Tesla's walking brand Elon Musk to be tamed by Telstra executive Robyn Denholm

Top Telstra executive Robyn Denholm has been recruited to replace Elon Musk as chairman of the electric car maker Tesla. 

Ms Denholm has been appointed after a string of questionable judgement calls from Mr Musk, such as smoking marijuana on camera, and more recently accusations of fraud from US financial regulators.

Here's my report

Australians "slightly worse off" after ACCC approves Nine-Fairfax merger - chairman Rod Sims

Nine Enterainment's takeover of the Fairfax Media empire looks set to be consummated after the competition regulator said it would not oppose the $4 billion deal. 

But ACCC chairman Rod Sims says whiles its unlikely competition will be "substantially" reduced, Australians will probably be "a little worse off". 

Rod Sims speaks with ABC'S Peter Ryan.

Extreme weather could see insurance premiums rise, Australian Actuaries Climate Index warns

Residential property owners and businesses are likely to face higher insurance premiums after a new actuarial index warned about rising financial risks from extreme weather events. 

The Australian Actuaries Climate Index tracks risk factors such as elevated sea levels, drought, bushfires, cyclones, flooding and extreme temperatures as being more frequent as growing evidence of climate change mounts. 

Leading actuary speaks with ABC's Peter Ryan.

Westpac delivers "flat" profit as Royal Commission fallout bites

Westpac's full year profit has risen by one percent to $8.1 billion as it confront Royal Commission fallout and a customer remediation provision of $281 million. 

Chief executive Brian Hartzer has warned of headwinds including a "negative impact" on China is US-China trade tensions morph into a fully blown trade war. 

Here's my analysis from The World Today

APRA boss Wayne Byres gets new term as gov't braces for Royal Commission fallout

Australian Prudential Regulation Authority chairman Wayne Byres has been re-appointed for another five year term as the federal government prepares for the banking Royal Commission's final report in February. 

Treasurer Josh Frydenberg says $58.7 million will be pumped into APRA to bolster its enforcement capabilities. 

ABC's Peter Ryan says the Royal Commission resumes in a fortnight's time when banking chief executives will be grilled.

Tepid retails sales confirm increasingly cautious consumer

Australian households are becoming increasing more cautious according the the latest retail sales data released this morning. 

Sales grew just 0.2 percent seasonally adjusted in September with lower spending on clothing, footwear accessories. 

ABC's Peter Ryan says the soft data could be early evidence that falling real estate values in Sydney, Melbourne and Brisbane are tempering attitudes to perceived household wealth.

NAB boss Andrew Thorburn preparing for Royal Commission grilling over banker misconduct

National Australia Bank chief executive Andrew Thorburn has revealed a five percent jump in full year profit to $5.5 billion dollars. 

The "credible" result comes as Mr Thorburn prepares to face the banking Royal Commission after evidence of alleged criminal breaches in relation to banker misconduct. 

Andrew Thorburn speaks with the ABC's Peter Ryan.

ANZ in "messy" $6.4b profit under shadow of Royal Commission, CBA sells wealth arm to Japanese banking giant

ANZ Bank has delivered what chief executive Shayne Elliott calls a "messy" $6.4 billion full year profit under the shadow of the financial services Royal Commission. 

Also this morning, the Commonwealth Bank announced it would sell Colonial First State Global Asset Management to Japanese banking giant Mitsubishi UFJ Trust and Banking Corporation for $4.13 billion. 

ABC's Peter Ryan says the deal is subject to regulatory approval.

Flex car finance ban hits tomorrow - but banks, dealers drag their feet on dodgy practice laid bare at banking Royal Commission

Unethical "flex" finance where dealer and bank interests take priority over consumers will be banned from tomorrow after action by the corporate regulator ASIC.

Consumer advocate Gerard Brody slammed banks and car dealers for not implementing the ban immediately by waiting until November 1.

Listen to my coverage from this morning's AM program

Housing correction a reality but no crash likely, says CBA chief economist Michael Blythe

Commonwealth Bank chief economist Michael Blythe has pushed back against warnings that Australia is facing a crash in housing prices. 

However, Michael Blythe says a correction is underway and says that some highly-leveraged households might be exposed by rising interest rates, even though many borrowers are more than 30 payments ahead. 

The Commonwealth Bank is Australia's biggest home lender and like other banks will be impacted by tighter lending standards from the Australian Prudential Regulation Authority.

Listen to my interview with Michael Blythe here

Trust in banks hits new low as CEOs prepare to face Royal Commission next month

Trust in Australia's major banks has hit a new low, according to an index released by the advisory firm Deloitte. 

Regulatory partner Willem Punt tells ABC's Peter Ryan it will be challenging for banks to rebuild trust given the fallout from the Royal Commission.

