Michele Bullock is beginning her second day as Reserve Bank governor.
And as she settles into the hot seat, an image-softening campaign appears to be underway to better explain the way the RBA operates.
That comes after her predecessor Philip Lowe copped negative media coverage after he oversaw twelve interest rate rises since May last year.
Here's my analysis of the media management this morning on ABC Newsradio
"We sincerely apologise"
Three humilitating words from Qantas that underscores the enormity of the High Court loss which has handed the Transport Workers Union an unlikely but hard fought victory after more than a decade of industrial warfare.
It's a far cry from October 2011 when then Qantas chief executive Alan Joyce grounded the entire airline - domestically and globally - in a brazen Saturday afternoon response to industrial action by three key aviation unions.
Anthony Albanese - Labor's Federal Transport Minister at the time - was furious he'd been kept out of the loop until the shutdown went public, accusing Qantas of a "breach of faith with the government".
But the animosity between Qantas and unions existed long before the shock grounding in 2011.
Unions - aware of pressure from major investors to cut costs to boost dividends and shares - had already been pushing back against plans for outsourcing of ground services while negotiating for better wages, conditions and job security.
Alan Joyce's immediate predecessor Geoff Dixon had been known to be considering outsourcing options, such as selling off flight catering, but never executed plans during his reign.
At the time of the grounding, Mr Joyce told reporters he taken action in locking out workers to stop industrial action from "killing Qantas slowly" accusing unions of "trashing our strategy and brand."
Now Qantas stands accused of trashing its own brand - without the help of trade unions.
The massive loss of face for Qantas in accepting a ruling that it acted unlawfully by outsourcing almost 1700 staff further erodes a corporate reputation already in tatters and perhaps beyond repair.
The High Court loss and a ruling that it effectively dispensed with long-serving ground staff to counter future industrial action puts Qantas's social licence in jeopardy - and fuels perceptions that the licence has already been lost.
Forced to "acknowledge and accept" the decision, Qantas has now run out of options in defending its high stakes pandemic strategy of outsourcing staff for "lawful commercial reasons", pinning its hopes on an original ruling from the Federal Court.
Once loyal consumers are more outraged by the day as the airline's corporate spindoctors constantly recalibrate their crisis management tools with Qantas now splashed on the front pages of tabloids and leading commercial news bulletins for all the wrong reasons.
Just a fortnight ago, allegations from the Australian Competition and Consumer Commissions that Qantas sold fares for cancelled flights could mean a $250 million fine.
Days after the ACCC action was announced, Qantas revealed late on a Friday afternoon that Alan Joyce would be awarded 1.7 million shares worth around $10 million as part of his long term incentives.
Even after Mr Joyce brought his retirement forward by two months to November, the Qantas board has refused to rule out that a $24 million golden parachute awaits as a lucractive puncuation market to a turbulent career.
The Australian Shareholders Association told the ABC earlier this week there were questions on whether the $24 million payout is appropriate, reminding Qantas board to act in the best interests of the company.
The ASA also wants more information in "clawback" provisions in Mr Joyce's contract if his legal obligations were breached.
The Qantas loss is also an early test case - and a red alert - for other companies considering the outsourcing of staff or dilution of pay and conditions.
They now know "commercial reasons" won't be enough cover for stretching industrial law to the limit.
On the other hand, the High Court ruling emboldens Federal Government's campaign to tighten up loopholes on the use of contractors and mechanisms that could result in current of new employees being put on unfavourable terms.
The crisis - complicated by the High Court ruling - casts a great shadown over the Qantas board and whether directors properly questioned Mr Joyce's management to ensure risk and reputation were fully oversighted.
Qantas chairman Richard Goyder is now under fire for his leadership and failure to properly manage Alan Joyce who in the past he's described as Australia's best chief executive.
Now the ghost of Alan Joyce haunts not just Mr Goyder, but Vanessa Hudson who has the task of rebuilding the Qantas reputation aware that the near certainty that new chapters of the crisis await.
