6.4 billion full year profit under the shadow of the financial services Royal Commission. 

Also this morning, the Commonwealth Bank announced it would sell Colonial First State Global Asset Management to Japanese banking giant Mitsubishi UFJ Trust and Banking Corporation for $4.13 billion. 

ABC's Peter Ryan says the deal is subject to regulatory approval.

Flex car finance ban hits tomorrow - but banks, dealers drag their feet on dodgy practice laid bare at banking Royal Commission

Unethical "flex" finance where dealer and bank interests take priority over consumers will be banned from tomorrow after action by the corporate regulator ASIC.

Consumer advocate Gerard Brody slammed banks and car dealers for not implementing the ban immediately by waiting until November 1.

Listen to my coverage from this morning's AM program

Housing correction a reality but no crash likely, says CBA chief economist Michael Blythe

Commonwealth Bank chief economist Michael Blythe has pushed back against warnings that Australia is facing a crash in housing prices. 

However, Michael Blythe says a correction is underway and says that some highly-leveraged households might be exposed by rising interest rates, even though many borrowers are more than 30 payments ahead. 

The Commonwealth Bank is Australia's biggest home lender and like other banks will be impacted by tighter lending standards from the Australian Prudential Regulation Authority.

Listen to my interview with Michael Blythe here

Trust in banks hits new low as CEOs prepare to face Royal Commission next month

Trust in Australia's major banks has hit a new low, according to an index released by the advisory firm Deloitte. 

Regulatory partner Willem Punt tells ABC's Peter Ryan it will be challenging for banks to rebuild trust given the fallout from the Royal Commission.

Listen here

Global markets brace for more volatility as US rate rises rattle investors

Global investors are bracing for deeper falls as the US Federal Reserves continues with its strategy of gradually raising interest rates. 

Paul Gruenwald, chief economist at S&P Global Ratings, says US trade tensions with China will also continue as Donald Trump challenges the way China does business.

Listen to the interview here

Markets bounce back, but volatility is the "new normal" analysts warn; AMP recovers slightly after 25% falls

Global sharemarkets have bounced back after yesterday's steep falls erased $50 billion from Australian shares. 

Superannuation is exposed to the market gyrations, but Super Ratings managing director Jeff Bresnahan says while workers close to retirement are rightly concerned, there is no need to panic.

Here's my update from The World Today

Australian markets tumble in wake of Wall Street rout; AMP selling life and wealth protection arms

Australian shares have lost all of the gains from the past 12 month after a massive selloff on Wall Street overnight. 

Global investors are nervous about trade tensions with China, Brexit, the US midterm elections, budget woes in Italy and rising tensions with Saudi Arabia over the killing of a Washington Post journalist. 

Also AMP announces the proposed sale of its life insurance and wealth protection arms for $3.3 billion.

ABC's Peter Ryan says investors are being urged not to panic about a long-awaited correction.

Australian companies ignore energy debate noise and aim to go totally green

A group of Australian companies will this morning pledge to switch to 100 percent green energy by 2050 or earlier. 

The engineering firm ARUP is sponsoring the push to renewable as the federal government focuses on forcing energy prices lower ahead of next year's election. 

The global head of the renewables group RE 100 Sam Kimmins speaks with the ABC's Peter Ryan.

Unparliamentary scenes as Labor questions integrity of Treasury Secretary Phil Gaetjens

Labor has launched an extraordinary attack on the independence and integrity of Treasury Secretary Phil Gaetjens. 

In raucous scenes at a senate estimates hearing, Finance Minister Matthias Cormann was forced to defend Mr Gaetjens who was a top adviser to former Liberal treasurers Peter Costello and Scott Morrison before being appointed Treasury Secretary in August.

Listen to my report on The World Today

Labor's negative gearing reforms to strangle new construction, Master Builders Australia research warns

Labor's controversial policies ahead of next year's election to end negative gearing for the purchases of existing homes would harm the construction of new dwellings, research by Master Builders Australia warns. 

Commissioned modelling by Cadence Economics predicts a $11.8 billion hit to building activity and 32,000 fewer jobs. Labor has slammed the findings as "flawed" and says the modelling fails to take into account that under its policy, negative gearing on existing property investments will be grandfathered. 

I speak with MBA chief executive Denita Wawn

Michelle Guthrie sacking inquiry completed without speaking to single ABC board member, senate estimates hearing told

A departmental report into the sudden departures of ABC managing director Michelle Guthrie and chairman Justin Milne was completed without consulting a single ABC board member, a senate estimates hearing has heard. 

