Cash on the demise but not a collector item - yet

The demand for cash might be on decline but consumers will still require hard currency as a backup, according the finder.com editor-in-chief Angus Kidman. 

However, regional and remote communities that don't have access to digital payments still need to be served despite the demise of cash in metropolitan Australia. 

Angus Kidman speaks with the ABC's Peter Ryan.

Depositor pain considered in RBA rate cut decision, minutes show

The impact of lower interest rates on depositors - in particular older Australians - was a key consideration in the Reserve Bank's decision to to cut the cash rate to a new record low earlier this month. 

Read the minutes here

The minutes from the central bank's June meeting show the "implications of lower interest rates on household incomes" was discussed at length acknowledging that "changes in interest rates can have different effects on different groups of households". 

However, ABC's Peter Ryan says the RBA cut the cash rate regardless to lower the jobless rate towards 4.5 percent.

Uncapping university placements is driving enrolments — and drop-outs

A new report out today questions suggests extra university places for disadvantaged students has resulted in more dropouts. 

The Productivity Commission says 21 percent of students who entered under the current "demand driven" system that provides more spaces either failed their degrees or dropped out all together. 

Productivity Commission chair Michael Brennan speaks with ABC's Peter Ryan.

NBN scams on the rise as Australian fleeced of $500,000

Scammers posing to be from the National Broadband Network are fleecing consumers of an average $110,000 a month according to the Australian Competition and Consumer Commission. 

ACCC acting chair Delia Rickard tells ABC's Peter Ryan that more than $500,000 has been scammed so far this year, an increase of 300 percent on 2018.

Adani approval against backdrop of growing concerns about coal exposure

The approval of the Adani mine comes as Norway's sovereign wealth fund receives approval to dump billions of dollars of stocks linked to fossil fuels. 

ABC's Peter Ryan says Adani has been forced to self-fund the project after banks in Australia and China declined to bankroll it.

Unemployment remains steady at 5.2pc despite an extra 42,300 jobs

Australia's unemployment rate remained stuck at 5.2 per cent last month, despite the creation of 42,300 jobs in May. 

The Bureau of Statistics figures show part-time employment increased by 39,800, while full-time employment only rose by 2,400. 

However, ABC's Peter Ryan says the jobs creation won't be enough to stop the Reserve Bank from cutting interest rates further this year.

Netflix the new barbeque stopper with streaming services on track to dominate

A report from the advisory firm PriceWaterhouseCoopers says video streaming services like Netflix and Stan are on track to outstrip free-to-air television and subscriptions to News Corporation's Foxtel. 

Increasingly popular streaming services are tipped to grow by 13.7 percent between 2019 and 2023 with subscription services like Foxtel falling 2.9 percent in the same period as the market continues to fragment. 

Read the report here

Report author and PWC partner Justin Papps speaks with ABC's Peter Ryan.

Retail sector "clearly in recession" as economy slows: NAB survey

Australia's private sector is losing momentum, with business conditions "well below average" and weakening further, according to the National Australia Bank's monthly business survey. 

Chief economist Alan Oster tells ABC's Peter Ryan the retail sector is "clearly in recession".

ABC chair Ita Buttrose condemns AFP raid, vows to fight attempts to 'muzzle' broadcaster

ABC chair Ita Buttrose has "grave concern" about this week's Australian Federal Police (AFP) raid at the national broadcaster, which she says were "clearly designed to intimidate". 

The Afghan Files stories, by ABC investigative journalists Dan Oakes and Sam Clark, revealed allegations of unlawful killings and misconduct by Australian special forces in Afghanistan and were based off hundreds of pages of secret Defence documents leaked to the ABC.

Here's my report from The World Today

AFP raids on ABC damage Australia's reputation, warns business lobby chief Innes Willox

Business is becoming increasingly concerned that this week's federal police raids on the ABC and News Corporation risks eroding confidence in Australia's reputation as a free and open democracy. 

Innes Willox - a former political advisor, diplomat and now chief executive of the Australian Industry Group - worries about the perceived politicisation of supposedly independent government departments and agencies. 

Mr Willox speaks with ABC's Peter Ryan.

Australia's economy slows to levels last seen during the GFC

GDP is mired at levels last seen a decade ago, with year-on-year growth crashing to 1.8 percent as weak wage growth and anaemic household spending take their toll. 

But ABC's Peter Ryan says "growth is growth" and the economy's unbroken expansion is continuing.

Rate relief defiance by ANZ, Westpac a surprise given banking Royal Commission fallout says KPMG Australia boss Gary Wingrove

KPMG Australia chief executive Gary Wingrove is surprised that ANZ and Westpac did not pass on the Reserve Bank's interest rate cut in full to borrowers. 