The Transport Workers Union has called for a spill of the Qantas board and the exit of Richard Goyder.
Mr Goyder has refused all ABC requests for an on the record interview, but he has told select print commentators that Qantas need to show more humility given it's shattered record.
Richard Goyder and Vanessa Hudson are going to need all the humility they can get - and there's more humble pie to come that will either make or break Qantas
In yet another critical blow to Qantas, the High Court has backed an earlier ruling the airline acted unlawfully by sacking 1700 ground services staff at the height of the pandemic.
Dismissing the Qantas appeal, the High Court ruled in favour of the Transport Workers Union upholding a previous Federal Court judgement that Qantas had acted illegally in outsourcing the jobs of baggage handlers, cleaners as part of a commercial decision.
Qantas has accepted the ruling, but the TWU is now demanding a spill of the entire Qantas board.
Here's my coverage on The World Today
The Australian Shareholders Association wants to know what the Qantas board knew about the ACCC's investigation into the "fares with no flights" scandal and what they did to mitigate the fallout.
The ASA is also questions chief executive Alan Joyce's contract and whether it's subject to clawback provisions on his likely $24 million golden parachute.
Here's my report on the ABC's AM program
Corporate regulator ASIC is suing Australian Super alleging it failed to merge multiple member and continued to charge multiple fees and insurance premiums.
ASIC deputy chair Sarah Court alleges AustralianSuper knew about the problem in 2018 but only began to act in late 2021.
Here's my report on The World Today
Philip Lowe has gone out fighting in his final speech as Reserve Bank governor.
Mr Lowe's warned that Australia's living standards are at risk without productivity reform.
And he's taken a swipe at the media over the reporting of his now infamous signal that interest rates would stay near zero until 2024.
Listen to my coverage of Philip Lowe's swangsong here
Also, corporate regulator ASIC is suing Australian Super alleging it failed to merge multiple member and continued to charge multiple feesd and insurance premiums.
Australian Shareholders Association chief executive Rachel Waterhouse says Qantas board needs to consider a clawback of bonuses awarded to Alan Joyce and other executives.
Major investors are demanding a please explain after the competition watchdog accused Qantas of selling tickets for flights that didn't exist - risking fines totalling $250 million.
Competition regulator ACCC is taking Qantas to the Federal Court alleging the airline advertised tickets for more than 8,000 flights that it had already cancelled but had not removed from sale.
The watchdog alleges deceptive, false and misleading conduct.
The theoretical fines (maximum $10 million x 8,000) on paper could equate to $80,000 - off the scale and would never be enforced.
Also Australia Post reveals a $200 million full year loss as the letters decline worsens and community service obligation costs weigh.
Australia Post chief executive Paul Graham speaks with ABC's Peter Ryan.
Future Fund chairman Peter Costello says the Albanese government's decision to restrict more flights from Qatar Airways is "hard to fathom" at a time when more competition is needed to lower airfares.
The former Liberal Treasurer says the decision underscores Qantas lobbying in Canberra to protect its market power.
Also the Australian Energy Market Operator says Victoria and South Australia are facing an increased risk of power blackouts this summer as coal-fired generators close down.
Australia's economy could at a critical turning point after the official jobless rate unexpectedly ticked higher to 3.7 percent in July.
While the jobs market remains tight and economy for the most part is resilient, that could change dramatically in the coming months given the economic storm clouds ahead.
Also Telstra CEO Vicki Brady on big profits driven by the need for speed.
And some Michael Parkinson trivia - he featured on the cover of Band on The Run by Paul McCartney and Wings.
There are fresh signs that the economy is starting to gradually slow after aggressive interest rate rises since May last year.
The official unemployment rate ticked slightly higher than expected last month with the number of full time jobs going backwards.
Here's my report on The World Today
National Australia Bank chief executive Ross McEwan has welcomed by deal struck by National Cabinet supply to boost housing supply.
Mr McEwan's currently on the road on northern New South Wales and he told AM local businesses are struggling to attract workers because housing and rental accommodation is so scarce.
