Thursday, December 12, 2019

'Deeply distressed' - Westpac chairman Lindsay Maxsted faces angry investors over laundering scandal

Westpac chairman Lindsay Maxsted has apologised to angry shareholders who are demanding answers to how the bank broke anti-money laundering laws 23 million times and dealt with at least one convicted paedophile. 

Former Labor senator Chris Schacht has blasted Mr Maxsted and the Westpac board for exposing shareholders to a scandal where child exploitation was facilitated.

Here's my report from The World Today

Westpac board facing protest vote over money laundering scandal, paedophile links

The board of Westpac will face angry shareholders today as the bank reels from revelations its broke anti-money laundering laws 23 million times and dealt with convicted paedophiles. 

The scandal has already claimed the scalp of chief executive Brian Hartzer and Westpac chairman Lindsay Maxsted is retiring early. 

The Australian Shareholders Association is urging investors to reject Westpac's remuneration report and will oppose the re-election of director Peter Marriott. 

ASA spokeswoman Carol Limmer tells ABC's Peter Ryan investors are angry and bewildered that Westpac's board was unaware of the paedophile links.

Wednesday, December 11, 2019

Climate change risk now the "new normal" warns advisory firm KPMG

Global advisory firm KPMG says climate change is the "new normal" as the industry confronts rising risk from catastrophic events. 

KPMG insurance partner Scott Guze tells ABC's Peter Ryan the signals about climate are clear and warns that governments need to take action to mitigate catastrophes. 

Tuesday, December 10, 2019

Cheque's in the mail? Not for much longer, warns RBA governor Philip Lowe

Reserve Bank governor Dr Philip Lowe has signalled that death of the cheque is inevitable. 

The warning comes as cash transactions continue to fall as "tap and go" transactions become the norm. 

But Nationals Seniors Australia chief advocate Ian Henschke says a disorderly transition could constitute elder abuse.

Here's my story from The World Today

Monday, December 9, 2019

Youth jobless rate at 12 pc as vocation training system fails to keep up

A national snapshot by the Brotherhood of St Laurence says vocational and education training is failing to keep up with future demand in fast-growing industries. 

Executive director Conny Lenneberg says opportunities in aged care and health are growing at a faster pace than the current system provides. 

With 12 percent youth unemployment nationally, Ms Lenneberg says 265,000 young Australians are in the jobless queue. 

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