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Phasing Out The Five-Cent Coin - Talking Business 2011 Ep 22c

Description: 
A review of the week in business, with expert analysis and commentary.

Leon and Garry discuss how the Royal Australian Mint has told the Government that the five-cent coin is costly and wants it phased out. The Bank for International Settlements ranks Australian banks as the world’s most profitable but warns that could change. The Reserve Bank plays down risks facing Australian banks from their reliance on overseas funding, saying it could step in if credit markets seize up. Australian home values fall 2.7 per cent in 2011. BIS Shrapnel says property prices won't experience huge losses over the next three years but warns interest rates will rise to 9.5 per cent by 2014. A new study says Australian house prices are unlikely to fall dramatically over the next two years. Total credit provided to Australia’s private sector by financial intermediaries rises just 0.3 percent. Directors around Australia are warned to pay proper attention when approving company accounts, after the corporate regulator wins a landmark courtroom battle against Centro directors. The court decision boosts the chances of an investor class action against Centro. A quarterly business stress report shows that the number of companies entering administration in April was 812, up 10 per cent on the previous year and the highest April number on record. Skilled job vacancies based on news paper ads, decline 2 percent month-on-month and the overall figure is flat. Tobacco giant Philip Morris plans legal action against the federal government over its proposed plain-packaging tobacco legislation. Signs of ructions between Insurance Australia Group and its ally, motoring group NRMA. Massive changes at Telstra with veteran chief financial officer John Stanhope announcing his retirement. The Federal Government begins selling its carbon tax compensation program. Business leaders back the carbon tax but industry plans to campaign against it. As part of the looming carbon tax deal, the government plans to close two of Australia's highest-emitting power stations. A Coalition-led Senate committee recommends the government dump its mining resource rent tax and instead develop a plan to tax the mining industry in accordance with recommendations contained in the Henry Review. From next month, Myer shoppers can pop in for Botox injections as one of the new services being offered in an attempt to revive sagging sales. Car maker Holden has warned that it could be forced to abandon its Australian operations after the Government cut green car assistance programs in this year's budget. Rolling strikes by Qantas engineers starting next week are set to disrupt school holiday plans. Indebted rubbish collector Transpacific Industries has forecast an annual loss of as much as $209 million after slashing the value of its manufacturing division and New Zealand operations. Australia’s small businesses expect to cut their end of financial year spending by an average of 15 per cent, according to a new survey by the Council of Australian Small Business. BHP Billiton Ltd and Rio Tinto Ltd might be on the look-out for more acquisitions.

Media File: 
iTunes Category: 
*Business*
Author: 
Garry Barker and Leon Gettler
Keywords: 
business,RMIT,economics