Tomago Aluminium boss Matt Howell says gas deal critical to "keeping the lights on"

The gas deal has been welcomed by the chief executive of the Tomago aluminium smelter, Australia's single biggest user of energy. 

Chief executive Matt Howell tells ABC's Peter Ryan the agreement is critical to "keeping the lights on".

ANZ sees $450m monthly hit to economy as coronavirus fears rise

ANZ economists predict the impact of the coronavirus could mean a $450 million monthly hit as Chinese tourists stay away. 

ANZ sees economic growth being shaved by 0.2 percent over 2020. 

ANZ economist Hayden Dimes speaks with ABC's Peter Ryan.

"More to be done" - banks lobby chief Anna Bligh contrite a year on from Hayne Royal Commission final report

A year after Kenneth Hayne released the banking royal commission's final report, chief lobbyist Anna Bligh is contrite, conceding there is "still much more work to be done."  

After initially describing revelations of shocking misconduct as "shameful", Australian Banking Association chief executive Anna Bligh says $5.8 billion has been paid out to jilted customers. 

Speaking with ABC's Peter Ryan, Ms Bligh did not rule out the possibility that banking executives could still face civil or criminal charges.

"Buy now, pay later" sector unveils consumer protection code in face of concerns from ASIC and parliamentary inquiry

The increasingly popular "buy now, pay later" sector is promising better safeguards for vulnerable customers at risk of getting in over their heads with excessive credit. 

In a code of practice being released today, new and disruptive credit providers including Afterpay, Zip Co, Latitude and Openpay will commit to safeguards such as capping late fees, screening the ability of customers to repay and to never initiate bankruptcy procedures. 

Australian Financial Industry Association chief executive Diane Tate speaks with ABC's Peter Ryan.

Australian stocks dive on coronavirus fears; Future Fund chairman Peter Costello warns of potential negative impact on Australia's economy

Australia stocks have dived on fears about the fast spreading coronavirus and uncertainty about how China will contain it. 

Travel, hotel, casino and technology stocks were hardest hit. 

Future Fund chairman Peter Costello tells ABC's Peter Ryan that the virus could be a short term negative for Australia's economy.

Global markets slammed on coronavirus fears as travel, hotel, casino stocks reel

Global stocks have dived on fears about the fast spreading coronavirus and how China will contain it. 

Travel, hotel, casino and technology stocks were hardest hit. 

Commsec chief economist Craig James tells ABC's Peter Ryan that Australia is exposed given the economy's reliance on resource exports to China.

Dodgy "middlemen" gouging vulnerable bushfire victims on insurance claims

Dodgy middlemen are gouging vulnerable bushfire victims with excessive fees with promises to expedite insurance claims, the Australian Financial Complaints Authority is warning. 

AFCA's chief operating officer Justin Untersteiner says some victims have been bullied by middlemen and confronted in person or via "cold calls".

I spoke with Mr Untersteiner on this morning's edition of AM.

Crown board shakeup as Barangaroo inquiry looms - James Packer confidante John Alexander steps down as executive chairman

James Packer's Crown Casino empire has shaken up its boardroom governance as the company faces down a high stakes inquiry by the New South Wales gaming regulator.

A key change involves the retirement of Crown executive chairman and Packer confidante John Alexander who's being replaced by the former Howard government minister Helen Coonan. 

ABC's Peter Ryan says the move by Crown comes as the gaming giant confronts concerns about its boardroom governance.

"Hundreds" of Australians caught in global swoop as tax agencies target financial institution in Central America

Potentially hundreds of Australian tax avoiders using a dodgy bank in Central America could face civil or criminal charges after a global investigation into money laundering and tax evasion. 

Tax agencies from the United States, Britain, Canada, Australia and the Netherlands targeted a financial institution operating in multiple countries that allegedly uses a sophisticated system to conceal and transfer wealth anonymously to launder the proceeds of crime. 

ATO assistant commissioner Brett Martin tells ABC's Peter Ryan that Australians using the scheme could face criminal or civil charges.

"Westpac is in really good shape apart from some sustained damage on the regulatory side" -- new Westpac chairman John McFarlane upbeat in face of money laundering scandal

Source: supplied by Westpac

Westpac has named veteran banker John McFarlane as its next chairman as it confronts the fallout from a massive money laundering scandal revealed last November. 

Read the story here

Mr McFarlane is a former chief executive of the ANZ Bank and was chairman of British bank Barclays until May last year. 

Here's my analysis from The World Today

NAB trustees hit with class action for 'mismanaging' retirement savings

National Australia Bank's superannuation trustees have been hit with a new class action for allegedly ripping off more than 330,000 clients by failing to move them into lower cost default products. 