A survey out this morning from KPMG says Australian chief executives are more upbeat than their global counterparts but see climate change and disruptive technologies as key risks. 

Gary Wingrove speaks with ABC's Peter Ryan.

Peter Ryan with Gary Wingrove. Picture courtesy of Whitney Fitzsimmons

Reserve Bank delivers on expectations, slashes cash rate to new low of 1.25pc

Here's my special report for the Perth edition of The World Today

Rate cut looks certain but businessman Graham Bradley bets against economist pack

Businessman Graham Bradley sees an outside chance the Reserve Bank will resist cutting the cash rate at today's meeting. 

The HSBC Australia chairman believes the RBA will keep its rate cutting powder dry in case of a global shock or to deal with a further deterioration in the Australian economy. 

Graham Bradley speaks with the ABC's senior business correspondent Peter Ryan. 

Fair Work Ombudsman Sandra Parker to crack down on migrant worker ripoffs; working with ABC on alleged underpayment of 2,560 casual staff

Fast food retailers, restaurants and cafes have been put on notice as the Fair Work Ombudsman turns up the heat on bosses who rip off their staff and exploit vulnerable migrant workers.

Ombudsman Sandra Parker says her office will use new powers to name, shame and take dodgy employers to court.

The crackdown comes after operators of three Tokyo Sushi outlets in regional New South Wales were fined more than 380-thousand-dollars for underpaying workers including junior employees and visa holders.

In her first broadcast interview since being appointed last year, Sandra Parker spoke from Canberra with the ABC's senior business correspondent Peter Ryan.

Crown shares plunge after James Packer sells half casino stake

Shares in the casino company Crown Resorts have dived after billionaire James Packer sold half his stake to a Macau-based competitor for $1.76 billion. 

In the absence of a bidding war, Crown investors have been offloading their shares given that the $13 on offer looks like the best price they might get. A

ABC's Peter Ryan says there are some big questions remain about how gaming regulators might view the deal given ownership restrictions on Crown's Barangaroo casino project in Sydney.

James Packer surrenders control of Crown for $1.76 billion

After weeks of negotiations, the billionaire James Packer has sold almost half his stake in the Crown gaming empire for $1.8 billion. 

The sale to Hong Kong casino mogul Lawrence Ho means Mr Packer will lose his control of Crown for the first time. 

ABC's Peter Ryan says the deal comes as James Packer steps back from the corporate world citing mental health issues.

China rattles trade war sabre, puts rare earths squeeze on bargaining table

In what could a major escalation in global trade tensions, China is preparing to use its rich resources of rare earths minerals to strike back at tariffs from the United States. 

Rare earths are a critical factor in everything from high-tech consumer electronics to military equipment and already the prospect that they might become a new bargaining chip in the trade war has seen the value of companies trading in the resource rocket. 

ABC's Peter Ryan speaks about the potential escalation in trade tensions with London analyst Russ Mould of AJ Bell.

Renewables on track to power 50pc of energy by 2030: report

Energy analysts Reputex says Australia will hit a 50 percent renewables target by 2030 as coal-fired power becomes uncompetitive. 

Reputex says the growing dominance of renewables will come despite the lack of a federal energy policy. 

Ernst & Young power and utilities leader Matt Rennie also sees a tipping point and consumers switch to cheaper renewable sources. 

Here's my report from The World Today

Five global banks face class action over exchange rate collusion

Five global investment banks are facing a potential class action after being accused of rigging foreign exchange rates to boost their own profits. 

According to a statement of claim filed this morning, the cartel activity involved the alleged use of secret chatrooms where traders colluded to manipulate rates at the expense of businesses and consumers. 

I speak with Maurice Blackburn principal lawyer Kimi Nishimura

From Maurice Blackburn statement of claim

Landmark week in monetary policy communication as RBA explicitly signals rate cut

ABC's Peter Ryan with Saturday AM presenter Thomas Oriti

Rates to fall to 0.75pc by years end as jobless rate rises, Westpac predicts

Westpac chief economist Bill Evans is predicting that the Reserve Bank's cash rate will fall to 0.75 percent by the end of the year. 

Mr Evans sees two following cuts in August and November with the RBA now almost certain to cut in June. 

ABC's Peter Ryan says economic headwinds are a major challenge for Scott Morrison who campaigned on a platform of prudent economic management. 

British pound in more Brexit falls as Theresa May clings on

The British pound has continued to fall on uncertainty surrounding the future of UK prime minister Theresa May who is under pressure to quit over her exit strategy. 

Foreign exchange strategist Jane Foley says nervousness about a potential "hard" exit from the European Union is hurting the economy demonstrated by this week's collapse of British Steel. 

Jane Foley speaks with ABC's Peter Ryan.