Listen here

Global markets brace for more volatility as US rate rises rattle investors

Global investors are bracing for deeper falls as the US Federal Reserves continues with its strategy of gradually raising interest rates. 

Paul Gruenwald, chief economist at S&P Global Ratings, says US trade tensions with China will also continue as Donald Trump challenges the way China does business.

Listen to the interview here

Markets bounce back, but volatility is the "new normal" analysts warn; AMP recovers slightly after 25% falls

Global sharemarkets have bounced back after yesterday's steep falls erased $50 billion from Australian shares. 

Superannuation is exposed to the market gyrations, but Super Ratings managing director Jeff Bresnahan says while workers close to retirement are rightly concerned, there is no need to panic.

Here's my update from The World Today

Australian markets tumble in wake of Wall Street rout; AMP selling life and wealth protection arms

Australian shares have lost all of the gains from the past 12 month after a massive selloff on Wall Street overnight. 

Global investors are nervous about trade tensions with China, Brexit, the US midterm elections, budget woes in Italy and rising tensions with Saudi Arabia over the killing of a Washington Post journalist. 

Also AMP announces the proposed sale of its life insurance and wealth protection arms for $3.3 billion.

ABC's Peter Ryan says investors are being urged not to panic about a long-awaited correction.

Australian companies ignore energy debate noise and aim to go totally green

A group of Australian companies will this morning pledge to switch to 100 percent green energy by 2050 or earlier. 

The engineering firm ARUP is sponsoring the push to renewable as the federal government focuses on forcing energy prices lower ahead of next year's election. 

The global head of the renewables group RE 100 Sam Kimmins speaks with the ABC's Peter Ryan.

Unparliamentary scenes as Labor questions integrity of Treasury Secretary Phil Gaetjens

Labor has launched an extraordinary attack on the independence and integrity of Treasury Secretary Phil Gaetjens. 

In raucous scenes at a senate estimates hearing, Finance Minister Matthias Cormann was forced to defend Mr Gaetjens who was a top adviser to former Liberal treasurers Peter Costello and Scott Morrison before being appointed Treasury Secretary in August.

Listen to my report on The World Today

Labor's negative gearing reforms to strangle new construction, Master Builders Australia research warns

Labor's controversial policies ahead of next year's election to end negative gearing for the purchases of existing homes would harm the construction of new dwellings, research by Master Builders Australia warns. 

Commissioned modelling by Cadence Economics predicts a $11.8 billion hit to building activity and 32,000 fewer jobs. Labor has slammed the findings as "flawed" and says the modelling fails to take into account that under its policy, negative gearing on existing property investments will be grandfathered. 

I speak with MBA chief executive Denita Wawn

Michelle Guthrie sacking inquiry completed without speaking to single ABC board member, senate estimates hearing told

A departmental report into the sudden departures of ABC managing director Michelle Guthrie and chairman Justin Milne was completed without consulting a single ABC board member, a senate estimates hearing has heard. 

Communications Department secretary Mark Mrdak also confirmed he did not see a dossier of complaints from Ms Guthrie presented to the ABC board before her sacking. ABC's Peter Ryan says the recruitment firm Korn Ferry has been hired to assist in shortlisting a new ABC chairman.

Listen to the Mark Mrdak grilling 

"the housing correction we had to have" - Deloitte Access Economics partner Chris Richardson predicts more house price falls in Sydney and Melbourne

With housing prices in Sydney and Melbourne bracing for more falls, Deloitte Access Economics partner Chris Richardson says "it's the correction we had to have". 

In its latest business outlook, Deloitte says prices are falling back especially in Sydney and Melbourne after interest rate rises independent of the Reserve Bank, tighter lending standards and caps on investor lending by the banking regulator APRA. 

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

Short memories will see history of banking misconduct repeat warns former ACCC chair Graeme Samuel who takes swipe at former ASIC boss Greg Medcraft for chasing overseas posts

Former ACCC chairman Graeme Samuel warns that despite shocking revelations from the banking Royal Commission that the history of misconduct is destined to repeat. 

Professor Samuel also worries about regulators being "captured" by the industry and has criticised former regulators for focusing on their next global career rather than dealing with challenges at home. 

Professor Samuel named the OECD and the international regulatory organisation IOSCO as key temptations. 

Former ASIC chairman Greg Medcraft is a former IOSCO chairman and recently began a new post with the OECD in Paris. Professor Samuel did not specifically refer to Mr Medcraft when he spoke with the ABC's Peter Ryan.

LISTEN TO THE INTERVIEW

NAB boss Andrew Thorburn finds banking Royal Commission revelations 'shameful, confronting and upsetting'

National Australia Bank chief executive Andrew Thorburn has laid bare a culture where profits came before people and banked incentives rewarded bad behaviour. 