Plaintiff law firm Maurice Blackburn filed the case in the Victorian Supreme Court on Wednesday, claiming that two of NAB's super trustees breached their duties and failed to act in the best interests of clients. 

Maurice Blackburn head of class actions speaks with ABC's Peter Ryan.

Barangaroo casino inquiry raises Stanley Ho's criminal links as a potential "close associate"

The alleged criminal links of one-time Macau casino magnate Stanley Ho are being probed at a special inquiry into the Crown gaming empire's licence to operate a restricted casino at Barangaro in Sydney. 

Counsel assisting the inquiry Adam Bell has outlined the definition of who could be a "close associate" of the casino as a result of James Packer's proposed share sale ag to Stanley Ho's son Lawrence Ho - the chairman and chief executive of Melco Resorts.

ABC's Peter Ryan says the outcome of the inquiry is high stakes for James Packer and could scupper the sale deal with Melco Resorts.

High stakes for James Packer as Barangaroo casino inquiry begins

James Packer's relationship with Macau casino magnate Lawrence Ho will be in the spotlight when a high stakes inquiry gets underway in Sydney later this morning. 

New South Wales gaming regulators will probe Lawrence Ho's links to his 98-year-old father Stanley Ho who in the past has been linked to organised crime in Hong Kong and outlawed from having any association with Crown's operation of the Barangaroo casino in Sydney. 

ABC's Peter Ryan says the inquiry was sparked after Mr Packer surprised investors when he proposed a controversial $1.7 billion dollar share sale to Lawrence Ho's Melco group last year.

Bushfires, drought to stall economic growth, Australian Industry Group warns

The combined impact of bushfires and drought could stall economic growth, Australian Industry Group chief executive Innes Willox warns. 

Mr Willox says the Treasurer's commitment to delivering a budget surplus might need to be reviewed given the devastation to rural communities. 

Mr Willox speaks with ABC's Peter Ryan.

Female company directors crack 30pc glass ceiling for first time

The percentage of women on ASX 200 company boards has hit 30 percent for the first time. 

However, seven companies in the index have been outed for having no female directors at all. 

Company director Nicola Wakefield Evans, chair of the 30 percent Club, tells ABC's Peter Ryan that companies now need to achieve greater cultural diversity and representation of people with disabilities. 

Source: Australian Institute of Company Directors 

NAB top brass face angry shareholders as "fees for service" scandal goes to court

National Australia Bank chief executive Ross McEwan says he wants a "constructive" relationship with regulators as ASIC takes the bank to court over the fees for no service scandal. 

Shareholder and former Labor senator Chris Schacht has once again labelled the NAB board "failed capitalists" for the reputational and financial damage as a result of last year's banking Royal Commission. 

Here's my report from The World Today

NAB facing massive fine as ASIC launches "fees for no service" court action. I speak with ASIC deputy chairman Dan Crennan who says "it's possible" that former NAB chief executive Andrew Thorburn could be called as a witness

National Australia Bank is facing a theoretical fine that could run into the billions of dollars as the "fees for no service" scandal heads to court. 

The Australian Securities & Investments Commission says NAB allegedly breached conditions of its financial services licence and failed to act honestly and fairly. 

ASIC deputy chairman Dan Crennan tells ABC's Peter Ryan it is possible that former NAB chief executive Andrew Thorburn could be called as a witness.

Banking watchdog to investigate Westpac over possible banking act breaches in money laundering scandal

Australia's banking watchdog has announced a full scale investigation into Westpac and whether the banking giant broke the law as part of its money laundering and child exploitation scandal. 

The investigation could have major consequences for Westpac directors and senior executives that could see individuals disqualified from working in the banking industry. 

ABC's Peter Ryan says the APRA investigation will send a chill through banking boardrooms around Australia.

Woolworths apologises again for worker wages ripoff, faces modern slavery claims

Supermarket giant Woolworths has once again apologised for underpaying its staff as much as $300 million in the one of the several underpayment scandals that have damaged the reputation of corporate Australia this year. 

But chairman Gordon Cairns told the company's annual general meeting this morning that's he's proud of the way Woolworths handled the underpayments and that workers are now being paid back. 

The meeting has also heard complaints about the way suppliers allegedly treat farm workers and that some conditions amount to modern slavery.

Here's my report from The World Today

'Deeply distressed' - Westpac chairman Lindsay Maxsted faces angry investors over laundering scandal

Westpac chairman Lindsay Maxsted has apologised to angry shareholders who are demanding answers to how the bank broke anti-money laundering laws 23 million times and dealt with at least one convicted paedophile. 