Kogan sued for misleading consumers with false discount offers; ABC's Peter Ryan on latest Huawei developments

The online retailer Kogan is being taken to court for allegedly offering fake discounts to consumers. 

The consumer regulator has accused Kogan of raising prices on certain products before running a misleading online discount promotion. 

Also ABC senior business correspondent Peter Ryan looks at the latest developments with Huawei with UK and Asia telcos pausing contracts on the Chinese telco's phones.

Here's my report on The World Today

British Steel collapses amid Brexit uncertainty, US China trade tensions

Britain's second biggest steelmaker has collapsed and forced into liquidation as a partial result of Brexit uncertainty. 

A potential 25,000 jobs are at risk after British Steel failed to secure emergency government funding with potential buyers yet to emerge with a bailout. 

ABC's Peter Ryan says British Steel was hurt by Britain's looming exit from the European Union, high iron ore prices and investor jitters from US China trade tensions.

Analysts urge caution on deep RBA rate cuts and looser lending buffers from APRA

With interest rates almost certain to be slashed next month, the Reserve Bank is being warned to be careful in cutting too deeply below the already record low levels. 

Analysts say dramatic reductions would leave the RBA with less of a buffer to deal with a further deterioration in Australia's economy or a shock from China. 

The calls for caution come after the banking regulator APRA said it planned to loosen current restrictions on home loans to stimulate credit growth and ease the housing downturn.

Here's my report on The World Today

Reserve Bank in dramatic change to "easing bias", bets rise to 70pc for June cash rate cut

The Reserve Bank is set to cut interest rates if the labour market fails to improve further. 

The minutes from the Board's May meeting say that any rise in the jobless rate would be trigger for a rate cut. 

The indications come as Prime Minister Scott Morrison confronts a slowing economy and flat wages as he projects a budget surplus in the new financial year. 

ABC's Peter Ryan says the change in language shows the RBA is no longer sitting on the fence and could cut the cash rate as early as June.

Labor's failed bet on franking credits as PM confronts slowing economy

Fitch Ratings has re-affirmed Australia's AAA credit rating, saying the re-election of the Morrison government provides important continuity. 

Fund manager Geoff Wilson tells me Labor underestimated the backlash of its franking credits policy and believes it was a key factor in the Coalition's surprise victory.

Slowing economy, climate change a challenge for new government warn economists Sarah Hunter and Jo Masters

Economists say the new Morrison government must now take action on climate change and heed the message from the ousting of former Prime Minister Tony Abbott. 

Jo Masters and Sarah Hunter tell me the slowing Australian economy is a major challenge with the Reserve Bank likely to cut interest rates.

Now there's a Prime Minister - Bob Hawke at the National Press Club as Opposition Leader a week out from the March 1983 election

Watch Bob Hawke with the National Press Club audience in the palm of his hand

Billionaire trucking magnate Lindsay Fox on his mateship with Bob Hawke - a great leader but "just one of the people in the crowd"

Billionaire trucking magnate Lindsay Fox was one of Bob Hawke's closest friends and confidantes. 

He says Bob Hawke's initiative after being elected in 1983 to bring business and unions together in a historic economic summit changed Australia forever. 

Mr Fox, who founded the logistics company Linfox in 1956, spoke with ABC's Peter Ryan.

Jobless rate rises, rate cut bets firm

Australia's official jobless rate has crept higher adding to speculation that the Reserve Bank will be forced to cut interest rates. 

In April, unemployment rose to 5. 2 percent in the face of stronger than expected jobs growth. 

The data comes days out from the election where both major parties have laid claim to being strong economic managers. 

ABC's Peter Ryan says the RBA now has the trigger to cut the cash rate in June.

Wages growth fails to pick up as stagnating pay defies budget forecasts

Wage growth remains stuck around historically low levels, with workers receiving annual pay increases averaging 2.3 per cent. 

The ABS wage price index rose 0.5pc in the March quarter, below analysts forecasts centred on 0.6pc. 

Annual wage growth was stuck at 2.3pc for the third quarter in a row. 

ABC's Peter Ryan says stagnating wages contradict budget projections that wages growth will eventually return to 3.25pc. 

Govt housing help can mean higher real estate prices, NZ economist warns

Efforts by the New Zealand government to help first home owners with lower deposits can result in high real estate prices, according to the NZ Institute of Economic Research. 

Principal economist Christina Leung says in a rising market, government assistance can have unintended consequences.

Negative equity a risk under Coalition housing deposit plan to underwrite 5 percent deposits for first time borrowers, warns economist Stephen Koukoulas

Economist Stephen Koukoulas warns Scott Morrison's housing deposit scheme runs the risk that borrowers might fall into "negative equity" if the real estate correction worsens. 