He says the housing crisis is dominating talks with customers - along with mortgage stress from twelve interest rate rises since May last year.
Ross McEwan spoke to me from Tamworth in northwest NSW.
And here's my analysis from the AM program
There are growing concerns about the health of China's economy amid almost daily evidence that a deep downturn is underway.
The worries have been exacerbated by a decision by authorities in Beijing to stop releasing data on youth unemployment after months of skyrocketing increases.
Senior Business Correspondent Peter Ryan
The Reserve Bank board is holding on to the risk of another interest rate rise this year if inflation remains stubbornly high and fails to slow in line with forecasts.
But in decidedly dovish minutes from the RBA's meeting a fortnight ago, it's now increasingly clear the impact of 12 cash rate rises since May last year is now working to slow the economy and cool inflation.
In leaving the cash rate at 4.1pc on August 1, the minutes show RBA members were confident that the aggressive action was "working as intended" with monetary policy "already tightened .. significantly".
"The full effects or earlier tightening were yet to be recorded .. but consumption had already slowed significantly .. and early signs that the labour market might be at a turning point."
But there was also debate in the RBA boardroom about the need to maintain the pressure with another rate rise as a hammer blow against inflation, now running at 6 percent over the year.
"The case to raise the cash rate centred on the risk that inflation might prove to be more persistent than currently forecast," the minutes say.
"Were this to occur, it would require the Board to raise the cash rate by more than otherwise to get inflation back to target".
Members proposing the losing argument for a rate rise argued gains in the jobs market would need to be sacrificed to get inflation lower and hiking in August would "mitigate the risk of that undesirable scenario eventuating."
The minutes show members are also becoming increasingly concerned about a rebound in real estate prices.
The RBA board also remains concerned that wages growth in Australia and around the world remains "above levels that would be consistent with many central banks' inflation targets".
However, the minutes note that higher wages could be a one-off correction and might be partially offset by weaker corporate profit margins or faster productivity growth.
In the background, concerns are rising that the health of China's economy created "a high degree of uncertainty".
The minutes say China's outlook depends on a recovery in household consumption, support for the ailing property sector and the effectiveness of policy support from authorities in Beijing.
Australia's biggest insurance companies have been told to lift their game on the handling and assessment of claims.
Also .. for much of the past decade, online shopping giants like Amazon have been threatening the future of bricks and mortar department stores.
While the battle for customers continues, a survey out today says cost of living pressures are forcing consumers back into traditional stories as they shop around to compare often cheaper online offers to get the best deal.
Listen to my reports on AM and ABC Newsradio
There are growing signs that consumers are pulling back under the weight of Reserve Bank interest rate rises and the surging cost of living.
The chief executive of the electronics retail JB Hi FI says there's "heightened uncertainty" with a new survey showing consumer spending is in "outright decline" in Australia's two biggest states.
Throughout the pandemic, demand for high speed interest went through the roof as Australians were ordered to work from home.
But now - as more people creep back to the office - the demand is still there with baked-in expectations from consumers and businesses for high speed bandwidth.
I speak with National Broadband Network CEO Stephen Rue
My coverage just after the decision was announce for The World Today
Inflation might be falling in the United States, but that's not good enough for the US Federal Reserve which has once again raised interest rates this morning.
While Fed chairman Jerome Powell is now downplaying the risks of a recession, he's conceded that unemployment in the US will have to rise as a big social cost in getting inflation lower.
My coverage on ABC Newsradio
Fears about an unexpected spike in the jobless rate appear to have forced the Reserve Bank to leave interest rates steady a fortnight ago.
That's stoked concerns that the RBA is now worried about going too far with it's aggressive rate hikes - to the point where consumers stop spending and push the economy into a recession.
It's been a bumpy few months for Philip Lowe who learned late last week he's been overlooked for a second term as Reserve Bank governor.
But Mr Lowe has used his final official appearance on the world stage to blast politicians for failing to make hard decisions on economic reforms such as ways to boost productivity growth.
