30 Big W stores face axe as retail slump, online sales bite

Woolworths will close 30 of its loss-making Big W stories as the retail slump and growing online sales continue to bite. 

The decision adds up to a $370 million hit to Woolworth's bottom line. 

Woolworths chief executive Brad Banducci says it was a hard decision but a pragmatic one that any leader would make.

Here's my report from The World Today

Business pleads for lending relief as Royal Commission fallout bites - I speak with Xero boss Trent Innes and NSX chief executive Ann Bowering

Businesses - both big and small - have their usual budget wish lists of tax cuts, looser regulation and incentives to counter a slowing economy. 

But by far, the biggest headache for business at the moment is sourcing finance given tighter lending standards stemming from the banking royal commission. 

Trent Innes, chief executive of the accounting platform provider Xero, says small businesses under the pump are having to find others ways to fund their investments. 

National Stock Exchange chief executive Ann Bowering says small companies are turning to capital markets to raise cash.

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