Former Labor senator Chris Schacht has blasted Mr Maxsted and the Westpac board for exposing shareholders to a scandal where child exploitation was facilitated.

Here's my report from The World Today

Westpac board facing protest vote over money laundering scandal, paedophile links

The board of Westpac will face angry shareholders today as the bank reels from revelations its broke anti-money laundering laws 23 million times and dealt with convicted paedophiles. 

The scandal has already claimed the scalp of chief executive Brian Hartzer and Westpac chairman Lindsay Maxsted is retiring early. 

The Australian Shareholders Association is urging investors to reject Westpac's remuneration report and will oppose the re-election of director Peter Marriott. 

ASA spokeswoman Carol Limmer tells ABC's Peter Ryan investors are angry and bewildered that Westpac's board was unaware of the paedophile links.

Climate change risk now the "new normal" warns advisory firm KPMG

Global advisory firm KPMG says climate change is the "new normal" as the industry confronts rising risk from catastrophic events. 

KPMG insurance partner Scott Guze tells ABC's Peter Ryan the signals about climate are clear and warns that governments need to take action to mitigate catastrophes. 

Cheque's in the mail? Not for much longer, warns RBA governor Philip Lowe

Reserve Bank governor Dr Philip Lowe has signalled that death of the cheque is inevitable. 

The warning comes as cash transactions continue to fall as "tap and go" transactions become the norm. 

But Nationals Seniors Australia chief advocate Ian Henschke says a disorderly transition could constitute elder abuse.

Here's my story from The World Today

Youth jobless rate at 12 pc as vocation training system fails to keep up

A national snapshot by the Brotherhood of St Laurence says vocational and education training is failing to keep up with future demand in fast-growing industries. 

Executive director Conny Lenneberg says opportunities in aged care and health are growing at a faster pace than the current system provides. 

With 12 percent youth unemployment nationally, Ms Lenneberg says 265,000 young Australians are in the jobless queue. 

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

Economy still stuck in the slow lane growing at 1.7pc as consumers hold back

The much anticipated turning point in Australia's economic fortunes still seems someway down the road, with GDP growing at a well below average annual pace of 1.7 per cent. 

The economy grew 0.4 per cent over the September quarter, below expectations and slower than the previous two quarters. 

ABS chief economist Bruce Hockman says the recent tax cuts failed to stimulate household spending.

Here's my report from The World Today

Tepid growth tipped as iron ore and coal hold up Australia's 28 year recession free run

Surging iron ore and coal prices are tipped to underpin better-than-expected economic growth as Australia's 28 year recession free run continues. 

However, soft retail sales in the leadup to Christmas show consumers remain cautious despite three official interest rate cuts this year. 

BIS Oxford Economics chief economist Sarah Hunter speaks with ABC's Peter Ryan.

Westpac board in crisis meeting as laundering scandal fallout mounts

Westpac's board is holding a crisis meeting as investor demand answers for the bank's 23 million breaches of anti-money laundering and counter terror financing laws. 

Westpac's share price has fallen for the third consecutive day as reputational and financial damage mounts. 

ABC's Peter Ryan says the future of chief executive Brian Hartzer is uncertain.

Westpac laundering scandal threatens investor revolt, CEO sacking, possible board spill, AFP says it's assessing pedophile activity revealed by Austrac

Westpac's money laundering scandal threatens the future of chief executive Brian Hartzer, as investors sharpen their knives for the bank's annual general meeting next month. 

The banking giant could suffer a "second strike" after investors revolted last year in response to misconduct revealed at the banking Royal Commission. 

The Australian Federal Police says it is assessing pedophile activity in south east Asia revealed in Austrac's statement of claim alleging 23 million breaches of anti-money laundering rules. 

ISS head of research Vas Kolesnikoff speaks with ABC's Peter Ryan.

Westpac boss Brian Hartzer under pressure over money laundering scandal

Prime Minister Scott Morrison says the Westpac board needs to consider the future of its chief executive Brian Hartzer after the banking giant reels from the latest money laundering scandal. 

While Mr Hartzer is refusing to resign, the former ACCC chairman Allan Fels says members of the Westpac board might need to go as well. 

Professor Fels tells ABC's Peter Ryan that the financial crime agency Austrac might have been slow in prosecuting the breaches.

Here's my report from The World Today

Westpac in mind-boggling 23 million money laundering breaches, faces massive fines - ABC's Peter Ryan on The Drum

Westpac faces massive fines over 'serious and systemic' anti-money laundering breaches

Westpac is facing massive fines for deficient oversight of its anti-money laundering and terror financing obligations that has allegedly left it exposed to child exploitation rings in South East Asia.