Here's my analysis on the AM program
Fears about a possible spike in the unemployment rate forced the Reserve Bank to leave official interest rates on hold a fortnight ago.
That's the revelation in the minutes from the RBA's most recent Board meeting.
I report from RBA headquarters in Sydney's Martin Place
The Reserve Bank's decision on whether to leave interest rates on hold next Tuesday has been complicated by better than expected retail sales data.
Evidence that consumers remain resilient despite 12 interest rate since May last year could tempt the RBA to tap the brakes again.
Bets are rising for another interest rate rise next week after better-than-expected retail sales figures out yesterday.
The outcome complicates the Reserve Bank's decision on signs that 12 rate rises since May last year are yet to work their way through the economy and dampen inflation.
Also, the corruption finding against former NSW premier Gladys Berejiklian is likely to be contested.
However, at the very least the finding damage trust and confidence in public institutions.
There are positivethe inflation - while still uncomfortably high - is slowly starting to fall.
The latest monthly reading shows the pace of inflation fell to 5.6 percent in the year to May.
It's undoubtedly good news.
But will it be enough to convince the Reserve Bank to leave interest rates on hold?
Here's my analysis on The World Today
After more than a year of surging inflation, could the turning point be finally in sight?
We'll find out later this morning when official monthly inflation data is released.
The big question is whether that will be enough for the Reserve Bank to hold off on another interest rate rise.
Here's my outlook on the AM program and ABC Newsradio
It's taken a while despite 12 interest rate rises since May last year, but there are growing signs that Australian consumers are close to their breaking point.
But will that stop the Reserve Bank for delivering even more rate rises?
Also, NSW Liberal senator Andrew Bragg wanrs the removal of Philip Lowe as Reserve Bank governor could compromise the central bank's independence.
The damage control at the consulting firm PWC has moved into overdrive with a new chief executive being parachuted in from Singapore to rescue it's shattered government business.
A key part of the strategy to restore trust at PWC is the decision to sell off its government consulting arm to a private equity company - for just one dollar.
But will that be enough to stem the contagion at PWC Australia to the rest of the global empire?
PWC Australia acting chief executive Kristin Stubbins has fronted a NSW parliamentary committee to apologise for the tax leak scandal flagging "severe consequences" for those involved.
Ms Stubbins said the sale of PWC's government business was critical in rebuilding trust and confidence while protecting up to 2000 staff.
The future of the consulting firm PWC remains under cloud with a new chief executive Kevin Burrowes being parachuted in from Singapore to rebuild the damaged business.
But is that going to help with the survival of PWC's once lucrative business even though its government consulting arm is being sold off to a private equity firm - for just one dollar?
That might sound like a firesale bargain but the suitor private equity company Allegro would know the risks given the massive liabilities its taking on from a damaged business.
And it's a major challenge - rebuilding trust and confidence in a company the broke confidentiality agreements by undermining a new multinational tax avoidance law - working both sides of the street to make money from clients.
But the big change is that unlike PWC, Allegro will only work with "public sector" clients from federal and state government departments and agencies - it won't work for corporate clients and will be a purely government business to eliminate the risk of conflicts that's got PWC into so much hot water
Things are moving quickly and Allegro's hope is to have a binding deal by the end of July and a new CEO Kevin Burrowes will be in Sydney soon.
This is critical for PWC staff caught up in the scandal where 130 PWC partners and up to 2000 staff will move over to Allegro.
Investigative author and former policy advisor Tom Ravlic tells me it's not just about rebuilding the old PWC government business - but protecting the jobs of PWC staff who did nothing wrong.
Philip Lowe is hardly Australia's most popular person - and his chances of being reappointed governor of the Reserve Bank look increasingly slim.
The axe is hanging over Mr Lowe because he's done what most other central bank governors have being doing - raising the RBA's official cash rate 12 times since May last year to battle inflation.
But it's not just the rates sledgehammer - it's Mr Lowe's now infamous signal at the height of the pandemic that rates would probably stay near zero until 2024 - the cash rate is now 4.1pc.
