Andrew Gorecki, managing director of Retail Directions - Talking Business 2013 - Ep 06

Interview with economist Saul Eslake

Interview with Andrew Gorecki, managing director of Retail Directions
Interview with economist Saul Eslake
Leon and Garry talk about issues including:
· The OECD finding that Eurozone economic growth is beginning to emerge but Portugal is in its worst recession in 37 years and Fitch has downgraded Italy's sovereign debt rating

· The US announcing better-than-expected jobs data, with the unemployment rate falling and solid jobs growth in February. The jobless rate fell to 7.7 per cent, from 7.9 per cent in January, and a net 236,000 jobs were gained

· China’s industrial output having the weakest start to a year since 2009 and lending and retail sales growth slowed, toughening challenges for a new leadership that wants to narrow the gap between rich and poor.

· The Australian stock market this week hitting a fresh 54-month high

· The National Australia Bank's latest monthly business survey finding that the just-right rate of economic growth the Reserve Bank of Australia likes to call "trend" continues to recede toward the horizon and the economy growing at about three-quarters of its long-run average pace.

· Deloitte Access Economics expecting soft consumer demand will continue to affect retail in 2013, after a disappointing 2012. In its latest quarterly retail forecasts report, real or inflation adjusted sales are likely to grow by 2.2 per cent in 2012/13 and by 2.5 per cent in 2013/14.

· The Reserve Bank of Australia having its computer networks repeatedly and successfully hacked in a series of cyber-attacks to infiltrate sensitive internal information, including by ­Chinese-developed malicious software.

· The sale of poultry processor Inghams Enterprises to US private equity group TPG

· Taxation commissioner Chris Jordan planning to overhaul the way the Australian Taxation Office deals with taxpayer ­disputes by creating an independent appeals division, a major change to the operation of the agency long sought by business.

· Australia Institute research finding that one in four superannuation holders would be prepared to shift investments if their fund were found to be investing in coal or coal seam gas extraction

· The federal government overhauling the way complaints against the press are handled and ensure there is no further reduction in media diversity.

· The Fair Work Ombudsman launching legal action against a national advertising company, OhMedia, alleging it underpaid 45 workers almost $60,000.

· The newspaper and publishing unit being spun off by media giant News Corp will begin operations with $2.6 billion in cash

· Building products company CSR Ltd cutting 150 jobs from its glass business in response to the high Australian dollar and low construction activity and reducing guidance on its profits.

· National Australia Bank Ltd closing its wealth unit in the United Kingdom, in a move that will cost 130 jobs.

· Australia's big four banks being accused of gouging hundreds of millions of dollars in unfair fees from their New Zealand customers in a new class action.

· Sirius Resources becoming Australia's newest billion-dollar company

· The Federal Government extending the Apprentice Kickstart Initiative in the hope of boosting new entrants into the building, construction, and engineering trades.

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RMIT University
European Union, USA, China, NAB, economy, Deloitte Access Economics, retail, Reserve Bank of Australia, hacking, Inghams, TPG,