"Not politically toxic" - new Business Council of Australia president Tim Reed reignites corporate tax cut debate

Newly-appointed Business Council of Australia president Tim Reed has revived hopes for eventual cut to corporate tax dismissing concerns that a renewed campaign would be politically toxic.

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The former veteran chief executive of the business software firm MYOB concedes that cutting corporate tax is off the agenda of the Morrison government but believes a lower rate will be necessary for Australia to remain globally competitive. 

Mr Reed tells ABC's Peter Ryan he does not think the government is anti-business despite "big stick" government intervention in the energy sector.

Business Council of Australian president Tim Reed   source: supplied

Ripped off on your super? The Tax Office is targeting bosses who hold back super guarantee

Bosses who deliberately withhold compulsory superannuation payments to their staff are being warned by the Australian Tax Office to end the rip-off or face steep fines. 

Reminder emails are being sent to to 4,000 employers with a track record of late super payments and another 500 bosses who fail to pay the right amount.

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The crackdown will target known offenders in the super rip-off including cafes, restaurants, clubs supermarkets, tradie subcontractors in the construction industry but also architecture, legal and advertising firms. 

Deputy Tax Commissioner James O'Halloran tells ABC's Peter Ryan that dodgy employers should fess up for face audits and penalties.

Treasurer maintains budget surplus is safe despite steep IMF downgrade

Treasurer Josh Frydenberg says he's committed to delivering a budget surplus despite a steep downgrade to Australia's economic growth forecasts. 

The International Monetary Fund has slashed Australia's outlook to just 1.7 percent in 2019 from earlier more bullish predictions. 

Also Commonwealth Bank chief executive Matt Comyn says the weak global outlook and low interest rate is making life difficult for banks and customers.

Here's my analysis from The World Today

Australian growth forecasts slashed as IMF warns of synchonised global downturn

US China trade tensions and other geopolitical flashpoints have forced the International Monetary Fund to dramatically downgrade its global economic growth forecasts. 

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Australia's 2019 growth has been slashed to 1.7 percent as the IMF sees global output falling from 3.8 percent to 3 percent. 

Read the IMF report here

The IMF has also warned central banks to go beyond cutting interest rates and that monetary policy is "not the only game in town". 

ABC's Peter Ryan says despite the warning, Treasurer Josh Frydenberg is sticking with his commitment to delivering a budget surplus.

Reserve Bank weighed refueled property bubble risk before cutting rates, minutes reveal

The Reserve Bank has signaled that further cuts to official interest rates remain a live option despite the risk of refueling a property bubble in Sydney and Melbourne. 

In the minutes from it's October meeting when the cash rate was cut to a record low of 0.75 percent, the RBA board noted that "the housing market and other asset prices might be overly inflated by lower net rest rates". 

ABC's Peter Ryan says there's a 41 percent chances of another rate cut when the RBA board meets on Melbourne Cup day.

Consumers buried under "sludge" of fineprint with disclosure no longer the "silver bullet", ASIC deputy chair Karen Chester warns

Banks and financial services companies that bury consumers in a complex "sludge" of disclosure and fine print face a crackdown by the corporate regulator. 

The Australian Securities and Investments Commission has warned that consumers are exposed to greater harm with some companies using the cover of disclosure to deliberately bamboozle with a deluge of legalese that pushes some into inappropriate financial products. 

ASIC deputy chair Karen Chester told the ABC's "AM" program that disclosure could no longer be relied upon as "the silver bullet" to force companies to keep consumers fully informed and better protected.

Businessman Graham Bradley worries about potential gov't "big stick" intervention on banks in ACCC inquiry

Leading businessman Graham Bradley says foreign investors will be wary about yet another inquiry in the banking system. 

The former Business Council president and current chairman of HSBC Australia says he's worried that in addition to intervening in the energy sector, the federal government's ACCC banking probe could create sovereign risk in the banking system.

Here's the interview from The World Today

Green energy to dominate by power grid by 2040 as ageing stations retire

The government's energy policy adviser says renewable energy sources will dominate the national power grid by 2040 as ageing coal-fired stations are retired. 

"Designing the grid of the future" - blueprint from AEMC

Australian Energy Marketing Commission chairman John Pierce says regulators are now planning for the transition to renewables which will see the equivalent of today's national energy market coming from renewable sources by 2040. 

John Pierce speaks with ABC's Peter Ryan.