So he's offside with not just with borrowers but the federal government which has failed to back an independent RBA governor.
I speak with UTS chief economist Tim Harcourt and Judo Bank economist adviser Warren Hogan.
Here's my report on AM and I also speak with Tom Oriti on ABC Newsradio
The global consulting giant PwC has been accused of a massive breach of trust and a deliberate coverup where potentially tens of millions of dollars was at risk of being swindled from the Australian taxpayer.
An explosive Senate report has found PwC exploited confidentiality agreements to boost its own revenue and that partners going right to the top of the firm supported or condoned unethical behaviour.
I speak on ABC Newsradio about how PwC whisteblowers have used burner phones and secret emails fearing retribution about revealing tip of ethical iceberg.
If you're doing it tough already from the surging cost of living, here's some news that won't make your day.
The Reserve Bank is warning it needs to dramatically lift the jobless rate to pull inflation lower - meaning that around 140,000 people might need to lose their jobs.
RBA deputy governor Michelle Bullock's adherence to economic theory about containing inflation has angered unions who say workers shouldn't be paying the price.
Here's my analysis on The World Today
Instead the board opted for another hike to 4.1 percent on fears that inflation could become entrenched.
The minutes from the Board's most recent meeting ago reveal a "finely balanced decision" based on worries that not acting aggressively now could lead to heavy job losses down the track.
Here's my analysis from RBA headquarters at Sydney's Martin Place
At the moment, anything to do with interest rates and the trajectory of the economy is of massive interest given the risks of a recession by the end of the year.
And this morning we'll see the minutes from the Reserve Bank's most recent meeting which could provide some clues on when the next interest rate rise might be.
So what happens inside the reporter lockup the RBA provides for the release of the minutes?
It might not feel like it, but Australia's economy looks resilient enough to withstand a looming downturn that might trigger a recession by the end of the year.
That's the optimistic view from Treasurer Jim Chalmers who's pointed to strong surprising strong jobs growth - even though that force more interest rate rises.
Also what about the future of Reserve Bank governor Philip Lowe whose term expires in September?
Will Treasurer Jim Chalmers reappoint him?
Get set for at least one more interest rate rise after Australia's jobless rate unexpectedly fell last month.
The surprisingly strong jobs market has rattled some economists who thought the unemployment rate would tick higher under the pressure of aggressive rate rises.
So where to from here?
There's been a surprise fall in Australia's official unemployment rate despite the impact of aggressive interest rate rises on the economy.
The jobless ticked down to 3.6 percent last month with 75,900 new jobs created putting more pressure on the Reserve Bank to keep raising rates to slow the economy.
After ten interest rate rises in a year, the US Federal Reserve has pressed the pause button on what's been an aggressive campaign to tame runaway inflation.
But the reprieve might short-lived with Fed chairman Jerome Powell warning inflation remains problematic meaning there could be more hikes this year.
Some good economic news this morning with the pace of inflation continuing to slow in the United States.
But will it be enough to convince the US Federal Reserve to slow down or even pause its so-far aggressive rate rising campaign to tame inflation?
Also, Sir Paul McCartney reveals artificial intelligence was used to revive a lost John Lennon demo tape to create the final song by The Beatles.
Highly-indebted Australian households are set to come under even more pressure with the Reserve Bank signaling it's not yet done with its aggressive rating rising campaign.
That's the warning from Judo Bank chief executive Joseph Healy who says while business banking clients look resilient, regular residential borrowers are at greatest risk as economists start predicting a recession by the end of the year.
Evidence is growing that Australia might fall into a recession later this year under the weight of aggressive interest rate rises from the Reserve Bank.
And the signs are getting ominous after weak economic data last week prompted the Commonwealth Bank to downgrade its forecasts - now seeing a 50 percent chance of a recession.
The downgrade comes from CBA head of Australian economics Gareth Aird.
Here's my analysis on ABC Newsradio
Fears of a recession are growing after a rough week for the economy.
