Qantas as a Political Issue - Talking Business 2011 Ep 40c

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

Garry and Leon discuss the impact of Qantas grounding its planes, how it will launch the biggest advertising campaign in its history to win back customers, how S&P has downgraded Qantas while the ACCC has told Qantas to provide better compensation for customers. Qantas has turned into a political issue but Virgin has emerged as the big winner. Meanwhile, the waterfront is shaping up as the next big industrial battle ground. The Reserve Bank has cut interest rates for the first since April 2009 but polls from the ACCI and Dun & Bradstreet show businesses are pessimistic. Wayne Swan slams NAB’s decision not to pass on the RBA's 0.25 per cent rate cut in full. Westpac announces a profit of $6.99 billion, up 10 per cent, ANZ posts a 19 per cent rise in full-year net profit to $ 5.36 billion, first quarter profits at News Corporation fall 4.8 per cent year on year to $US738 million, OneSteel reveals first-half earnings will be hit by collapsing iron ore prices and Woolworths flags a possible sale of its Dick Smith consumer electronics chain as part of a revamp. Hulia Gillard demands European leaders quickly head off a fresh Greek crisis. The effects of the downturn are still plaguing businesses, with debt owed by insolvent companies or individuals rising by more than 35% to a staggering $5.3 billion during the 2010-11 year, according to the latest Australian Taxation Office annual report. The food manufacturing industry says 130,000 Australian jobs will be lost by 2020. The federal government introduces the legislation for its mining tax. Australian engineers say the Holden Commodore may no longer be designed in Australia. Australia’s superannuation pool will grow more than fourfold within 20 years to $6 trillion - but the nation will still face a severe shortfall in retirement savings, according to a new report. Cheaper fruit and vegetables aren't enough to keep Australian inflation from rising slightly in October, according to the TD Securities-Melbourne Institute monthly inflation gauge. City house prices continued to fall in September, though the previously sliding Brisbane market experienced a bounce back, according to property analysts RP Data-Rismark. The weighted average price of established houses in Australian capital cities fell 1.2 per cent in the third quarter from the second quarter, according to the Australian Bureau of Statistics. The ABS finds that building construction tumbled in September on a slowdown in apartment projects. Mirvac Group has confirmed that it is on track to deliver operating earnings of between 10.5 to 10.6 cents per stapled security in the 2012 financial year. Stockbrokers now have an alternative market for trading Australian shares for the first time after the Australian Stock Exchange rival Chi-X opened for business on Monday. Victoria lagged all of the populous states in big building projects for the September quarter, according to the Deloitte Access Economics Investment Monitor. Moody's Investors Service lowered the credit crating of Leighton. Origin Energy Ltd has released the quarterly production report of its exploration and production business for the September quarter, announcing a 4.3 per cent increase in sales revenue to $232.3 million, up from $222.7 million in the previous corresponding period. Australia and the European Union have opened talks on a new agreement to forge closer cooperation in security.

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Garry Barker and Leon Gettler
business, RMIT, economics