Mr Koukoulas tells ABC's Peter Ryan that the scheme comes as banks are tightening lending standards and could create "moral hazard" if borrowers think they will ultimately be bailed out by taxpayers. 

Reserve Bank slashes growth forecasts, frets about housing fallout, June rate cut bets back on

The Reserve Bank has slashed its forecasts for economic growth as subdued household income and the real estate correction continue to bite. 

In its quarterly statement on monetary policy released this morning, the RBA says weakening household consumption is a "key risk" to the economy especially in the context of falling real estate prices. 

ABC's Peter Ryan says the RBA now has case to cut the cash rate as early as June.

Source: Reserve Bank of Australia

Climate change to wipe $571 billion off real estate by 2030, report warns

The Climate Council is warning that $571 billion could be wiped off Australian real estate values by 2030 unless future governments take action to tackle climate change. 

Research released today says climate change could see economic growth reduced by $4 trillion over the next 80 years and that insurance premiums could become unaffordable for one in 19 households. 

Climate Council chief executive Amanda McKenzie speaks with ABC's Peter Ryan

Economist Warren Hogan says RBA keeping powder dry for shocks for China, housing correction escalation

Economist Warren Hogan says the Reserve Bank board will be careful to hold back future interest rate cuts to deal with potential shocks from China or an escalation in the housing correction. 

Professor Hogan - now at the UTS Business School in Sydney - told ABC's Peter Ryan it is significant that the RBA has sidelined its traditional focus on inflation to keeping the jobless rate below the current five percent.  

Warren Hogan spoke with Peter Ryan on The World Today

Reserve Bank defies pundits and leaves cash rate unchanged - but makes it clear the focus is on jobs

The Reserve Bank kept its powder dry and left the cash rate on hold this afternoon at 1.5 percent - where it’s been since August 2016.

However, the statement makes it very clear the Board is keeping an eagle eye on the labour force remaining cautiously positive about the low with jobless rate low of 5 percent.

Saxo Capital Markets strategist Eleanor Creagh got it right on AM this morning when she bet the RBA would hold back because of the jobs factor

The message is clear - inflation is one factor but for now the game is all about jobs, meaning every meeting from now on is “live” with a growing likelihood that rates will be cut in July with a followup in August.

Economists divided on Reserve Bank rate cut in midst of election. I speak with Saxo strategist Eleanor Creagh and Ian Henschke from National Seniors Australia

Futures markets are factoring in a 44 percent chance that the Reserve Bank will cut interest rates at today's board meeting in the midst of an election. 

While borrowers are set to get cheaper money, Nationals Seniors Australia warns low deposit rates is making life harder for retirees who might be tempted to take on riskier investment in search of better returns.

Here's my preview from this morning's AM

Westpac profit tumbles as Royal Commission compensation bites

Westpac's half-year profit has fallen by almost a quarter as the cost of customer compensation mounts and home-lending growth stagnates. 

The bank's net profit fell 24 per cent to $3.2 billion for the half-year to March 31. 

Chief executive Brian Hartzer told an investor briefing that customer remediation was a priority with $1.4 billion put aside for refunds over the next three years after revelations of misconduct emerged at last year's Royal Commission.

Here's my report from The World Today

A third of workers ripped off by bosses in "unpaid super epidemic", Industry Super Australia warns

A third of Australian workers are still being ripped off on their superannuation entitlements with rogue employers pocketing almost six billion dollars to fatten up their own books, according to a report out today. 

Research commissioned by Industry Super Australia based on Australian Tax Office data has found that 2.8 million workers were shortchanged with an average underpayment of $2070 a year. 

What's been described as "unpaid super epidemic" defies action in recent years by the ATO  to crack down on loophole used by unscrupulous employers. 

Industry Super Australia chief executive Bernie Deane spoke with ABC's Peter Ryan. 

NAB boss Phil Chronican relaxed about "negative equity" as long as jobless rate stays low

National Australia Bank interim chief executive Phil Chronican says less than one percent of its loan book is in "negative equity" where an outstanding loan exceeds a property's value.

But Mr Chronican says negative equity won't become a shock as long the unemployment rate remains low. 

NAB has posted a 4.3 percent increase in half year profit to $2.7 billion dollars, but has cut its dividend to investors and clawed back $5.5 million in executive bonuses as Royal Commission fallout continues to bite. 

Phil Chronican spoke with ABC's Peter Ryan.

ALDI Australia boss Tom Daunt sees evidence of housing correction as shoppers cut costs; reveals new strategy coming to ramp up recycling

ALDI Australia chief executive Tom Daunt says the low profile supermarket chain has added $23 billion to the Australian economy since setting up shop here in 2001 and challenging the might of traditional giants Woolworths and Coles. 

In a rare interview, Mr Daunt said a commissioned report from advisory firm PriceWaterhouseCoopers found ALDI has contributed to significant price deflation which is saving shoppers $2.2 billion a year. 