Another interest rate rise - and the risk of more to come - has sharemarket investors nervous on evidence that consumers are slashing household budgets.
So how much more can households take?
Here's my analysis on The World Today
Despite 12 interest rates since May last year, a quarter of all residential properties were bought outright with cash last year according to the digital settlements company PEXA.
That might surprise or upset many people struggling to pay their mortgage, but the shift of downsizers to regional Australia is a significant demographic shift that highlights the generational divide.
I speak with PEXA head of research Mike Gill on the ABC's AM program.
Australia's economy is rapidly slowing under the pressure what's now twelve Reserve Bank interest rate rises since May last year.
The Australian Bureau of Statistics shows household spending as been hit with consumers focussing in essential items.
Here's my analysis on The World Today
After the 12th interest rate rise in 13 months, the pain for Australian borrowers is getting worse and there's little hope of a reprieve in the coming months.
So just when will the Reserve Bank's campaign against inflation end and cost the aggressive rates strategy trigger a recession?
Also, pretty soon the cheque won't be in the mail and Treasurer Jim Chalmers says cheques will be gone from 2030.
I speak on ABC Newsradio with Tom Oriti
The Reserve Bank has delivered on bets by raising the cash rate by 0.25 percentage points to 4.1 percent.
RBA governor Philip Lowe warns while inflation has peaked, at 7 percent on the most recent quarterly reading it's still too high.
Here's coverage on ABC News Channel with colleagues Alicia Barry and Ros Childs
Here's my breaking news coverage for the Perth edition of The World Today
It's another big week for economic news with the Reserve Bank board meeting tomorrow to gauge the impact of eleven interest rate rises since May last year.
With inflation still running hot, the RBA looks like being on a knife edge about the need to raise rates once again.
Here's my outlook on ABC Newsradio
Millions of low income workers struggling with the surging cost of living are about to get some long-awaited relief -- with the Fair Work Commission has delivered a minimum wage increase of 5.7575 percent from the first of July.
The wages boost is less than unions had demanded but in making the decision, the Commission it won't cause a wages brackout and end up fuelling inflation.
Here's my analysis on The World Today
Millions of low income workers struggling with the surging cost of living will be could get some relief later this morning.
That's when the Fair Work Commission reveals it's latest decision on a a minimum wage with some economists preducting an increase of seven percent.
But with inflation still on the rise could even a small increase force another interest rate rise?
Another powerful government department is the latest to review its relationship with PwC as the scandal over the firm's confidentiality breaches continues to escalate.
The Department of Industry has asked PwC for assurances that it has been acting ethically after revelations it exploited secret tax information to attract lucrative clients - rather than protecting taxpayers from tax avoidance schemes.
But PwC isn't the only company under fire with the mining giant BHP admitting to massive worker underpayments.
Here's my coverage on The World Today
As the scandal at PwC continues to unfold by the day, pressure is growing for revelations the firm abused confidential government information to one of the first investigations for the new National Anti Corruption Commission.
The heat is also turning up on the regulatory body overseeing the tax advice industry to hand over names of PwC partners who've been forced to take immediate leave on suspicions they might have exploited the tax leak for their own benefit - rather that protected taxpayers from tax avoidance schemes.
In more evidence about the wide reach of PwC, the Reserve Bank governor Philip Lowe has revealed he's one of the scandal-plagued consulting firm's many clients.
Appearing before Senate Estimates, Mr Lowe confirmed PwC is helping resolve worker underpayments at the RBA but says he's appalled at the firm's behaviour and that there should be "serious consequences".
The scandal at the embattled consultancy firm PwC is getting murkier by the day.
The latest revelation is that the Australian Federal Police was tipped off about a leak of confidential tax information five years ago - but an investigation never got off the ground because of complex secrecy rules.
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| Former Banking Royal Commission chair Kenneth Hayne addresses the Congress of Actuaries |
The Crown Resorts casino empire is bracing for a $450 million fine that's been negotiated with the financial crime agency AUSTRAC.