In his opening statement to a parliamentary committee grilling major bank bosses, Mr Thorburn admitted the financial services Royal Commission had exposed issues at NAB that he found "confronting and upsetting". 

ABC's Peter Ryan says Mr Thorburn says he is personally accountable but says the NAB board will determine if he takes a financial "haircut" for the bank's misconduct. 

Here's my coverage from The World Today

Read my piece on ABC News Online

September jobless rate falls to five percent - lowest in six years

Australia's official unemployment rate fell to a six year low of five percent seasonally adjusted in September. 

The unexpected fall is sustained could weigh on forecasts for the next interest rate rise. 

ABC's Peter Ryan analyses the figures from the ABS.

NBN, telco complaints "turning the corner" says Telecommunications Industry Ombudsman Judi Jones

The latest annual report from the Telecommunications Industry Ombudsman says complaints relating to the NBN are down and gripes about telcos in general are falling. \

Read the report here

While the Ombudsman Judi Jones says the number of complaints appears to be "turning the corner", there has still been a 6.2 percent increase at 167,831 over the year. 

Judi Jones tells ABC's Peter Ryan that her office has changed the methodology in assessing NBN complaints.

Telstra chairman John Mullen expects profit to be halved after full NBN rollout; investor anger about trimmed dividend

Telstra chairman John Mullen has warned shareholders that the telco's net profit is expected to be cut in half after the National Broadband Network is fully rolled out. 

Telstra shareholders have also slapped the board over decisions to trim dividend as the company undergoes a dramatic transformation to confront digital competitors. 

ABC's Peter Ryan says the warning saw Telstra's share price fall by 1.8 percent.

Here's my report from The World Today

ANZ boss Shayne Elliott urges disgruntled customers to email him directly; says he's accountable and buck stops with him

ANZ chief executive Shayne Elliott has taken personal responsibility for misconduct at the bank and says he is accountable for damaging revelations from the financial services Royal Commission. 

Testifying at a parliamentary hearing in Canberra, Mr Elliott said ANZ has engaged in behaviour that falls below community standards but that ultimately the buck stopped with him. 

Mr Elliott has also encouraged jilted customers to contact him at his personal email address.

Here's my report from The World Today

Read the item here from ABC News Online

Market jitters a dress rehearsal for correction warns analyst Jasper Lawler; Donald Trump says US Federal Reserve is "crazy" for raising interest rates

Global markets have suffered more steep falls as jittery investors sell shares on fears that US trade tensions with China will slow global growth. 

Donald Trump has questioned the independence of the US Federal Reserve describing recent interest rate rises as "crazy"

London Capital Group analyst Jasper Lawler warns the current volatility is a dress rehearsal for an overdue correction.

Here's my analysis from this morning's edition of AM

Greed a factor in some cases of misconduct, CBA boss Matt Comyn concedes

Commonwealth Bank chief executive Matt Comyn has conceded to failures or judgement and in some cases "greed" for some of the appalling cases if misconduct that have emerged from the financial services Royal Commission. 

Mr Comyn confronted heckling from the gallery in Parliament House this morning as he faced a grilling from the House Economics Committee. 

Here's today's report on The World Today 

Banks act to end "fees for no service" scandal, workers embarrassed wear bank uniforms in public says union boss Julia Angrisano

Bank customers fleeced in the "fee for no service" scandal will receive refunds of more than a billion dollars. 

The Australian Banking Association has been forced to ensure inappropriate fees are no longer charged and will spearhead legislative change to abolish controversial trail commissions. 

Finance Sector Union national secretary Julia Angrisano tells ABC's Peter Ryan that some frontline bank staff have been abused and too embarrassed to wear uniforms in public.

Listen to my report from The World Today

Banks act on "fees for no service" scandal as Royal Commission shame bites. I speak with Australian Banking Association boss Anna Bligh

The "fees for no service" scandal engulfing Australia's major banks has forced the industry's peak lobby group to overhaul a key section of its recently revamped code of practice. 

Read the story here

In addition to outlawing fees charged to dead people, the Australian Banking Association will seek new legislation to abolish lucrative "grandfathered" payments and trailing commissions that have in some cases encouraged financial advisers to put their own interests ahead of customers. 

The drastic move comes after the banking Royal Commission's interim report was scathing about "a culture of greed". 

Australian Banking Association chief executive Anna Bligh spoke with ABC's Peter Ryan on the AM program

Nature's Coin joins cryptocurrency rush as regulator AUSTRAC tightens surveillance

An Australian-backed cryptocurrency offering Nature's Coin has joined the rush to use fast evolving blockchain technology to develop real world applications. 

Nature's Coin executive director Ian Jones says the cryptocurrency is backed by tech entrepreneurs to support environmental and ecological projects backed by United Nations principles. 