Mr Daunt told ABC's Peter Ryan that Aldi is planning to ramp up its climate change policy to move to greater recycling of products with an announcement set for the coming months.  

LISTEN TO MY INTERVIEW WITH TOM DAUNT

ALDI Australia chief executive Tom Daunt (supplied by ALDI)

ANZ net profit slips on slowing housing market and Royal Commission fallout

ANZ Bank has reported a five percent dip in its first half net profit to $3.2 billion, weighed down by a rapidly cooling housing market. 

However, the bank's preferred measure of cash profit is two percent higher and ANZ shares rose as a result. 

ANZ chief executive Shayne Elliott  says the banks decision to take a more prudent approach to lending as a result of Royal Commission revelations contributed to the softer result.

Here's my report from The World Today

Antony Catalano dismisses paywalls as answer to newspaper decline; no guarantees on jobs pledges to grow former Fairfax regional mastheads

Former newspaper copyboy and one time Fairfax Media high flyer Antony Catalano has pledged to grow the 160 regional mastheads he has bought from Nine Entertainment. 

Mr Catalano is yet to reveal his strategy for Australian Community Media but does not believe paywalls are the answer in a fading print environment. 

Mr Catalano would give no firm guarantees about job cuts, but told ABC's Peter Ryan he will be reviewing the operations of the regional empire once owner by Fairfax Media. 

Interest rate cut bets rise as consumer inflation flatlines

Money markets have lifted their bets that the Reserve Bank will cut interest rates as early as May after consumer inflation plunged in the first three months of this year. 

The Bureau of Statistics says quarterly inflation rose by zero percent and a lower-than-forecast 1.3 percent over the year. 

ABC's Peter Ryan says a steep fall in the Australian dollar is a sign that investors believe the RBA will have little choice but to cut rates.

Source: Thomson Reuters Eikon

Director sentiment plunges amid global economy fears and no action on climate, energy policy

Sentiment amongst company directors has plunged to a two year low amid growing concerns about fallout from a slowing global economy. 

Institute of Company Directors chief executive Angus Armour tells ABC's Peter Ryan that directors are also frustrated about a lack of action on climate change and energy policy from both major parties.

Source: Australian Institute of Company Directors

News Corp boss Robert Thomson lashes New York Times "hatchet job" on Murdoch family

News Corporation global chief executive Robert Thomson has attacked the digital giant Google while warning that a "mob mentality" has taken hold of debate in much of the West. 

Mr Thomson also defended his boss and News Corp founder Rupert Murdoch accusing his rivals including the influential New York times of "muck spreading" and doing a hatchet job on the Murdoch family. 

ABC's Peter Ryan says Mr Thomson's comments come as Rupert Murdoch recalibrates his empire to deal with the digital shift and determines his succession plan.

Excerpt from Robert Thomson address for Keith Murdoch Oration

Safe as houses? Report home borrowers better off renting and investing in shares. I speak with Ernst & Young chief economist Jo Masters

Home owners could have saved $608,000 over ten years if they invested their deposit in the sharemarket over ten years and rented, according to research from the advisory firm Ernst & Young. 

Chief economist Jo Masters tells ABC's Peter Ryan it's time for investors to give up on the mindset that renting is "dead money". 

The research found that 60 percent of Sydney apartment owners would have been better off if they had invested in shares.

"Truly apocalyptic" - Professor Robert Aldrich witnesses Notre Dame in flames

Robert Aldrich - professor of European History at the University of Sydney - awoke this morning to see vision of Notre Dame in flames. 

He spoke this morning with the ABC's Peter Ryan.

Trust in politicians under cloud as anti-corruption body concerns grow. I speak with Griffith University professor AJ Brown

The anti-corruption body Transparency International will today update its wish-list for a national integrity body amid concerns that it won't be properly resourced to fight corruption. 

The coalition's proposal for a Commonwealth Integrity Commission is seen as weak given that it won't be permitted to hold public hearings, won't take tips from the public and will only investigate when the evidence meets a high threshold. 

Griffith University professor AJ Brown - who's also on the Transparency International board - speaks with ABC's Peter Ryan.

"Negative equity" a risk if housing correction deepens, Reserve Bank warns

More major falls in real estate values particularly in Sydney and Melbourne could push some borrowers into "negative equity", the Reserve Bank has warned. 

In its six-monthly Financial Stability Review released this morning, the RBA says the deepening housing correction has the potential to stoke negative equity - where the outstanding balance of a loan taken out to purchase real estate exceeds the value of a property it is secured against. 

ABC's Peter Ryan says the RBA's warning will send jitters among borrowers who bought at the top of the market.