The proposed penalty - if signed off by the Federal Court - would be one of the biggest in Australian corporate history and ends damaging legal action over anti money laundering breaches and evidence of links with criminal gangs.
Will this fine erase the blemish left by the previous owners?
An email from former PwC tax partner Peter-John Collins has been cited in the tax leak scandal where he says it's "ok until the ATO figures out the joke".
Treasury Secretary Steven Kennedy under questioning from Labor senator Deborah O'Neill says the PwC revelations are "disturbing".
The heat is turning up on the embattled consulting giant PwC as pressure grows for the firm to be banned from all government business.
That's despite PwC putting nine partners on immediate leave and the firm's acting chief executive apologising for confidentiality breaches about a multinational tax avoidance crackdown.
But it raises a big question.
Have we learned anything from the Banking Royal Commission, and two Royal Commissions into bad corporate behaviour at the Crown Resorts casino empire?
The global advisory firm PwC has moved to stem the damage from a massive confidentiality breach that has become a full blown crisis.
PwC is putting nine senior partners on "leave" and is working to ringfence lucrative government business in a bid to salvage the firm's reputation.
Here's the breaking news on The World Today
As the crisis at PwC deepens, pressure is growing for the consulting giant to be banned from all federal government work as an Australian Federal police investigation gets underway.
But how realistic is that given the enormous reach of PwC into almost every level of government?
Grilled in Senate Estimates, Finance Minister Katy Gallagher has pushed back on calls for an outright ousting but wants the firm to prove any ethical contagion is under control.
There's been a major escalation in the crisis at the advisory firm PwC with alleged confidentiality breaches now referred to the Australian Federal Police for a potential criminal investigation.
Read the statement from Treasury Secretary Dr Steven Kennedy
PwC says it will co-operate with any investigation by the AFP as it steps up damage control over an alleged tax leak on a tax avoidance crackdown that continues to smash the firm's reputation.
The long-running deadlock over raising the debt ceiling in the United States looks set to go down to the wire as financial markets grow increasingly nervous about what could be a catastrophic debt default.
The US government remains on track to run out of cash as early as next week taking the impasse from a political fight in Washington to freezing the transmission of money for everyday services Americans take for granted.
I speak on ABC Newsradio with Tom Oriti
It's been a bad day at the office for Mark Zuckerberg after his social media juggernaut was slapped with a massive penalty for privacy breaches.
European Union regulators have fine Facebook's parent company Meta more than a billion dollars for transferring user data gathered in the European Union to its head office in the United States.
Here are my reports on AM, ABC Newsradio and ABC News On Demand
As the scandal over confidentiality breaches by PwC intensify, pressure is growing on the corporate watchdog to properly investigate.
Liberal senator Andrew Bragg says ASIC and other regulators failed to rein in white collar crime and that consuting firms are "getting away with murder".
I spoke with Senator Bragg on the AM program and later with Tom Oriti on ABC Newsradio
Australia's employment market appears to hit a turning point with the official jobless rate ticking higher last month to 3.7 percent.
Also in a major breakthrough, China announces its ban in Australian timber will end immediately.
Here's my breaking news coverage on The World Today
There'll be a lot of attention on official employment data out later this morning and whether that tempers the Reserve Bank's mood for another interest rate rise.
Econmists tip the April jobless rate will remain at 3.5pc with 25,000 new jobs created.
But how long before the labour market begins to turn after eleven interest rate rises?
There are growing calls for PWC to be banned from taking on more federal government contracts after the consulting giant allegedy used confidential information to help clients "work-around" anti-tax avoidance laws.
Labor senator Deborah O'Neill wants to name around fifty PWC partners implicated in the scandal and says criminal in addition to civil penalties should be considered to deal with what she calls theft and deception from Australian taxpayers.
The global consulting firm PwC is battling to salvage its reputation for trust amid allegations that it misused a confidential briefing to help clients get around multinational anti-tax avoidance laws.
