Friday, August 31, 2018

NBN budget revised up again to $51 billion as higher costs and slower revenue bite

The peak budget for the completion of the National Broadband Network has been increased to $51 billion after higher costs of the rollout and deferred revenue. 

An additional $2 billion will be sourced from private investment markets to make up the shortfall, increasing the NBN's budget from the previous $49 billion. 

NBN Co chief executive Stephen Rue tells ABC's Peter Ryan that the rollout will be completed on schedule by 2020.

Thursday, August 30, 2018

Westpac rate hike - PM urges borrowers to shop around

Prime Minister Scott Morrison has urged borrowers to shop around after Westpac's bold move to raise interest rates independent of the Reserve Bank. 

Other banks are yet to follow Westpac's rate hike given reputational risks associated the Royal Commission. 

ABC's Peter Ryan says Mr Morrison has asked for a please explain rather than carpeting Westpac.

Here's my report

Wednesday, August 29, 2018

Future Fund chairman Peter Costello predicts out of cycle rate rises, slams ASIC for being "asleep"

Future Fund chairman Peter Costello says global investors are looking for stability after last week's leadership crisis in Canberra. 

Mr Costello has also warned of higher interest rates for borrowers while accusing corporate watchdog ASIC for being "asleep" in not detecting unlawful bank behaviour. 

The Future Fund lifted its annual return by 9.3 percent to $146 billion.

Here's my report on The World Today

Xenophobia a factor in Huawei's ban from 5G network says Huawei Aust chairman John Lord

Huawei Australia chairman John Lord has suggested xenophobia was a factor in the federal government's decision to ban the Chinese telecommunications giant from supplying Australia's 5G mobile network. 

Mr Lord told ABC's Peter Ryan that Huawei Australia is independent of the Chinese government would not hand information to Chinese intelligence even if ordered. 

Here's the interview from this morning's edition of AM

Tuesday, August 28, 2018

Counting on death to stay alive

Propel Funeral Partners posts full year after tax loss of $14.3 million from $3.4 million profit in 2017.

But expects to benefit from three funeral company acquisitions - "assuming death volumes track in line with long term trends".

Monday, August 27, 2018

Turnbull confidante John O'Sullivan says ex-PM is disappointed but will bounce back while some former pollies are "unemployable"

What now for the ousted Prime Minister?

Former Credit Suisse chairman John O'Sullivan is one of Malcolm Turnbull's closest friends and confidantes. 

Mr O'Sullivan says the former PM will bounce back and has options unlike other politicians who he says are "unemployable" outside parliament.

John O'Sullivan spoke AM with the ABC's Peter Ryan