Westpac boss Brian Hartzer says falling rates having "perverse" impact on economy

Westpac's chief executive Brian Hartzer has warned that more interest rate cuts might have a "perverse" impact on the economy. 

Speaking at his six monthly grilling before a parliamentary committee, Mr Harzter says expectations that the Reserve Bank will cut rates close to zero was dampening rather than stimulating the economy. 

ABC's Peter Ryan says the Reserve Bank's latest quarterly update considered the negative perception of falling rates but cut anyway in October to dampen a rising Australian dollar.

National Australia Bank profit tumbles 14 per cent on misconduct remediation costs

National Australia Bank has joined its other big four bank peers in announcing a 2019 profit ravaged by the costs of re mediating years of misconduct. 

NAB's full year profit is $4.78 billion is 13.6 percent lower and dragged down by $1.1 billion in remediation costs. 

NAB interim chief executive Phil Chronican tells ABC's Peter Ryan there are no guarantees about more ticking time bombs.

Medibank Private shares smashed on unexplained surge in prosthesis claims

Medibank Private shares fall as much as 12 percent after the insurer warned that higher than expected claims for prosthesis could be unsustainable for the sector. 

Chief executive Craig Drummond says "the maths don't add up" and could make the sector unsustainable. 

Here's my coverage from The World Today

Inspector-General of Taxation Karen Payne wants more transparency on ATO investigations, says ATO whistleblower rules "a little muddled" about protections

Inspector-General of Taxation Karen Payne wants to see more transparency from the Australian Taxation Office on investigations and complaints handling. 

The tax watchdog says whistleblower protections for ATO staff are "a little muddled" as former ATO staffer Richard Boyle faces a potential 161 prison sentence. 

Ms Payne maintains she has a good relationship with Tax Commissioner Chris Jordan amid speculation that he wanted to scrap the Inspector-General position.

Karen Payne speaks with ABC's Peter Ryan

Westpac profit tumbles, dividend cut, Brian Hartzer loses $4m bonus, annual report warns of "significant financial penalty" from financial intelligence agency AUSTRAC

Westpac's full year profit tumbles by 16 percent to $6.78 billion as Royal Commission remediation continues to bite. 

Chief executive Brian Hartzer has foregone a $4.03 million short term bonus as the bank announces a $2.5 billion capital raising. 

Westpac's annual report has flagged a "significant financial penalty" if the finance intelligence agency AUSTRAC proceeds with penalties for reporting breaches.

Here's my report from The World Today

Brian Hartzer's bonus "haircut" of $4.03m   source: Westpac Annual Report

IFM investors in $15 billion US pipeline deal but cops heat on fossil fuel exposure. I speak with IFM chief executive Brett Himbury

Bemoaning a lack of big infrastructure projects in Australia, the industry superannuation owned fund IFM Investors has looked overseas to seal a $15 billion deal to buy the US oil pipeline business Buckeye Partners.

READ THE STORY HERE

The latest energy infrastructure acquisition by IFM gives it control of the Houston-based company which pumps liquid petroleum products through almost 10,000 kilometres of pipeline to storage facilities and sea terminals across North America. 

But IFM Investors chief executive Brett Himbury has defended the fund from criticism that the investment risks fossil fuel exposure.