READ THE STORY HERE

 The financial intelligence agency AUSTRAC says Westpac broke regulations on 23 million occasions. 

ABC's Peter Ryan says the Westpac allegations follow the Commonwealth Bank's money laundering scandal that resulted in s $700 million fine.

$20.8 billion superannuation goldmine waiting to be claimed, says the ATO

The pool of lost or unclaimed superannuation now exceeds $20.8 billion, according to fresh data released today by the Australian Taxation Office. 

READ THE STORY HERE

ATO assistant commissioner Graham Whyte said that, for some Australians, the super windfall has been life-changing, especially those with uncertain retirement plans. 

Here's my report from The World Today

$20 billion in superannuation is waiting to be claimed, says Australian Taxation Office

A goldmine of lost or unclaimed superannuation now exceeds $20.8 billion, according to fresh data released today by the Australian Taxation Office.

Under new legislation, the Tax Office is working to reunite Australians with missing parts of their retirement nest eggs which remain dormant and unclaimed through job changes, working overseas or by simply moving home.

Last year alone, more than 540,000 active, lost and unclaimed super accounts worth $4.4 billion was recovered and consolidated into accounts through data matching and pressure on super funds to declare inactive accounts.

Assistant commissioner Graham Whyte told the ABC that for some Australians, the super windfall has been life-changing especially those with uncertain retirement plans.

Read the story here 

Source: Australian Taxation Office

Alibaba online event sees $56b sales in single day as downunder companies race to meet surging demand from China's middle class

Chinese online retail giant Alibaba sells $56 billion of products in a single day in the world's biggest online shopping event. 

Australian companies are now racing to get on to the lucrative Alibaba platform selling cosmetics, vitamins, adult powdered milk and baby products boosted by the easing of China's one child policy. 

ABC's Peter Ryan speaks with Alibaba Australia and New Zealand managing director Maggie Zhou and entrepreneurs Jessica Rudd and Elizabeth Barbalich.

Here's my report from The World Today

BHP boss Andrew Mackenzie to retire, with head of Australian mining Mike Henry to take up top job in January

BHP has appointed Mike Henry to succeed Andrew Mackenzie as the global mining giant's next chief executive.

The appointment of an insider to the high pressure role comes after what the BHP board says was a "thorough succession process".

Mr Henry, a 30 year mining veteran who joined BHP in 2003, is currently the miner's president of minerals operations in Australia.

The Canadian-born Mr Henry inherits a range of challenges from Andrew Mackenzie including a slowing global economy, fallout from the US China trade war, and reputational damage from the 2015 collapse of the Samarco mine in Brazil that killed 19 people.

Read my full story here

Westpac boss Brian Hartzer says falling rates having "perverse" impact on economy

Westpac's chief executive Brian Hartzer has warned that more interest rate cuts might have a "perverse" impact on the economy. 

Speaking at his six monthly grilling before a parliamentary committee, Mr Harzter says expectations that the Reserve Bank will cut rates close to zero was dampening rather than stimulating the economy. 

ABC's Peter Ryan says the Reserve Bank's latest quarterly update considered the negative perception of falling rates but cut anyway in October to dampen a rising Australian dollar.

National Australia Bank profit tumbles 14 per cent on misconduct remediation costs

National Australia Bank has joined its other big four bank peers in announcing a 2019 profit ravaged by the costs of re mediating years of misconduct. 

NAB's full year profit is $4.78 billion is 13.6 percent lower and dragged down by $1.1 billion in remediation costs. 

NAB interim chief executive Phil Chronican tells ABC's Peter Ryan there are no guarantees about more ticking time bombs.

Medibank Private shares smashed on unexplained surge in prosthesis claims

Medibank Private shares fall as much as 12 percent after the insurer warned that higher than expected claims for prosthesis could be unsustainable for the sector. 

Chief executive Craig Drummond says "the maths don't add up" and could make the sector unsustainable. 

Here's my coverage from The World Today

Inspector-General of Taxation Karen Payne wants more transparency on ATO investigations, says ATO whistleblower rules "a little muddled" about protections

Inspector-General of Taxation Karen Payne wants to see more transparency from the Australian Taxation Office on investigations and complaints handling. 

The tax watchdog says whistleblower protections for ATO staff are "a little muddled" as former ATO staffer Richard Boyle faces a potential 161 prison sentence. 

Ms Payne maintains she has a good relationship with Tax Commissioner Chris Jordan amid speculation that he wanted to scrap the Inspector-General position.