Australia's financial intelligence agency is monitoring the rise of cryptocurrencies given potential risks for money laundering and terror financing. 

ABC's Peter Ryan says AUSTRAC now regulates 150 cryptocurrencies.

Listen to the story here

CBA to refund 'unauthorised fees' charged to dead and living customers in Royal Commission fallout

The Commonwealth Bank confirms it will refund its customers, including deceased estates, who were charged fees for no service. 

As part of its "remediation program", CBA will scrap "certain fees on legacy wealth products" from January 2019, which it said will save customers $25 million annually. 

It also plans to rebate all grandfathered commissions charged to customers, which will benefit 50,000 customers by around $20 million each year. 

ABC's Peter Ryan says the compensation is direct fallout from evidence that has emerged from the financial services Royal Commission.

'Big four' accounting firms should face banking royal commission to prove independence: former ASIC investigator Glen Unicomb

Former ASIC Glen Unicomb has called for the major accounting firms hired to audit and approve sensitive company reports to be brought before the financial services royal commission to prove their independence. 

Listen to my interview with Glen Unicomb

Read the piece on ABC News Online

Mr Unicomb believes the "big four" accounting firms — PwC, Deloitte, EY and KPMG — risk being exposed to pressure to approve reports to protect lucrative advisory relationships. 

Mr Unicomb tells ABC's Peter Ryan that ASIC has preferred to do deals such as enforceable undertakings rather than pursue civil or criminal prosecutions.

Legendary ABC journalist and presenter Ian Henderson retiring after 38 years at Aunty

Ian Henderson is of the the most inspiring people I have worked with - and I'm proud to call him a mate.

Hendo has been presenting the Victorian edition of the ABC's 7pm News since 1992 when he took over from Mary Delahunty.

What a great career - ABC Europe Correspondent in the late 80s as the Soviet Union's grip on Eastern Europe crumbled is surely one of the highlights of a stellar career.

I was fortunate to work with Ian as a fellow reporter and later when I was the ABC's Head of TV News & Current Affairs in Victoria.

Ian has nurtured dozens of journalists (including myself) over the years. He has maintained high standards to ensure that the ABC's news programs are jargon free, clear, honest and truthful with the viewers interests the first priority.

Here's how Ian announced his retirement on ABC Melbourne with Jon Faine earlier today

And here's a tribute to Ian on the ABC News Online site - one of the many we'll see in the coming days

Extra time on offer but Kenneth Hayne yet to ask for Royal Commission extension

ABC's Peter Ryan says Royal Commissioner Kenneth Hayne has the option of asking for additional time for hearings but is yet to ask. 

Prime Minister Scott Morrison has repeatedly said that if Commissioner Hayne wants more time, he'll get it. 

The Commission's final report is due on February 1.

Here's my report from this morning's AM

Royal Commission fallout: former ACCC boss Allan Fels says corporate regulator should be stripped of banking oversight

Former ACCC chairman Professor Allan Fels says corporate regulator ASIC should be stripped of its bank oversight powers. 

In the wake of the financial services Royal Commission interim report, Professor Fels says ASIC is weak and too close the the institutions it regulates. 

ABC's Peter Ryan says Royal Commissioner Kenneth Hayne remains on track to deliver his final report in February. 

Here's my analysis from this morning's AM

A culture of greed - Royal Commission interim report slams banks, scathing of regulators ASIC and APRA

Australia's financial services sector is driven by a culture of greed and the pursuit of short term profit ahead of the interests of customers. 

In the banking Royal Commission interim report, Commissioner Kenneth Hayne has also criticised the key financial regulators ASIC and APRA where misconduct either went unpunished or the consequences failed to match the crime. 

ABC's Peter Ryan says the Royal Commission resumes in November when chief executives from the major banks are expected to grilled.

Here's my report from the ABC's PM program

Hayne Royal Commission interim report to be bruising for banks, insurers and wealth managers

Banks, wealth managers and insurers will be targeted in the interim report from the financial services Royal Commission set to be released later today. 

AMP, the Commonwealth Bank and the National Australia Bank are likely to be highlighted in the "fee for no service" scandal where shareholder interests where put ahead of customers. 

ABC's Peter Ryan says the final report in February is likely to refer potential criminal or civil charges to the Commonwealth Director of Public Prosecutions for investigation.

Banks brace for bruising Royal Commission interim report - ABC's Peter Ryan looks back at ugly revelations

Here's a preview of the financial services Royal Commission and a flashback to voices speaking to the shocking evidence of unethical, unlawful and potentially criminal behaviour.

LISTEN to my report on The World Today

Dismay about ABC governance and perceived interference - chairman Justin Milne forced to quit

Media commentators and business people are dismayed that the ABC has been embroiled itself in a crisis. 