The scandal has claimed the scalp of PwC's Australian boss Tom Seymour and corporate veteran Ziggy Switkowski has been hired to conduct an internal review warning that if necessary more heads could roll.
The crisis engulfing the global consulting firm P-W-C is deepening by the day amid allegations that it misused confidential information to help clients to work around anti-tax avoidance laws.
The fallout has already claimed the scalp of P-W-C's Australian chief executive Tom Seymour as now former Telstra boss Ziggy Switkowski will lead an internal investigation that could see more heads roll.
I spoke with Clancy Moore, chief executive of Transparency International Australia
We're almost a week after the federal budget, and as the rubber hits the road, it's a big week for economic news.
There'll be key updates on wages growth and employment over the next few days which could tell us more about inflation and whether the Reserve Bank has an appetite for another interest rate rise.
I speak on ABC Newsradio with Tom Oriti
The Reserve Bank's crusade to tame inflation could end up triggering a recession at the cost of hundreds of thousands of jobs.
That's the prediction from within the RBA based on modelling where the cash rate rises aggressively to 4.8 percent.
The startling scenario comes days after the federal budget and concerns that big spending could fuel inflation and pressure the RBA to keep raising rates.
After what feels like an era of surging prices in the United States, it looks as though the scourge of inflation is rapidly easing.
Consumer prices have slowed to below five percent for the first time in two years raising hope the US Federal Reserve might ease it's so far aggressive interest rate rises.
Treasurer Jim Chalmers is betting big spending on household assistance, welfare increases, bulk billing incentives and energy bill relief won't make inflation any worse.
At the same time, some economists worry the budget - while big on spin - is a missed opportunity for real "budget repair" and structural reform.
I speak to former Treasury official Stephen Anthony and Barrenjoey chief economist Jo Masters who wanted to see more courageous action.
This is a Budget for uncertain times – balancing relief, repair and restraint – in the face of darkening economic storm clouds with domestic growth expected to slow to 1.5 percent by the end of the year – no recession yet but the risks are growing.
LISTEN TO MY INITIAL TAKE ON THE BUDGET WRITTEN INSIDE THE "LOCKUP"
The Canberra spin - is all about a $4.2 billion surplus – if it eventuates. But even Treasurer Jim Chalmers concedes it's a one-off warning that deficits will be back in a flash to fund Medicare, the NDIS, and defence.
Elements of good luck and good management have snagged windfall gains from more people in the workforce and the world's appetite for Australian commodities boosting Treasury coffers – with iron ore, coal and gas coming to the rescue once again.
But there's no traditional fistful of dollars with the gains going to the budget bottom line – though $15 billion of targeted relief going to households Australians hurting from record high energy bills and rising interest rates.
More good news - wages growth is tipped to rise to 4 percent next year (once again more taxes and more bracket creep) meaning another revenue boost is likely.
Former Treasury official Stephen Anthony says it's a steady no frills budget – but thinks it's a missed opportunity for real action on "budget repair".
While Jim Chalmers maintains the handouts won't fuel inflation, Stephen Anthony says it lays the groundwork for more Reserve Bank rate rises
Meanwhile the debt bomb (which finances the deficit) continues to tick - with gross debt on track to exceed a trillion dollars in a few years.
This budget pays down some of the debt but the pressure is on to reduce it to even faster with interest payments of $60 million a day now one of the single biggest costs the Federal government will confront for years maybe decades to come.
After days of speculation there's now confirmation that the Federal Budget could be back in surplus for the first time in 15 years.
When he delivers his budget speech tonight, Treasurer Jim Chalmers will forecast a slender surplus of around $4 billion for this financial year.
But while the budget might be back in the black, it's only going to be temporary.
Here's my analysis on ABC Newsradio with Tom Oriti
Shadow Treasurer Angus Taylor has reheated a line from Labor history saying "a drover's dog" coul deliver a surplus.
The line comes from 1983 when then Labor leader Bill Hayden was forced to stand down to make way for Bob Hawke saying "a drover's dog" could take Labor to election victory.