Karen Payne speaks with ABC's Peter Ryan

Westpac profit tumbles, dividend cut, Brian Hartzer loses $4m bonus, annual report warns of "significant financial penalty" from financial intelligence agency AUSTRAC

Westpac's full year profit tumbles by 16 percent to $6.78 billion as Royal Commission remediation continues to bite. 

Chief executive Brian Hartzer has foregone a $4.03 million short term bonus as the bank announces a $2.5 billion capital raising. 

Westpac's annual report has flagged a "significant financial penalty" if the finance intelligence agency AUSTRAC proceeds with penalties for reporting breaches.

Here's my report from The World Today

Brian Hartzer's bonus "haircut" of $4.03m   source: Westpac Annual Report

IFM investors in $15 billion US pipeline deal but cops heat on fossil fuel exposure. I speak with IFM chief executive Brett Himbury

Bemoaning a lack of big infrastructure projects in Australia, the industry superannuation owned fund IFM Investors has looked overseas to seal a $15 billion deal to buy the US oil pipeline business Buckeye Partners.

READ THE STORY HERE

The latest energy infrastructure acquisition by IFM gives it control of the Houston-based company which pumps liquid petroleum products through almost 10,000 kilometres of pipeline to storage facilities and sea terminals across North America. 

But IFM Investors chief executive Brett Himbury has defended the fund from criticism that the investment risks fossil fuel exposure.

Huawei pleads with the federal government to lift 5G ban; Communications Minister Paul Fletcher says "no"

Chinese telco giant Huawei has pleaded the federal government to urgently reconsider its ban on the company providing equipment to Australia's 5G mobile network.

In a submission to a parliamentary inquiry into 5G, Huawei says it's committed to "a robust framework of safeguards, checks and balances"  to ensure its broadband technology can only be used in Australia's national interest and economic well-being.

However, Communications Minister Paul Fletcher told the ABC's AM program that the federal government stands by its decision to ban Huawei from the 5G network.

READ THE STORY HERE

LISTEN TO THE INTERVIEW WITH PAUL FLETCHER

Financial complaints watchdog recovers $185m for ripped off consumers, banks and insurers dominate gripes

The Australian Financial Complaints Authority has clawed back $185 million over the past year for consumers ripped off by banks, credit card companies and insurance companies.

Since last November at the height of the banking royal commission, the watchdog has seen consumer gripes surge by 40 percent to more than 73,272. 

While out of the regulator's scope, chief executive David Locke tells ABC's Peter Ryan he's dismayed at the worker underpayment scandal at Woolworths as the government considers criminal sanctions for companies that rip off staff.

Woolworths underpayment scandal - other companies urged to audit payroll systems

Fair Work Ombudsman Sandra Parker urges all companies to audit their payroll systems after Woolworths admitted underpaying 5,700 workers as much as $300 million over the past decade. 

Shop Distributive & Allied Employees Association national secretary Gerard Dwyer warns underpayments are systemic beyond the case of Woolworths. 

ABC's Peter Ryan with the latest fallout on the Woolworths scandal.

Woolworths faces massive fines for worker ripoff as calls grow for criminal sanctions - I speak with Fair Work Ombudsman Sandra Parker

Fair Work Ombudsman Sandra Parker tells AM she is considering enforcement action against Woolworths after the retail giant admitted to underpaying 5,700 workers as much as $300 million over the past decade. 

Ms Parker says the government is currently taking submissions on potential criminal charges for worker ripoffs. 

Ms Parker tells ABC's Peter Ryan that lower union membership could be a factor but not specifically in the case of Woolworths.  

"No excuses" - Woolworths boss Brad Banducci rejects wage theft claims

Woolworths chief executive Brad Banducci rejects claims that the underpayment of the retailers staff was deliberate. 

Mr Banducci says the buck stops with him but confirmed he had no plans to resign. 

However, Mr Banducci said he had taken plans to the Woolworths board for cuts to executive bonuses.

Brad Banducci speaks with ABC's Peter Ryan

"swallow some medicine" - audit's professional body warns firms warned on independence, conflict of interest problems as parliamentary inquiry heats up

Auditing firms which escaped scrutiny at last year's financial services Royal Commission are being urged by their own professional body to confront concerns about independence and conflicts of interest that are damaging public confidence in the sector. 

In a submission to the parliamentary inquiry into the auditing profession, Charter Accountants Australia and NZ wants to "clarify and strengthen" bans on audit firms providing often lucrative consulting services to companies they audit. 

CAANZ assurance leader Amir Ghandar speaks with ABC's Peter Ryan.

Crown boss John Alexander lashes media's "anti-Crown agenda"

Crown Resorts executive chairman John Alexander has attacked "interests and activists who continue to pursue an anti-Crown agenda" as he defended the casino company from damaging allegations about links to organised crime. 