Communications Department secretary Mark Mrdak also confirmed he did not see a dossier of complaints from Ms Guthrie presented to the ABC board before her sacking. ABC's Peter Ryan says the recruitment firm Korn Ferry has been hired to assist in shortlisting a new ABC chairman.

Listen to the Mark Mrdak grilling 

"the housing correction we had to have" - Deloitte Access Economics partner Chris Richardson predicts more house price falls in Sydney and Melbourne

With housing prices in Sydney and Melbourne bracing for more falls, Deloitte Access Economics partner Chris Richardson says "it's the correction we had to have". 

In its latest business outlook, Deloitte says prices are falling back especially in Sydney and Melbourne after interest rate rises independent of the Reserve Bank, tighter lending standards and caps on investor lending by the banking regulator APRA. 

Here's my report from this morning's AM program

Short memories will see history of banking misconduct repeat warns former ACCC chair Graeme Samuel who takes swipe at former ASIC boss Greg Medcraft for chasing overseas posts

Former ACCC chairman Graeme Samuel warns that despite shocking revelations from the banking Royal Commission that the history of misconduct is destined to repeat. 

Professor Samuel also worries about regulators being "captured" by the industry and has criticised former regulators for focusing on their next global career rather than dealing with challenges at home. 

Professor Samuel named the OECD and the international regulatory organisation IOSCO as key temptations. 

Former ASIC chairman Greg Medcraft is a former IOSCO chairman and recently began a new post with the OECD in Paris. Professor Samuel did not specifically refer to Mr Medcraft when he spoke with the ABC's Peter Ryan.

LISTEN TO THE INTERVIEW

NAB boss Andrew Thorburn finds banking Royal Commission revelations 'shameful, confronting and upsetting'

National Australia Bank chief executive Andrew Thorburn has laid bare a culture where profits came before people and banked incentives rewarded bad behaviour. 

In his opening statement to a parliamentary committee grilling major bank bosses, Mr Thorburn admitted the financial services Royal Commission had exposed issues at NAB that he found "confronting and upsetting". 

ABC's Peter Ryan says Mr Thorburn says he is personally accountable but says the NAB board will determine if he takes a financial "haircut" for the bank's misconduct. 

Here's my coverage from The World Today

Read my piece on ABC News Online

September jobless rate falls to five percent - lowest in six years

Australia's official unemployment rate fell to a six year low of five percent seasonally adjusted in September. 

The unexpected fall is sustained could weigh on forecasts for the next interest rate rise. 

ABC's Peter Ryan analyses the figures from the ABS.

NBN, telco complaints "turning the corner" says Telecommunications Industry Ombudsman Judi Jones

The latest annual report from the Telecommunications Industry Ombudsman says complaints relating to the NBN are down and gripes about telcos in general are falling. \

Read the report here

While the Ombudsman Judi Jones says the number of complaints appears to be "turning the corner", there has still been a 6.2 percent increase at 167,831 over the year. 

Judi Jones tells ABC's Peter Ryan that her office has changed the methodology in assessing NBN complaints.

Telstra chairman John Mullen expects profit to be halved after full NBN rollout; investor anger about trimmed dividend

Telstra chairman John Mullen has warned shareholders that the telco's net profit is expected to be cut in half after the National Broadband Network is fully rolled out. 

Telstra shareholders have also slapped the board over decisions to trim dividend as the company undergoes a dramatic transformation to confront digital competitors. 

ABC's Peter Ryan says the warning saw Telstra's share price fall by 1.8 percent.

Here's my report from The World Today

ANZ boss Shayne Elliott urges disgruntled customers to email him directly; says he's accountable and buck stops with him

ANZ chief executive Shayne Elliott has taken personal responsibility for misconduct at the bank and says he is accountable for damaging revelations from the financial services Royal Commission. 

Testifying at a parliamentary hearing in Canberra, Mr Elliott said ANZ has engaged in behaviour that falls below community standards but that ultimately the buck stopped with him. 

Mr Elliott has also encouraged jilted customers to contact him at his personal email address.

Here's my report from The World Today

Read the item here from ABC News Online

Market jitters a dress rehearsal for correction warns analyst Jasper Lawler; Donald Trump says US Federal Reserve is "crazy" for raising interest rates

Global markets have suffered more steep falls as jittery investors sell shares on fears that US trade tensions with China will slow global growth. 

Donald Trump has questioned the independence of the US Federal Reserve describing recent interest rate rises as "crazy"

London Capital Group analyst Jasper Lawler warns the current volatility is a dress rehearsal for an overdue correction.

Here's my analysis from this morning's edition of AM

Greed a factor in some cases of misconduct, CBA boss Matt Comyn concedes

Commonwealth Bank chief executive Matt Comyn has conceded to failures or judgement and in some cases "greed" for some of the appalling cases if misconduct that have emerged from the financial services Royal Commission. 

