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
Follow the ABC's Peter Ryan. Analysis of global and Australian business, finance and economics.
Friday, October 26, 2018
Thursday, October 25, 2018
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.
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.
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.
Wednesday, October 24, 2018
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
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
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
Tuesday, October 23, 2018
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
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.
Monday, October 22, 2018
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
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
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
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