Thursday, February 18, 2021

Not all will survive when loan repayment pause ends as banks prepare for "hard decisions" - Banking Association boss Anna Bligh warns

Deferrals or pauses on bank loan repayments have been a critical lifeline during the COVID crisis, preventing many home owners and businesses from going to the wall.

But the Australian Banking Association chief executive Anna Bligh says although 91 percent of borrowers have now resumed repayments, it's clear that some won't survive as banks start calling loans in. 

The end of the loan deferral scheme coincides with the withdrawal of JobKeeper late next month.

But Ms Bligh tells ABC's Peter Ryan there won't be an economic shock when the emergency support pulls back.



Wednesday, February 17, 2021

Permanant changes to disclosure rules challenged by Labor and shareholder activists

Treasurer Josh Frydenerg is being challenged over his plans to make permanent changes to continous disclosure rules for companies listed on the Australian stock exchange. 

The overhaul would formalise temporary changes introduced during at the height of the COVID recession to shield company directors from personal liability and class actions.

But ABC's Peter Ryan says opponents claims the changes erode the disclosure regime when shareholders not more information - not less.






Crown facing new inquiry into Perth casino licence as crisis deepens

The crisis confronting Crown Resorts is deepening by the day with regulators in Western Australia recommending an investigation into whether the company is suitable to operate its Burswood casino in Perth. 

The WA probe comes after the New South Wales regulator effectively stripped Crown of its licence for a casino at Barangaroo in Sydney. 

ABC's Peter Ryan says corporate regulator ASIC is closely watching for potential breaches of corporate law.




Tuesday, February 16, 2021

Crown Resorts officially told it's not suitable to hold Sydney casino licence

Crown Resorts has been dealt another blow after the New South Wales gaming regulator said the company was no longer suitable to hold a licence for its new Sydney casino.

While Crown is racing to overhaul its board and management, the ruling is casting a shadow over the company's other lucrative casino licences in Sydney and Perth.

Here's my report from The World Today


Monday, February 15, 2021

Monday Finance on RN Breakfast: Crown chairman Helen Coonan should quit in boardroom purge, says former Victoria premier Jeff Kennett

Former Victorian premier Jeff Kennett says Crown Resorts chairman Helen Coonan should resign as part of a boardroom cleanout. 

Mr Kennett says Ms Coonan needs to take responsibility given her board role from 2011 when evidence of money laundering breaches at the casino should have been detected. 

Crown chief executive Ken Barton is also under pressure to resign after the Bergin inquiry found the company was unfit to hold a licence for a Sydney casino.

Mr Kennett is also highly critical of Victorian premier Dan Andrews who he says should face the music and resign of failures in hotel quarantine and contact tracing that sparked a five day lockdown.

Jeff Kennett spoke with the ABC's Peter Ryan on RN Breakfast