Business groups jaded by political spin but hope for big picture reform policies

Business groups are hopeful but realistic about a big picture policies on economic reform from the two major parties. 

ABC's Peter Ryan speaks with chief executives from the Business Council of Australia; Australian Chamber of Commerce & Industry and the Australian Industry Group.

Business Council chief Jennifer Westacott warns Labor, Coalition to avoid election "race to the bottom"

With the election now called, big business is warning both major parties to resist a "race to the bottom" where critical policies fall off the table to make way for short term political gain.

The Business Council of Australia has released its pre-election "to do" list that includes creating more jobs, lifting wages, lowering taxes and tackling surging energy prices. 

Business Council chief executive Jennifer Westacott speaks with ABC's Peter Ryan.

Crown Resorts shares plunge after Las Vegas suitor Wynn pulls deal

Crown Resorts shares plunged more than ten percent after a potential suitor Wynn Resorts abruptly terminated its proposed $10 billion takeover deal. 

In a brief statement, Wynn said the deal was off because it had been prematurely disclosed to the Australian sharemarket. 

ABC's Peter Ryan says there is little doubt that James Packer will be seeking another deal and that his plans to sell down assets continue.

Packer casino sale shelved as Wynn Resorts pulls $10b deal

Wynn Resorts has abruptly terminated its proposed $10 billion deal by buy James Packer's Crown casino empire. 

In a brief statement, Wynn said the deal was off because it had been prematurely disclosed to the Australian sharemarket. Crown shares rocketed 21 percent on news of the potential takeover. 

Here's my analysis from AM

James Packer cashing in his chips? Crown confirms talks underway for possible $10b sale

Crown Resorts confirms "confidential discussions" are under way with the Las Vegas-based Wynn Resorts for a possible $10 billion sale. 

ABC's Peter Ryan says the speculation is fuelled by James Packer's retreat from corporate life after standing down from all Crown positions last year when he revealed mental health issues.

Election race for economic credibility against housing, wages background

A critical platform on the yet-to-be-called election will be economic management. 

With the federal budget out of the way, economists are now focussing on how the two major parties will confront the big challenges - including the housing correction, weak wages growth and a slowing global economy. 

ABC's Peter Ryan speaks with market economists Paul Bloxham and Sarah Hunter.

30 Big W stores face axe as retail slump, online sales bite

Woolworths will close 30 of its loss-making Big W stories as the retail slump and growing online sales continue to bite. 

The decision adds up to a $370 million hit to Woolworth's bottom line. 

Woolworths chief executive Brad Banducci says it was a hard decision but a pragmatic one that any leader would make.

Here's my report from The World Today

Business pleads for lending relief as Royal Commission fallout bites - I speak with Xero boss Trent Innes and NSX chief executive Ann Bowering

Businesses - both big and small - have their usual budget wish lists of tax cuts, looser regulation and incentives to counter a slowing economy. 

But by far, the biggest headache for business at the moment is sourcing finance given tighter lending standards stemming from the banking royal commission. 

Trent Innes, chief executive of the accounting platform provider Xero, says small businesses under the pump are having to find others ways to fund their investments. 

National Stock Exchange chief executive Ann Bowering says small companies are turning to capital markets to raise cash.

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

Climate change raising company liabilities, barristers warn on potential litigation

Evidence that climate change is posing a greater risk to broader economy is putting company directors at greater risk of being taken to court, according to updated legal advice out today. 

Barrister Noel Hutley SC says it's now obvious that climate change is affecting the economy and given recent warnings, companies could face legal action for not acting on the exposure to investors - and that includes anyone worried about their retirement nest-egg. 

Centre for Policy Development chief executive Travers McLeod commissioned the advice and spoke with ABC's Peter Ryan.

Tax Office updates nation's widening income gap - surgeons top list of biggest earners

Australia's richest live near Sydney's northern beaches and earn more than 10 times the income of the nation's poorest, who live in regional NSW, ATO statistics show. 

Sydney's 2108 postcode recorded Australia's highest average taxable income of $230,330. New South Wales was home to the lowest-earning area. Postcode 2308 had an average taxable income of $20,589. 

However, ATO deputy commissioner Louise Clarke tells ABC's Peter Ryan the data does not provide enough information to identify tax avoiders.

Microsoft president Brad Smith: more needs to be done to prevent another Christchurch

Two weeks after the Christchurch massacre, Microsoft president Brad Smith tells The World Today that more needs to be done to prevent to spread of hate material. 

Mr Smith has met with New Zealand prime minister Jacinda Ardern who has demanded tech and social media companies find ways to identity and eliminate hate material. 

Brad Smith spoke in Sydney with ABC's Peter Ryan.

