The company building the National Broadband Network has repeated the $51 billion project will come in on time and on budget.
The rollout of the NBN is now in its critical final year but continues to face criticism that emerging 5G mobile technologies might become more dominant for consumers and business.
But NBN Co boss Stephen Rue remains upbeat and says the network will soon be contributing billions of dollars to the nation's economy.
Here's my report from The World Today
Follow the ABC's Peter Ryan. Analysis of global and Australian business, finance and economics.
Friday, August 30, 2019
Wednesday, August 28, 2019
Virgin Australia to slash 750 jobs, review flight network, after posting $349m loss
Virgin Australia is planning to cut 750 head office and corporate roles to slash $75 million a year in costs, as it seeks to rebound from a $349 million full-year loss.
The airline also blamed rising fuel costs and a lower Australian dollar for its worsening financial performance.
The airline's new boss, Paul Scurrah, says he'd been forced to make tough but necessary decisions.
Here's my report from The World Today
The airline also blamed rising fuel costs and a lower Australian dollar for its worsening financial performance.
The airline's new boss, Paul Scurrah, says he'd been forced to make tough but necessary decisions.
Here's my report from The World Today
Tuesday, August 27, 2019
Small business tax dodgers continue to fuel "black economy" - I speak with ATO deputy commissioner
Tax cheats running small businesses continue to gouge billions of dollars from the economy by putting in dodgy expense claims and demanding cash-in-the hand transactions.
The Australian Taxation Office says while almost 90 percent of small businesses pay income tax voluntarily, the most recent figures show $7.1 billion went into the "black economy" in 2015-2016 through straight-out tax evasion but also the use of software that can disguise transactions.
ATO deputy commissioner Deborah Jenkins speaks with ABC's Peter Ryan.
The Australian Taxation Office says while almost 90 percent of small businesses pay income tax voluntarily, the most recent figures show $7.1 billion went into the "black economy" in 2015-2016 through straight-out tax evasion but also the use of software that can disguise transactions.
ATO deputy commissioner Deborah Jenkins speaks with ABC's Peter Ryan.
Source: Australian Taxation Office |
Shady money transfer operators risk money laundering, terror links warns financial crime agency chief Nicole Rose
Australia's anti-money laundering regulator has launched a blitz on unregistered money transfer dealers who risk being exploited by sophisticated criminal organisations.
Nicole Rose - chief executive of the Australian Transaction Reports & Analysis Centre or Austrac - warns small home-based operators are exposed to human trafficking, child exploitation, illegal firearms sales and drug networks.
In a rare interview, Ms Rose also told AM there's been a 70 percent surge in "self reporting" by the finance sector after the Commonwealth Bank was fined 700 million dollars last year for almost 54-thousand money laundering breaches.
Ms Rose has also confirmed that while Austrac is probing money laundering allegations relating to Crown casinos, she's yet to see evidence of criminal activity
Nicole Rose speaks with ABC's Peter Ryan.
Nicole Rose - chief executive of the Australian Transaction Reports & Analysis Centre or Austrac - warns small home-based operators are exposed to human trafficking, child exploitation, illegal firearms sales and drug networks.
In a rare interview, Ms Rose also told AM there's been a 70 percent surge in "self reporting" by the finance sector after the Commonwealth Bank was fined 700 million dollars last year for almost 54-thousand money laundering breaches.
Ms Rose has also confirmed that while Austrac is probing money laundering allegations relating to Crown casinos, she's yet to see evidence of criminal activity
Nicole Rose speaks with ABC's Peter Ryan.
Monday, August 26, 2019
Industry super forces 2030 emissions target on key infrastructure assets
Some of Australia's top infrastructure companies have agreed to cut their carbon emissions by up to 100 percent by 2030 as industry superannuation weighs in on climate change risks.
IFM investors, which manages more than $140 billion for industry super funds, has convinced companies it owns or co-owns to increase their use of electric cars, LED lighting and rooftop solar systems.
Companies cutting back on their emissions include giant energy network Ausgrid, Melbourne Airport, Brisbane Airport and NSW Ports.
IFM's director of responsible investments Chris Newton speaks with ABC's Peter Ryan.
IFM investors, which manages more than $140 billion for industry super funds, has convinced companies it owns or co-owns to increase their use of electric cars, LED lighting and rooftop solar systems.
Companies cutting back on their emissions include giant energy network Ausgrid, Melbourne Airport, Brisbane Airport and NSW Ports.
IFM's director of responsible investments Chris Newton speaks with ABC's Peter Ryan.
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