Wednesday, December 9, 2020

Unaffordable insurance premiums risk "market failure", inquiry report warns

Small businesses are being killed by unaffordable insurance policies with some premiums tripling in just a few years, Small Business Ombudsman Kate Carnell is warning. 

An inquiry is warning of dire consequences for Australia's economy as companies still feeling the impact of last summer's bushfires say they can't get insurance cover for more natural disasters. 

Ms Carnell tells ABC's Peter Ryan the federal government needs to be an insurer of last resort.



Tuesday, December 8, 2020

Ratings downgrade a necessary cost of emergency government support

Australia's massive emergency response to the COVID crisis has seen come at a cost to the powerhouse states of New South Wales and Victoria. 

Both have been stripped of their coveted AAA crediting rating as government debt surges. 

Westpac's head of rates strategy Damien McColough tells ABC's Peter Ryan the federal governmet's AAA credit rating is also vulnerable from spiralling debt.