With investigations underway by by commonwealth and state regulators, Mr Alexander said Crown was cooperating but rejected calls for a Royal Commission. 

ABC's Peter Ryan is covering the Royal Commission.

Government reverse mortgage rate to be reviewed after "gouging" allegations by retirees in light of RBA official rate cuts

Treasurer Josh Frydenberg will review the government's reverse mortgage scheme to reflect Reserve Bank interest rates. 

READ THE STORY HERE

Retirees have accused the government of "gouging" pensioners while criticising banks for not passing on official interest rate cuts in full. 

The Treasurer says the government's 5.25 percent rate for reverse mortgages reflects the additional risk and that it is below commercial reverse mortgage rates. 

National Seniors Australia chief advocate Ian Henschke speaks with ABC's Peter Ryan

Brisbane cafe accused of paying its staff with food, instead of money - Fair Work ombudsman alleges

The operators of a Brisbane cafe allegedly partially paid some of it employees in food and drink, according to the Fair Work Ombudsman.

Visa holders - including junior workers aged under 21 - were paid in meals, desserts and drinks over two periods between August 2017 and January 2018, the regulator will allege in the Federal Circuit Court.

Eleven employees from Cafe Chermside at the Westfield Chermside shopping centre in suburban allegedy underpaid by Timi Trading Pty Ltd had worked as cooks, kitchen attendants and food and beverage attendants.

Company director Tien Hoang Le, company manager Minh Vo Duy Nguyen and company owner-director Hamish Watson are scheduled to face a directions hearing in Brisbane next February.

Fair Work Ombudsman Sandra Parker said the regulator sent in its inspectors to investigate after receiving underpayment allegations.

"All employees in Australia are entitled to be paid the minimum pay rates that apply to their positions – in money, not food," Ms Parker said.

"Businesses should be aware that we are cracking down on the underpayment of vulnerable workers in the fast food, restaurant and café sector as a priority."

The Fair Work Ombudsman's annual report has revealed that $40 million is stolen or lost wages was recovered for 18,000 workers in the year to June 30.

More than half of the litigation filed involved businesses in the fast food, restaurants and cafe sector, which secured more than $1.6 million in penalties against employers.

Fair Work is alleging that by paying workers in food and drink, the operators of Timi Trading breached the the Fair Work Act requiring that employees be paid in money.

Inspectors allegedly found that eight of the 11 employees were paid according to Individual Flexibility Agreements (IFA) that provide for flat hourly rates and bonuses and allowances instead of being provided with entitlements under the Restaurant Industry Award, such as overtime and penalty rates.

Under the IFA allowances allegedly used, employees were allowed food and drink worth $42 per day including $20 in meals, $7 in desserts and $15 in drinks.

Timi Trading is also accused of providing inspectors with false and misleading records and failing to pay one employee for taking leave on a public holiday.

"If we consider that employers are breaching their lawful obligation, we will take enforcement action so employees receive what they are entitled to," Ms Parker said.

If the allegations are proven, Timi Trading faces maximum penalties per breach of up to $63,000, while the directors and operators face maximum penalties per breach of up to $12,600. 

Ripped-off workers were repaid $40 million last year, while bosses were fined $4.4 million - Fair Work Ombudsman annual report

Ripped off workers have been compensated more than $40 million in stolen or lost wages recovered by the Fair Work Ombudsman over the past year.

In the agency's annual report released today, Fair Work Ombudsman Sandra Parker revealed a "significant increase" in action on wages stolen from 18,000 employees.

The highest recovery in the workplace regulator's history comes after the resolution of 29,000 workplace disputes, 17.8 million visits to the Fair Work Ombudsman website and 380,000 calls from employees questioning irregularities in their pay and conditions.

Ombudsman Sandra Parker said more than half of the litigation filed involved businesses in the fast food, restaurants and cafe sector which secured more than $1.6 million in penalties against employers.

"We urge employers to actively check they are paying their staff correctly and access our free resources for help. We will take enforcement action against employers who break the law," Ms Parker said.

"We will continue our important work educating employers and employees, targeting high-risk industries, protecting vulnerable workers and improving compliance across Australian workplaces in the year ahead."

Ms Parker's warning comes after high profile restaurateurs were investigated by Fair Work officers with celebrity chef George Calombaris forced to repay $8 million in wages to hundreds of current and past employees.

The annual report says the changing workplace environment "increases the opportunity for unscrupulous employers to evade detection, particularly where vulnerable workers are employed."

The Australian Broadcasting Corporation is also being investigated for the alleged underpayment of 2500 flat rate casuals over six years.