ANZ Bank boss Shayne Elliott concedes shareholders ranked ahead of customer interests in years leading to Royal Commission

ANZ Bank chief executive Shayne Elliott concedes that shareholders had "primacy over customers" in the years leading up to the financial services Royal Commission. 

Speaking at a six-monthly parliamentary grilling, Mr Elliott said bankers guilty of misconduct should be penalised and that tighter lending standards were a potential impact on the broader economy.

Resource companies accused of betting on Paris Agreement failure. Billionaire businessman Rob Millner tells unhappy investors to "sell"

Environmental finance group Market Forces has outed 22 listed resource companies for ramping up fossil fuel investments in the hope that the Paris Climate agreement will fail.

Companies accused of ignoring warnings from investors and regulators include New Hope, Whitehaven and Washington H. Soul Pattinson. 

But billionaire investor Rob Millner, chairman of Washington H. Soul Pattinson, tells ABC's Peter Ryan that investors should sell their shares if they don't like plans to build new coal mines.

Unemployment drops below 5 per cent for the first time in eight years

The unemployment rate has fallen to its lowest level in almost eight years, although its move below 5 per cent was largely driven by fewer people looking for work. 

In seasonally adjusted terms, the unemployment rate came in at 4.9 per cent, its lowest level since June 2011. 

ABC's Peter Ryan says the rate of job creation slowed with 4,600 new jobs over the month, a marked step down from the 39,100 jobs in January.

Ireland braces for post-Brexit world as delegation does deals in Australia

Ireland is bracing for a post-Brexit world but is confident that a hard customs border between the Irish Republic and Northern Ireland can be avoided. 

Enterprise Ireland executive director Kevin Sherry concedes Brexit will likely cut economic growth but says the Irish people are used to dealing with adversity. 

Mr Sherry, who is part of a delegation in Australia to broker post-Brexit deals, spoke with the ABC's Peter Ryan.

Reserve Bank deputy governor Guy Debelle warns climate change impact would be "abrupt, disorderly" - now factored into policy deliberations

Climate change now threatens Australia's financial stability. 

That's the stark warning from the Reserve Bank on what could become an "abrupt and disorderly" economic transition. 

In a landmark speech last night, the RBA's deputy governor said climate change had become a "key policy concern" given that's being factor into monetary policy deliberations. 

ABC's Peter Ryan analyses Guy Debelle's landmark speech.

Abolish lucrative tax breaks to restore budget discipline, CEDA warns ahead of election

An independent economic think tank is urging the federal government to do the politically unthinkable and rein in what it sees as unsustainable tax breaks just out from the May election.

The Committee for Economic Development of Australia (CEDA) says tough decisions need to be made about controversial refundable franking credits, work related expenses and capital gains tax to ensure the anticipated budget surplus is long term instead of a one off. 

In the case of the tax credits that Labor wants to abolish, CEDA says the cost to the budget has ballooned from $550 million when the break was first introduced to $5 billion dollars today, mostly to individuals with big investment portfolios. 

CEDA chief executive Melinda Cilento speaks with ABC's Peter Ryan.

Incoming NAB chairman Phil Chronican bracing for possible prosecutions from Royal Commission

Newly-appointed NAB chairman Phil Chronican assumes that the National Australia Bank is among institutions being investigated by regulators for possible civil or criminal prosecutions stemming from the banking Royal Commission. 

In his first broadcast interview since being appointed, Mr Chronican said he fully expects "other issues" to emerge this year. 

Phil Chronican tells ABC's Peter Ryan that alleged multi-million dollar fraud being investigated at the NAB is "exceptionally disappointing" but that the bank needed stronger internal measures to prevent it. 

Cooling economy, rising jobless to prompt two interest rate cuts this year: Westpac chief economist Bill Evans

Westpac chief economist Bill Evans says a cooling economy and a rising unemployment rate will force the Reserve Bank to cut interest rates twice this year. 

Mr Evans, who rightly predicted the RBA's last rate cutting cycle in 2011, believes the central bank will once again downgrade its forecasts for three percent growth in 2019. 

However, Bill Evans tells ABC's Peter Ryan that despite the slowing growth, a recession is not inevitable.

Economy slows as subdued consumers and real estate investors hold back. Income recession we had to have?

The Australian economy grew at its slowest pace in more than 18 months, rising just 0.2 per cent in the December quarter and 2.3 per cent over the year. 

The ABS says household spending is subdued with dwelling investment falling by 3.4 per cent. 

ABC's Peter Ryan says although the Reserve Bank says rates are on hold, some market economists believe there will be two rate cuts this year as the jobless rate rises.

Economy tipped to slow as forecasters punt on RBA rate cut

Growth figures for the final three months of 2018 are tipped to show Australia's world beating economy is slowing. 

Market economists have downgraded their growth forecasts in the expectation that rising unemployment would force the Reserve Bank to cut interest rates. 

