Rates could to go zero, Reserve Bank governor Philip Lowe concedes

Reserve Bank governor Dr Philip Lowe has conceded that interest rates will stay lower for longer, and could even go to zero. 

Speaking at a parliamentary grilling in Canberra, Dr Lowe says Australia can't escape a world of falling interest rates which have already turned negative in Switzerland, Japan and Europe. 

ABC's Peter Ryan says Dr Lowe has warned wages should be recovering.

Packer share sale to Hong Kong gambling titan to be probed by NSW independent watchdog

James Packer's sale of Crown Resorts shares to Hong Kong gambling tycoon Lawrence Ho will be probed by the NSW Independent Liquor & Gaming Authority. 

Crown says it will "fully cooperate" with the inquiry. 

The investigation will examine whether Crown ensures casinos remain free from criminal influence or exploitation. 

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

Statement from NSW Independent Liquor & Gaming Authority

AMP in $2.3b first-half loss and asks shareholders for another $650m. I speak with AMP boss Francesco De Ferrari

The embattled wealth manager AMP has posted a $2.3 billion loss as misconduct revealed in last year's financial services Royal Commission continues to erode the company's once trusted reputation.

The half year loss comes as AMP continues to compensate customers hurt by misconduct, with three billion dollars in cash flowing out of the business as clients look for someone else to manage their money. 

AMP also announced a $650 million capital raising as part of a strategy to transform the company. 

ABC's Peter Ryan speaks with AMP chief executive Francesco De Ferrari.

Central banks cut rates as US China trade fears escalate

With the US China trade war biting into confidence, central banks are cutting rates as fears rise about a global recession. 

Central banks in New Zealand, India and Thailand have cut with the RBNZ governor suggesting rates could to to or below zero. 

Investors are now switching from risky shares to the safety of gold and US Treasury bonds. 

ABC's Peter Ryan says nerves are rising with no agreement in sight between the US and China.

Commonwealth Bank boss Matt Comyn warns on US China trade war fallout

Commonwealth Bank chief executive Matt Comyn says escalating trade tensions between the US and China are the troubling backdrop to the full year results from Australia's biggest bank..

The CBA's statutory profit is down 8.1 percent to $8.57 billion, mainly because of customer remediation from the banking Royal Commission, record low interest rates and the removal of a number of fees.

Matt Comyn remains positive but told me there's no escaping potential fallout as relations between the US and China deteriorate by the day.

"Don't panic" - Josh Frydenberg intervenes as US China trade war escalates

As the trade war between the United States and China escalates, Treasurer Josh Frydenberg has intervened this morning to shore up confidence in the domestic economy.

Mr Frydenberg says the escalation is "concerning" but hopes that "cool heads prevail". 

While Wall Street has bounced back from yesterday's steep losses, Mr Frydenberg told ABC's Peter Ryan that there are reasons to be concerned.

Stocks plunge as China ignites currency weapon in trade war with US

Australian shares plunged nearly three percent at the open of trade this morning after Wall Street suffered its worst day this year following a sharp escalation in the US-China trade war. 

China has ignited its currency as a weapon against US tariffs amid speculation that the Peoples Bank of China might consider selling down US Treasury notes in retaliation. 

ABC's Peter Ryan has been following the drama on markets.

Weak auditing could spark another Enron, warns former ASIC boss Greg Medcraft; cautious on Royal Commission criticisms about ASIC being too cosy with regulated companies

Former Australian Securities & Investments chairman Greg Medcraft warns that conflicts of interest in the auditing profession could result in corporate collapses on the scale of Enron. 

In his first broadcast interview since retiring as ASIC boss, Mr Medcraft said conflicts of interests and poor auditing standards risked another Enron, citing the US energy giant's spectacular implosion in 2001 after widespread fraud and corruption went unreported. 

Greg Medcraft, now a director at the OECD in Paris, speaks with ABC's Peter Ryan.

Rates to stay on hold as RBA weights household debt

After back to back interest rate cuts, the Reserve Bank looks likely to hold fire when its board meets tomorrow.

As the RBA assesses the impact of reductions in June and July, analysts are questioning the rate cutting strategy and when its enough to stimulate a softening economy. 

Dr Timo Henckel, a member of the RBA shadow board at the Australian National University says lower rates risk rising household debt.