The ABC's annual report for 2018-19 has put aside $22,9m for the potential "estimated historical salary and wages and superannuation entitlements owed to certain casual employees".

A Fair Work spokesman says the investigation into the allegations is continuing.

Source: ABC 2018-19 annual report

The annual report says courts imposed penalties of $4.4 million as a result of FWO litigation, including $383,616 against the operators of three Tokyo Sushi outlinets in regional New South Wales where vulnerable employees were underpaid more than $70,000.

The Fair Work Ombudsman regulates 13 million workers and over two million businesses using an "intelligence-led and risk-based approach" in covering key sectors of the economy.

A key success cited in the annual report was the "Harvest Trail Inquiry" which recovered more than a million dollars in unpaid wages for 2,500 agricultural workers.

The report says Fair Work inspectors will continue to focus on businesses with high staff turnover, franchises and businesse that use temporary visa holders.

"Not politically toxic" - new Business Council of Australia president Tim Reed reignites corporate tax cut debate

Newly-appointed Business Council of Australia president Tim Reed has revived hopes for eventual cut to corporate tax dismissing concerns that a renewed campaign would be politically toxic.

READ THE STORY HERE

The former veteran chief executive of the business software firm MYOB concedes that cutting corporate tax is off the agenda of the Morrison government but believes a lower rate will be necessary for Australia to remain globally competitive. 

Mr Reed tells ABC's Peter Ryan he does not think the government is anti-business despite "big stick" government intervention in the energy sector.

Business Council of Australian president Tim Reed   source: supplied

Ripped off on your super? The Tax Office is targeting bosses who hold back super guarantee

Bosses who deliberately withhold compulsory superannuation payments to their staff are being warned by the Australian Tax Office to end the rip-off or face steep fines. 

Reminder emails are being sent to to 4,000 employers with a track record of late super payments and another 500 bosses who fail to pay the right amount.

READ THE STORY HERE

The crackdown will target known offenders in the super rip-off including cafes, restaurants, clubs supermarkets, tradie subcontractors in the construction industry but also architecture, legal and advertising firms. 

Deputy Tax Commissioner James O'Halloran tells ABC's Peter Ryan that dodgy employers should fess up for face audits and penalties.

Treasurer maintains budget surplus is safe despite steep IMF downgrade

Treasurer Josh Frydenberg says he's committed to delivering a budget surplus despite a steep downgrade to Australia's economic growth forecasts. 

The International Monetary Fund has slashed Australia's outlook to just 1.7 percent in 2019 from earlier more bullish predictions. 

Also Commonwealth Bank chief executive Matt Comyn says the weak global outlook and low interest rate is making life difficult for banks and customers.

Here's my analysis from The World Today

Australian growth forecasts slashed as IMF warns of synchonised global downturn

US China trade tensions and other geopolitical flashpoints have forced the International Monetary Fund to dramatically downgrade its global economic growth forecasts. 

Read the story here

Australia's 2019 growth has been slashed to 1.7 percent as the IMF sees global output falling from 3.8 percent to 3 percent. 

Read the IMF report here

The IMF has also warned central banks to go beyond cutting interest rates and that monetary policy is "not the only game in town". 

ABC's Peter Ryan says despite the warning, Treasurer Josh Frydenberg is sticking with his commitment to delivering a budget surplus.

Reserve Bank weighed refueled property bubble risk before cutting rates, minutes reveal

The Reserve Bank has signaled that further cuts to official interest rates remain a live option despite the risk of refueling a property bubble in Sydney and Melbourne. 

In the minutes from it's October meeting when the cash rate was cut to a record low of 0.75 percent, the RBA board noted that "the housing market and other asset prices might be overly inflated by lower net rest rates". 

ABC's Peter Ryan says there's a 41 percent chances of another rate cut when the RBA board meets on Melbourne Cup day.

Consumers buried under "sludge" of fineprint with disclosure no longer the "silver bullet", ASIC deputy chair Karen Chester warns

Banks and financial services companies that bury consumers in a complex "sludge" of disclosure and fine print face a crackdown by the corporate regulator. 

The Australian Securities and Investments Commission has warned that consumers are exposed to greater harm with some companies using the cover of disclosure to deliberately bamboozle with a deluge of legalese that pushes some into inappropriate financial products. 

ASIC deputy chair Karen Chester told the ABC's "AM" program that disclosure could no longer be relied upon as "the silver bullet" to force companies to keep consumers fully informed and better protected.

Businessman Graham Bradley worries about potential gov't "big stick" intervention on banks in ACCC inquiry

Leading businessman Graham Bradley says foreign investors will be wary about yet another inquiry in the banking system. 