Even though Justin Milne has now resigned as chairman, the journalists' union, the Media, Entertainment and Arts Alliance still believes the leadership crisis at the ABC can only be resolved with a comprehensive public inquiry.

Here's my analysis on The World Today

US rates on the march as Fed signals end of "accommodative" policy era

US Federal Reserve chairman Jerome Powell has signalled the era of "accommodative" money policy is over and that interest rates will steadily rise through to 2021. 

The Fed this morning raised US rates by a quarter of a percentage point to 2.25 percent. 

ABC's Peter Ryan says higher US rates are unlikely to immediately impact Australian rates which remains at a record low of 1.5 percent.

AGL interim chief executive Brett Redman stands firm on Liddell coal plant closure, chairman Graeme Hunt pressed on timing of Andy Vesey's departure

AGL's interim chief executive Brett Redman is standing firm on the company's strategy to close its controversial Liddell coal power plant by 2002 as part of a switch to renewables. 

The energy giant's chairman Graeme Hunt has also rejected concerns that former chief executive Andy Vesey's retirement was accelerated to rebuild relations with Canberra over the future of Liddell. 

ABC's Peter Ryan is in Melbourne for AGL's annual general meeting.

Commonwealth Bank money laundering admissions a study of poor culture and complacency, Egmont Group chair warns

The Commonwealth Bank is a global case study on how loose compliance can be targeted by sophisticated money launderers, Egmont Group chair Hennie Verneek-Kusters warns. 

Around 150 financial intelligence groups meeting in Sydney for an Egmont Group summit are looking at strategies to stay ahead of money launderers and groups that finance terror. 

Hennie Verbeek-Kusters speaks with ABC's Peter Ryan.

Banks brace for financial services Royal Commission interim findings; ME bank boss Jamie McPhee expects tougher regulation

The banking industry is bracing for a swathe of bruising findings when the interim report from the financial services Royal Commission is delivered to the governor-general at the end of the week. 

ME Bank chief executive Jamie McPhee is expecting tough regulation for the banking sector. 

Mr McPhee has delivered an improved full year profit of $89.1 million due in part to customers switching from major banks

I spoke to Jamie McPhee on The World Today

Michelle Guthrie sacked as ABC managing director; chairman Justin Milne says "not in best interests" of ABC for her to stay

Michelle Guthrie says she is "devastated" after being sacked as ABC managing director halfway through her term. 

ABC chairman Justin Milne tells ABC's Peter Ryan it was "not in the best interests" of the ABC for Ms Guthrie to continue. 

In a tweet, Ms Guthrie says she is considering her legal options and says there is no justification for the ABC board to terminate her contract.

Here's my coverage from The World Today which includes an interview with ABC chairman Justin Milne and media analyst Peter Cox of Cox Media

Insurance industry chief lobbyist Sally Loane grilled on shady industry practices

Financial Services Council chief executive Sally Loane has been unable to answer certain questions about the conduct in the sector under an intense grilling by senior counsel assisting Rowena Orr QC. 

Earlier, Insurance Council of Australia chief executive Rob Whelan conceded there has been inappropriate behaviour by car sales staff in the pushing of "add on" insurance to often vulnerable consumers. 

Here's my report from The World Today

Royal Commission hears Youi insurance is not necessarily "awesome" after Cyclone Debbie

The financial services Royal Commission hears a Youi claims handler "dropped the ball" and a policy holder was $8,000 out of pocket for rent after Cyclone Debbie.

Also, Suncorp concedes action by MP Sarah Henderson prompted faster claims remediation after the Wye River bushfires in Victoria. 

ABC's Peter Ryan is covering the Royal Commission and here's today's report

Aged care stocks hammered on Royal Commission fallout fears; AMP admits charging dead people; NAB executive Andrew Hagger departs amid banking Royal Commission fallout

Aged care stocks have been hammered on the sharemarket amid potential fallout from a Royal Commission into the sector. 

At the financial services Royal Commission, wealth manager AMP has admitted charging life insurance premiums to dead people.

And National Australia Bank senior executive Andrew Hagger is leaving the institution saying he takes responsibility for what has occurred on his watch.

Here's my report from The World Today

Former British PM Gordon Brown on GFC lessons - "we are sleepwalking into the next crisis"

Former British Prime Minister Gordon Brown worries that the world has forgotten the lessons from the events leading up to and the aftermath of the Lehman Brothers collapse in September 2008.

With the rise of Donald Trump as US president and the fallout from Brexit, Gordon Brown worries the international cohesion present in the wake of the GFC has been replaced by self interested complacency driven by protectionism.

Here's my analysis from Saturday AM

'Stunned, shocked, incredibly sad and depressed' - cervical cancer patient's insurance claim rejected by TAL Insurance

TAL Insurance executive Loraine van Eeden has conceded the company developed a strategy to avoid paying an income protection claim to a nurse suffering anxiety. 

