Rising tensions with Hong Kong a risk, but Aust China Business Council using "backchannels" to sandbag China relationship

Australia China Business Council national chairman David Olsson says ties with Beijing remain strong despite rising tensions over the future of Hong Kong. 

Releasing a blueprint to win back Chinese tourists after COVID-19 restrictions ease, Mr Olsson said the ACBC would be using backchannels with businesses on the ground to get around the freeze in diplomatic relations. 

Speaking with ABC's Peter Ryan, Mr Olsson said Australia would have to beat tough competition to win trade and commerce that might exit Hong Kong.

ANZ boss Shayne Elliott backs loan deferral lifeline but warns "we can't save everybody .. this is not a get out of jail free card"

ANZ chief executive Shayne Elliott tells AM the four month extension to loan repayment deferrals is "critically important" in supporting distressed customers reeling from the pandemic. 

Mr Elliott says it's a lifeline but concedes some borrowers could ultimately lose their homes or businesses warning "we can't save everybody .. this is not a get out of jail free card".

Shayne Elliott was frank about the challenges when he spoke with the ABC's Peter Ryan.

Banks to extend COVID-19 loan deferrals to avoid September "cliff". I speak with Australian Banking Association chief executive Anna Bligh

Bank customers struggling financially due to COVID-19 will be given another four months to start paying back their loans. 

However, banks have warned extensions will not be automatic and any customer who can afford to start repaying their mortgage or business loan will be expected to do so once the initial six-month deferral period expires in September. 

Australian Banking Association chief executive Anna Bligh told ABC's Peter Ryan that the extension of the federal government's JobKeeper program will be critical in any recovery.

Low income groups must be compensated in GST hike, PWC report warns

Pressure is rising for higher GST rate of 12.5 percent and a broader base to add currently GST-free items like health, food, education and childcare. 

PWC partner Paul Abbey concedes low income groups would have to be compensated but tells ABC's Peter Ryan it's time to get serious about tax reform for the post pandemic world where massive debt will have to be paid down.

Victoria to suffer "prolonged misery" from pandemic, Deloitte Access Economics warns

Deloitte Access Economics says Australia's economy will recover from the pandemic next year, but is warning that Victoria will suffer "prolonged misery" because of the fresh outbreak of COVID-19. 

Deloitte says GDP will contract by 3 percent in 2020, more optimistic by the original forecast of five percent. 

But Deloitte Access partner Chris Richardson says unwinding the $70 billion JobKeeper program in late September will be a delicate operation.

Australian Super posts small positive return despite COVID19 economic crisis

Australian Super has delivered a small positive return for its balanced option fund despite the global economic damage from the pandemic. 

Chief investment officer Mark Delaney said the 0.52 percent return for the 2020 financial year as a good result given the impact on global financial markets. 

Mr Delaney tells ABC's Peter Ryan that the JobKeeper program in Australia will need to be extended to prevent more unemployment and insolvencies.