Friday, July 26, 2019

Facebook, Google market power targeted in ACCC landmark report

The market power of Facebook and Google has been targeted in a landmark inquiry into the dominance of tech giants in Australia. 

A landmark report by the the Australian Competition & Consumer Commission makes 23 recommendations including changes to merger laws, a strengthening of the Privacy Act and protections for local journalism and public broadcasters. 

ABC's Peter Ryan says the report has been anticipated by other regulators around the world.

Thursday, July 25, 2019

Former RBA boss Bernie Fraser warns on lowering inflation target

Former Reserve Bank governor Bernie Fraser has rejected calls for the central bank's inflation target to be lowered given the persistently low inflation world. 

Mr Fraser who retired in 1996 says the current target isn't broken and has served the economy well over the past thirty years.

The inflation debate is hotting up with Treasurer Josh Frydenberg yet to sign a new monetary policy agreement with the Reserve Bank. 

Here's my coverage from The World Today

Could Treasurer tweak to RBA inflation in low inflation world? I speak with EY chief economist Jo Masters

Debate is hotting up on the future of the Reserve Bank's current inflation target given persistent low inflation around the world. 

Treasurer Josh Frydenberg is yet to sign a monetary policy agreement with RBA governor Dr Philip Lowe with a spokesman confirming he is taking advice from Treasury. 

ABC's Peter Ryan speaks with Ernst & Young chief economist Jo Masters.

Wednesday, July 24, 2019

BHP boss Andrew Mackenzie warns climate change is an "existential" risk

The head of the world's biggest miner company has conceded that climate change is an "existential risk" to the planet. 

BHP chief executive Andrew Mackenzie warns that the world's dependence on fossil fuels is undeniable and presents the biggest threat since World War 2. 

In a message to the global resources industry and climate deniers, Mr Mackenzie said BHP would reduce its own emissions over the next five years and tackle pollution caused when customers use its products.

Here's my coverage from The World Today

Tuesday, July 23, 2019

Rare interview with APRA deputy chair John Lonsdale as regulator proposes deferrals and clawbacks of incentives

Top financial executives may soon have to wait seven years to claim all their bonuses, as the banking, insurance and superannuation regulator moves to align pay with long-term performance. 

Read my story here

Under "far reaching" proposals from the Australian Prudential Regulation Authority, lucrative bonuses would be deferred with company boards handed the power to claw back incentives up to four years after they are paid out. 

In a rare broadcast interview, APRA deputy chair John Lonsdale speaks with ABC's Peter Ryan

Monday, July 22, 2019

Heritage Bank to challenge Big 4, exploits Royal Commission fallout

The federal government has been warned that cutting interest rates along won't be enough push wages higher. Advisory firm Ernst & Young says urgent action is needed to deal the skills gap in Australia and stubborn under-employment. 

Also ABC's Peter Ryan speaks with Heritage Bank chief executive Peter Lock who has announced the mutual is going national with bricks and mortar branches in Sydney and Melbourne, in a challenge to the major banks.