Ms van Eeden has agreed the strategy to reject the claim was misleading. 

Also the Royal Commission has heard a phone call of a TAL representative informing a cervical cancer patient that her claim was being rejected because prior depression had not been disclosed. 

Here's my report from The World Today on the ABC

CommInsure boss admits to misleading trauma insurance advertising; former labor Treasurer Wayne Swan on ten years since Lehman Brothers collapse triggers GFC

CommInsure managing directior Helen Troup has admitted that advertising materials for trauma insurance were misleading and deceptive. 

The financial services Royal Commission has heard that despite the perception, CommInsure trauma cover only covers certain types of heart attacks. 

Also, on the tenth anniversary of the Lehman Brothers collapse, former Treasurer Wayne Swan speaks with ABC's Peter Ryan on his fears at the time that the world would plunge into another Great Depression.

Here's my coverage from The World Today

"It felt like the end of the world" - former Treasurer Wayne Swan on Lehman Brothers collapse and fears of Great Depression rerun

This time ten years ago, the world faced a possible rerun of the Great Depression of the 1930s when the Lehman Brothers investment bank collapsed, triggering the global financial crisis.

Global markets froze, banks were too afraid to lend to each other and central banks slashed interest rates heralding trillions of dollars of economic stimulus.

Australia avoided much of the fallout after Kevin Rudd's labor government guaranteed bank deposits and provided massive economic stimulus.

Wayne Swan was Treasurer at the time and he spoke of his fears ten years ago with the ABC's senior business correspondent Peter Ryan.

Standing at the edge of the abyss: RBA's Guy Debelle ten years after Lehman Brothers collapse

The world was facing a possible rerun of the Great Depression of the 1930s this time ten years ago, when the Lehman Brothers investment bank collapsed, triggering the global financial crisis. 

Global markets froze, banks were too afraid to lend to each other and central banks slashed interest rates heralding trillions of dollars of economic stimulus . 

Reserve Bank deputy governor Guy Debelle tells ABC's Peter Ryan he recalls staring into an abyss of unknowns as the crisis unfolded. 

Listen to Guy Debelle's reflections here

"Bloody whinger" - Freedom Insurance staffer derides Down Syndrome man trying to cancel policy

The father of a Down Syndrome man trying to cancel an innapropriate policy with Freedom Insurance was described by a staffer as "a bloody whinger".

The financial services Royal Commission heard that while the policy was cancelled, Freedom staff transfered the the man's father Grant Stewart to the insurer's customer retention department.

ABC's Peter Ryan says retaining customers is a key performance indicator for Freedom sales staff.

LISTEN to my report on The World Today

ClearView insurance phone sales designed to 'wear them down' Royal Commission hears

ClearView Insurance had a "sell at all costs" culture and used high pressure tactics to sign customers up for policies, the financial service Royal Commission has heard. 

ClearView head of risk management Gregory Martin agreed it was inappropriate for sales staff to use scripts to sign customers up before they changed their minds. 

Mr Martin confirmed Clearview staff were pressured to sell "frenetically" with "random incentive days" where high performing staff were rewarded with gift cards. An email to staff read "let it rain gift cards- we're chasing your premium targets today"

ABC's Peter Ryan says Freedom Insurance has admitted to signing up a Down Syndrome man to accidental injury cover.

Here's my coverage from The World Today

Massive debt looms as major risk ten years after GFC, Canada Pension Plan president Mark Machin warns

Canada Pension Plan president Mark Machin says massive global debt looms as a significant risk ten years after the Lehman Brothers collapse sparked the global financial crisis. 

Mr Machin told the ABC's Peter Ryan that stimulus from central banks provided in the wake of the crash means highly leveraged governments and corporations will eventually need to repay their debt. 

Mr Machin is in Sydney as part of the Canada Pension Plan's $9.2 billion investment in the WestConnex toll road project.

Listen to the interview from this morning's AM

Shady insurance world revealed at Royal Commission as Woolies compensates disability pensioner sold inappropriate policy

Woolworths Insurance has agreed to compensate a disability pensioner who was sold an inappropriate life insurance policy. 

Family member Ben Hodgson says Woolworths will refund premiums and review its sales and resolution processes. 

Here's my report from The World Today

As the financial services Royal Commission, the National Australia Bank announced it would not match an independent rate rise in an effort to rebuild trust with the community. 

Chief executive Andrew Thorburn spoke with ABC's Peter Ryan.

Royal Commission to probe dark side of insurance sector - cold calls, scripts, the hard sell

The financial services Royal Commission resumes this morning to examine shady practices in the life and general insurance sector. 

AM has heard the case of a disability pensioner with the intellectual age of a 13 year old who was sold a life insurance policy by Woolworths Insurance that family members say she did not need and could not afford. 