Mr Comyn confronted heckling from the gallery in Parliament House this morning as he faced a grilling from the House Economics Committee. 

Here's today's report on The World Today 

Banks act to end "fees for no service" scandal, workers embarrassed wear bank uniforms in public says union boss Julia Angrisano

Bank customers fleeced in the "fee for no service" scandal will receive refunds of more than a billion dollars. 

The Australian Banking Association has been forced to ensure inappropriate fees are no longer charged and will spearhead legislative change to abolish controversial trail commissions. 

Finance Sector Union national secretary Julia Angrisano tells ABC's Peter Ryan that some frontline bank staff have been abused and too embarrassed to wear uniforms in public.

Listen to my report from The World Today

Banks act on "fees for no service" scandal as Royal Commission shame bites. I speak with Australian Banking Association boss Anna Bligh

The "fees for no service" scandal engulfing Australia's major banks has forced the industry's peak lobby group to overhaul a key section of its recently revamped code of practice. 

Read the story here

In addition to outlawing fees charged to dead people, the Australian Banking Association will seek new legislation to abolish lucrative "grandfathered" payments and trailing commissions that have in some cases encouraged financial advisers to put their own interests ahead of customers. 

The drastic move comes after the banking Royal Commission's interim report was scathing about "a culture of greed". 

Australian Banking Association chief executive Anna Bligh spoke with ABC's Peter Ryan on the AM program

Nature's Coin joins cryptocurrency rush as regulator AUSTRAC tightens surveillance

An Australian-backed cryptocurrency offering Nature's Coin has joined the rush to use fast evolving blockchain technology to develop real world applications. 

Nature's Coin executive director Ian Jones says the cryptocurrency is backed by tech entrepreneurs to support environmental and ecological projects backed by United Nations principles. 

Australia's financial intelligence agency is monitoring the rise of cryptocurrencies given potential risks for money laundering and terror financing. 

ABC's Peter Ryan says AUSTRAC now regulates 150 cryptocurrencies.

Listen to the story here

CBA to refund 'unauthorised fees' charged to dead and living customers in Royal Commission fallout

The Commonwealth Bank confirms it will refund its customers, including deceased estates, who were charged fees for no service. 

As part of its "remediation program", CBA will scrap "certain fees on legacy wealth products" from January 2019, which it said will save customers $25 million annually. 

It also plans to rebate all grandfathered commissions charged to customers, which will benefit 50,000 customers by around $20 million each year. 

ABC's Peter Ryan says the compensation is direct fallout from evidence that has emerged from the financial services Royal Commission.

'Big four' accounting firms should face banking royal commission to prove independence: former ASIC investigator Glen Unicomb

Former ASIC Glen Unicomb has called for the major accounting firms hired to audit and approve sensitive company reports to be brought before the financial services royal commission to prove their independence. 

Listen to my interview with Glen Unicomb

Read the piece on ABC News Online

Mr Unicomb believes the "big four" accounting firms — PwC, Deloitte, EY and KPMG — risk being exposed to pressure to approve reports to protect lucrative advisory relationships. 

Mr Unicomb tells ABC's Peter Ryan that ASIC has preferred to do deals such as enforceable undertakings rather than pursue civil or criminal prosecutions.

Legendary ABC journalist and presenter Ian Henderson retiring after 38 years at Aunty

Ian Henderson is of the the most inspiring people I have worked with - and I'm proud to call him a mate.

Hendo has been presenting the Victorian edition of the ABC's 7pm News since 1992 when he took over from Mary Delahunty.

What a great career - ABC Europe Correspondent in the late 80s as the Soviet Union's grip on Eastern Europe crumbled is surely one of the highlights of a stellar career.

I was fortunate to work with Ian as a fellow reporter and later when I was the ABC's Head of TV News & Current Affairs in Victoria.

Ian has nurtured dozens of journalists (including myself) over the years. He has maintained high standards to ensure that the ABC's news programs are jargon free, clear, honest and truthful with the viewers interests the first priority.

Here's how Ian announced his retirement on ABC Melbourne with Jon Faine earlier today

And here's a tribute to Ian on the ABC News Online site - one of the many we'll see in the coming days

Extra time on offer but Kenneth Hayne yet to ask for Royal Commission extension

ABC's Peter Ryan says Royal Commissioner Kenneth Hayne has the option of asking for additional time for hearings but is yet to ask. 

Prime Minister Scott Morrison has repeatedly said that if Commissioner Hayne wants more time, he'll get it. 

The Commission's final report is due on February 1.

Here's my report from this morning's AM