The former Business Council president and current chairman of HSBC Australia says he's worried that in addition to intervening in the energy sector, the federal government's ACCC banking probe could create sovereign risk in the banking system.

Here's the interview from The World Today

Green energy to dominate by power grid by 2040 as ageing stations retire

The government's energy policy adviser says renewable energy sources will dominate the national power grid by 2040 as ageing coal-fired stations are retired. 

"Designing the grid of the future" - blueprint from AEMC

Australian Energy Marketing Commission chairman John Pierce says regulators are now planning for the transition to renewables which will see the equivalent of today's national energy market coming from renewable sources by 2040. 

John Pierce speaks with ABC's Peter Ryan.

ASIC warns self-funded super scheme "inappropriate" for unsophisticated investors. I speak with ASIC commissioner Danielle Press

Inexperienced investors considering a self-managed superannuation fund could be risk losing all or some of their retirement nest egg in the event of a global economic shock, the corporate regulator has warned. 

"designing the grid of the future" - blueprint from the AEMC

The Australian Securities and Investments Commission says the potential toxic mix of near zero interest rates and low inflation means even professional advisers are struggling to make a return and that future and current retirees need to be "particularly aware of potential downsides" that might make self-managed funds inappropriate. 

ASIC commissioner Danielle Press speaks with ABC's Peter Ryan.

Dodgy insolvency practices in small business ombudsman inquiry's cross hairs

Insolvency practitioners who escaped the scrutiny of last year's financial services royal commission will be targeted in a wide-ranging new inquiry by the Small Business and Family Enterprise Ombudsman. 

Announcing the inquiry this morning, ombudsman Kate Carnell said there were questions about whether the current insolvency system encourages practitioners to restructure and turn a business around rather than sending it into administration. 

Ms Carnell told ABC's Peter Ryan that the Royal Commission was "a lost opportunity"

The Australian Restructuring Insolvency and Turnaround Association has slammed the inquiry as yet another one with narrow terms of reference.

Investors scared off by "big stick" power plays in energy sector, Grattan Institute report warns

The Grattan Institute is warning that "big stick" intervention by Australian governments is discouraging investment in new energy infrastructure. 

Energy policy director Tony Wood tells ABC's Peter Ryan that despite good intentions, doing nothing might have been a better strategy with foreign investors now nervous about potential political meddling in a supposedly free market.

Read the Grattan Institute report here

Nine in almost total control of Macquarie Media - but fund manager Geoff Wilson still unhappy

Nine Entertainment has seized 92 percent of Macquarie Media and says it will compulsorily acquire the rest if small shareholders continue to resist. 

Wilson Asset Management chairman Geoff Wilson is holding out and says the $1.46 on offer is low ball and not in the interests of shareholders. 

However, Mr Wilson tells ABC's Peter Ryan he is in a difficult position given that key shareholders John Singleton, Alan Jones and Mark Carnegie have now accepted the offer.

Amazon cloud pervasive in your life - from "the flying kangaroo" to koala genetics

Expectations are high these days for internet services that come via the "cloud" whether it's calling an Uber or watching the latest Netflix show. 

One of the world's biggest cloud providers Amazon Web Services is working with Qantas to help fine tune plans to fly non-stop to New York while working with Australian researchers on the genetics of koalas. 

Amazon's chief evangelist Jeff Barr spoke in Sydney recently with ABC's Peter Ryan.

Amazon chief evangelist Jeff Barr (right) in the studio with ABC's Peter Ryan

Commonwealth Bank faces criminal charges over CommInsure cold-calling scandal

Commonwealth Bank is facing 87 criminal charges over unscrupulous practices in its life insurance arm CommInsure. 

It's the first major bank to face criminal charges following the banking royal commission. CommInsure has been charged with "hawking" for trying to sell insurance products through unsolicited phone calls.

READ ASIC's announcement

The charges are not directly related to the Royal Commission as the allegations did not feature as a case study. 

But ABC's Peter Ryan says the allegations reflect a key theme of misconduct revealed during the year-long inquiry.

Mental illness costing corporate Australia $60b a year, Shared Value Project report warns. I speak with former ACCC chairman Professor Allan Fels

Australia is in the midst of a mental health crisis and it's touching all areas including the corporate sector which is already under pressure from a slowing economy.

A report out today from the Shared Value Project says mental illness costs the economy 60 billion dollars a year and for business alone, the bill includes 13 billion dollars in lost wages and less productivity.

The former A-triple-C chairman Professor Allan Fels- who's daughter lives with schizophrenia - is currently advising the Royal Commission into Victoria's mental health system.

Professor Fels speaks with the ABC's  Peter Ryan.