I spoke to family member Ben Hodgson

ABC's Peter Ryan says Kenneth Hayne's interim report goes to the Governor-General on September 30. 

Woolworths Insurance has examined the complaint and maintains its staff acted appropriately in selling the policy.

Response from Woolworths Insurance 4 September 2018

Top female executive hits back at gender wars in business and politics

Chief Executive Women president Kathryn Fagg has hit back at so-called "gender wars" in business and politics. 

Ms Fagg pointed to the resignation of AMP chairman Catherine Brenner after revelations of "fees for no service" at the financial services Royal Commission. 

ABC's Peter Ryan was at the Chief Executive Women annual dinner in Sydney last night.

Put family home in aged pension assets test: former commission of audit chief Tony Shepherd

Businessman Tony Shepherd says the family home should be included in the assets test to qualify for the aged pension. 

The former Business Council president chaired a national commission of audit for Tony Abbott's government back in 2013 and recommended dramatic belt-tightening - including a higher pension age of 70 by 2053. 

Mr Shepherd has supported Scott Morrison's backdown on the higher retirement age but still thinks still thinks the aged pension is unsustainable and a burden for future generations.

Tony Shepherd spoke with me this morning on AM

Australia's recession free record hits 27 years

Australian economic growth has picked up pace, growing by 3.4 per cent in the year to the end of June. 

It's a step up from the 3.1 per cent year-on-year GDP growth in the March quarter and above the 3 per cent the Reserve Bank had forecast. 

ABC's Peter Ryan says the economy has notched up 27 years of unbroken growth.

Blokes club still rules in corporate Australia but gender gap narrowing - Chief Executive Women president Kathryn Fagg

Women still lag men in top executive roles in corporate Australia despite an improved diversity snapshot released today.

The annual survey of Australia's top 200 companies by Chief Executive Women (CEW) shows the blokes club still rules with 93 percent of chief executive positions held by men.

While CEW has declared a "tipping point" towards gender balance, an audit of the ASX 200 shows just 14 female chief executives and 24 chief financial officers slightly up from 2017.

However, the number of companies with no women in their executive leadership teams decreased from 41 in 2017 to 23 in 2018.

CEW president Kathryn Fagg has declared important progress in the attitudes of male-dominated companies with women now comprising 23 percent of executive leadership teams.

Kathryn Fagg speaks with Peter Ryan on AM

Drought to bite into economic growth says Australian Industry Group boss Innes Willox

The impact of the drought is expected to take a bite out of economic growth. 

Australian Industry Group chief executive Innes Willox says Wednesday's quarterly GDP reading will be hurt by the drought. 

A report from Rabobank says rural confidence is at its lowest level in a decade.

Here's my report from The World Today

Cream buns, pineapple donuts - 1978 school tuckshop menu has nothing over 40 cents

Menu courtesy of Peter Ryan schoolmate Mick Hamilton

An old schoolmate has found this great tuck shop price list from 1978 at Marist Brothers Eastwood in Sydney. 

This went viral and ended up on the Jonesy & Amanda breakfast show at WS-FM

I suppose it would now be impossible to get a politically incorrect cream bun and pineapple donut.

Drought drives farmer confidence to decade low: Rabobank survey

The drought crippling Australia's eastern states has driven farmer confidence to the lowest level in more than a decade according to a report out this morning.

The latest rural confidence survey from Rabobank says sentiment has plumbed the depths of the millennium drought in 2006 - and more than half of those polled expect conditions to deteriorate over the coming twelve months.

But despite the grim outlook, the survey says many farmers are resilient and adapting to the worsening drought conditions.

I spoke with Rabobank's head of food and agriculture Tim Hunt.

NBN budget revised up again to $51 billion as higher costs and slower revenue bite

The peak budget for the completion of the National Broadband Network has been increased to $51 billion after higher costs of the rollout and deferred revenue. 

An additional $2 billion will be sourced from private investment markets to make up the shortfall, increasing the NBN's budget from the previous $49 billion. 

NBN Co chief executive Stephen Rue tells ABC's Peter Ryan that the rollout will be completed on schedule by 2020.

Westpac rate hike - PM urges borrowers to shop around

Prime Minister Scott Morrison has urged borrowers to shop around after Westpac's bold move to raise interest rates independent of the Reserve Bank. 

Other banks are yet to follow Westpac's rate hike given reputational risks associated the Royal Commission. 

ABC's Peter Ryan says Mr Morrison has asked for a please explain rather than carpeting Westpac.

Here's my report

Future Fund chairman Peter Costello predicts out of cycle rate rises, slams ASIC for being "asleep"

Future Fund chairman Peter Costello says global investors are looking for stability after last week's leadership crisis in Canberra. 

