Australian Airlines and Growth - Talking Business 2011 Ep 25c

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

Garry and Leon talk about how Jetstar plans to bigger than its parent company Qantas. Qantas says its long-haul pilots will begin industrial action. Westpac predicts the Reserve Bank will move to cut interest rates by the end of the year. Minutes from the most recent RBA board meeting suggest the RBA is in no hurry to raise rates. A new survey suggests more people accept that interest rates will remain steady for the rest of 2011. Australia’s economic inertia is unlikely to disappear before next Easter, according to two reports on spending and investment trends that indicate growth has slumped to its lowest level in almost two years. Six in 10 Australian households are saving as much or more than they were a year ago, Sales at supermarket giant Woolworths rise 5.4 per cent in the fourth quarter to $12.28 billion, The confidence of Australia's chief financial officers takes a hit on the back of weak local data and the debt troubles of the US and Europe. Victoria comes in ahead of the other largely populated eastern states in overall economic performance in the June quarter, according to CommSec but WA is the strongest performer. Australian gaming group Tabcorp regains its licence to run retail betting operations in Victoria, The Gillard government tries to take a lead role in planning the agenda for the next United Nations climate change summit in South Africa in November. Meanwhile, Opposition Leader Tony Abbott executes his second policy U-turn on the carbon tax in 24 hours, BHP Billiton unveils a $15 billion takeover of the US gas producer, Petrohawk Energy. Santos reaches an agreement to take over Eastern Star Gas, which operates in New South Wales's Gunnedah Basin. Bega Cheese expects to raise $35 million from the company's float. Foster's to review its dividend options after winning a case against the tax office. Commuters are prepared to pay up to $4 extra to get a seat on a train and $5.80 to avoid a five-minute delay. The nation's four largest banks have been asked by Australia's banking regulator to produce plans detailing how they would respond to a future financial crisis. Two former directors of the failed broker and stock lender Opes Prime pleaded guilty to fraud charges and are expected to be jailed. A Chinese miner has launched a takeover bid for Perth-based iron ore company Sundance Resources. Gold has hit a record of over $1600 an ounce with investors worried about European defaults and US debt. The board of ANZ has been banned from bringing iPads into meetings due to security concerns. Sales of new motor vehicles in Australia rise 1.3 per cent in June. News Corp's shares have slumped to a two-year low in Australia as the phone hacking scandal fallout worsened with the arrest of the former head of Rupert Murdoch's UK newspaper arm and the resignation of Britain's police chief.

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Garry Barker and Leon Gettler