But BIS Oxford Economics chief economist Sarah Hunter tells ABC's Peter Ryan she is alert but not alarmed.

Land of fair go at risk as inequality worsens, ACTU secretary Sally McManus warns

Anemic wages growth, a widening gap between rich and poor and a "powerful elite" of banks, insurers and multinationals the main winners from 27 years without a recession.

That's the warning from the ACTU which is warning the policies of the Morrison government could result in an American style economy of dead end jobs, poverty pay levels and zero job security. 

ACTU secretary Sally McManus tells ABC's Peter Ryan that living standards in Australia are at thirty year low and could fall even further.

Australia's youth unemployment crisis in regions and suburbs

Source: Brotherhood of St Laurence based on ABS data

Official figures confirm Australia's national jobless rate is sitting at five percent. 

While Scott Morrison will be spruiking jobs growth in the leadup to the election, the youth unemployment rate is as high as 25 percent in part of regional Australia.

The Brotherhood of St Lawrence has crunched the numbers to identify the twenty worst hotspots where young Australians struggle to find a job. 

Brotherhood of St Laurence executive director Conny Lenneberg speaks with ABC's Peter Ryan.

Women in 80 year wait for CEO parity with men, report warns

A gender study out this morning says it might take 80 years for women to achieve parity in chief executive roles that remain dominated by men. 

Research from the government's Workplace Gender Equality Agency and the Bankwest Curtin Economics Centre shows that while the pay gap is narrowing, the glass ceiling for women at the CEO level might have to wait til next century. 

Report co-author Associate Professor Rebecca Cassells speaks with ABC's Peter Ryan.

Ita Buttrose's big challenge as ABC chair - fight the digital giants, shore up funding

ABC's Peter Ryan says incoming ABC chair Ita Buttrose is known as a tough operator as a top editor for Kerry Packer and Rupert Murdoch. 

Analysts say Ms Buttrose's first challenge will be to restore stability at the national broadcaster and to lobby for greater funding certainty in the face of cut throat digital competitors. 

Media Entertainment & Arts Alliance chief executive Paul Murphy does not question Ms Buttrose's credentials but says the bypassing of the government's independent selection panel creates the perception of a political appointment.

Here's my analysis from this morning's AM.

Ita Buttrose appointed as ABC chair; PM defends bypassing selection process

After days of speculation, the veteran editor and media icon Ita Buttrose has been confirmed as Scott Morrison's captain's pick as chair of the ABC. 

Ms Buttose's appointment brings some long-awaited stability to the national broadcaster after it lost its managing director and chairman in the space of days last September. But 

ABC's Peter Ryan says Ita Buttrose's elevation to the top of the ABC has been overshadowed by the Prime Minister's decision to sidestep the nominations of the government's independent selection panel.

ASIC's Sean Hughes warns - insurers ignore Hayne lessons at their peril

The corporate watchdog has warned it will aggressively pursue criminal action against white collar criminals in the wake of misconduct that emerged at the banking Royal Commission. 

ASIC commissioner Sean Hughes has also urged the financial sector to clean up its act now before tougher laws are brought in - and that the recommendations from Royal Commissioner Kenneth Hayne can't be ignored. 

ABC's Peter Ryan reports for The World Today.

Bluescope Steel yet to see dent from housing correction; Ita Buttrose firms as ABC chair pick

Bluescope Steel chief executive Mark Vassella confirms he has seen a moderation in demand from the housing correction but warns that any shock could have a more material impact on the steel maker. 

Also today, Ita Buttrose has been named as a possible top candidate for the ABC chair role which has been vacant for five months. 

Prime Minister Scott Morrison says a decision is yet to be made but says he was surprised and disappointed to receive an all-male short list from the government's selection panel.

Here's my report on The World Today

Ita Buttrose tipped as ABC chair with PM to decide this week; PM "surprised , disappointed" at all male short list

Ita Buttrose has been named as a possible top candidate for the ABC chair role which has been vacant for five months. 

Prime Minister Scott Morrison says Ms Buttrose is a great Australian but says a decision is yet to be made. 

However, Mr Morrison says he was "surprised and disappointed" to receive an all male short list.

The media buyer Harold Mitchell says the former editor for Kerry Packer and Rupert Murdoch is tough but compassionate. 

ABC's Peter Ryan says the position of ABC managing director is also vacant after last year's sacking of managing director Michelle Guthrie.

"Don't jump to conclusions" - Reserve Bank governor warns on China coal ban

Reserve Bank governor Dr Philip Lowe warns against jumping to conclusions for reasons behind China's ban on Australian coal at its Dalian port. 

Dr Lowe suspects policies to improve the environment and to protect a slowing local coal industry could be factors behind the decision. 

Here's my report from The World Today