Mr Costello has also warned of higher interest rates for borrowers while accusing corporate watchdog ASIC for being "asleep" in not detecting unlawful bank behaviour. 

The Future Fund lifted its annual return by 9.3 percent to $146 billion.

Here's my report on The World Today

Xenophobia a factor in Huawei's ban from 5G network says Huawei Aust chairman John Lord

Huawei Australia chairman John Lord has suggested xenophobia was a factor in the federal government's decision to ban the Chinese telecommunications giant from supplying Australia's 5G mobile network. 

Mr Lord told ABC's Peter Ryan that Huawei Australia is independent of the Chinese government would not hand information to Chinese intelligence even if ordered. 

Here's the interview from this morning's edition of AM

Counting on death to stay alive

Propel Funeral Partners posts full year after tax loss of $14.3 million from $3.4 million profit in 2017.

But expects to benefit from three funeral company acquisitions - "assuming death volumes track in line with long term trends".

Turnbull confidante John O'Sullivan says ex-PM is disappointed but will bounce back while some former pollies are "unemployable"

What now for the ousted Prime Minister?

Former Credit Suisse chairman John O'Sullivan is one of Malcolm Turnbull's closest friends and confidantes. 

Mr O'Sullivan says the former PM will bounce back and has options unlike other politicians who he says are "unemployable" outside parliament.

John O'Sullivan spoke AM with the ABC's Peter Ryan

Malcolm Turnbull mate Bruce McWilliam says PM's demise a sad day

One of Malcolm Turnbull's closest friends and confidantes says the Prime Minister's demise is a sad day. 

But Bruce McWilliam, Seven Network commercial director, says Mr Turnbull knew politics was not a bad of roses and is philosophical about being rejected by the Liberal Party. 

Bruce McWilliam speaks with the ABC's Peter Ryan.

AGL Energy chief executive Andy Vesey quits while succession process continues

AGL chief executive Andy Vesey has resigned from the energy company after a controversial four years in the role marked by a tense relationship with Canberra over energy policy.

Mr Vesey will be temporarily replaced by AGL chief financial officer Brett Redman while a domestic and international search gets underway.

The sudden exit comes after the company rejected earlier speculation that Mr Vesey would quit or retire after delivering AGL's full year results.

Read my story here

Australian dollar dips overnight as political crisis worries global investors

The Australian dollar dipped overnight as global investors worried about the political standoff in Canberra and a likely early election. 

The dollar fell 1.4 percent to 72.4 US cents as currency traders backed away from Australia as a safe destination. 

ABC's Peter Ryan says until now business leaders have been numb to the uncertainty but are now deeply concerned about fallout to the economy.

Policy paralysis: business increasingly frustrated by leadership stoush

Away from Canberra, the prime ministerial showdown is continuing to rattle business confidence, amid plenty of unknowns about the policies of a potential Dutton government.

CMC market analyst Michael McCarthy tells ABC's Peter Ryan the mood of Australian investors as "pure frustration" as politicians shoot themselves in their feet.

Listen: Qantas boss Alan Joyce calls for quick resolution to Canberra power games

The political showdown in Canberra continues to rattle business - and this morning it overshadowed a record full year profit from Qantas.

The ABC's senior business correspondent Peter Ryan has been speaking with Qantas boss Alan Joyce who's calling for an urgent resolution on who gets to live in The Lodge.
Here's my coverage from The World Today on the ABC

BHP boss Andrew Mackenzie says big business now numb to leadership instability in Canberra

BHP chief executive Andrew Mackenzie says political instability in Australia is now business as usual. 

Mr Mackenzie is also critical of proposed new powers for the ACCC to force energy companies to sell or divest some assets. 

BHP has reported a full year after tax profit of US$3.7 billion, down 37 percent due to one-off writeoffs and losses.  

I spoke with Andrew Mackenzie on The World Today

Former ACCC boss Allan Fels says energy asset divestiture powers need to be extended to major banks

Former ACCC chairman Prof Allan Fels has backed tough new powers for the competition regulator to force energy companies to divest or sell some assets. 

But Professor Fels says powers should be across the board to include the major banks given revelations from the financial services Royal Commission. 

ABC's Peter Ryan says the extreme measures are the latest market intervention for a free market government.

Here's my interview with Allan Fels from this morning's AM program

Woolworths Brad Banducci boss calls for certainty amid leadership speculation in Canberra

Woolworths shares have dived as much as 3.5 percent after the retailer said supermarket sales had slowed thanks to the phase-out of single use plastic bags. 

As he posted a 12.5 percent better profit of $1.7 billion, chief executive Brad Banducci called for certainty amid the leadership speculation. 

ABC's Peter Ryan says Mr Banducci warns the lack of certainty could harm consumer confidence.

Here's my report from The World Today.