Talking Business show

Talking Business

Summary: Talking Business is a weekly review of the Australian economy, featuring interviews with prominent business leaders and expert analysis from RMIT academics. The series is produced by experienced journalists Leon Gettler and Garry Barker.

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Podcasts:

 Alberto Posso - Senate Review on Banking - Talking Business 2011 Ep 14b | File Type: audio/mpeg | Duration: 821

Garry and Leon talk to RMIT economist Alberto Posso about the Senate review on banking and statistics on the migrant labor force.

 Garry and Leon: Federal Budget - Talking Business 2011 Ep 14c | File Type: audio/mpeg | Duration: 1092

Garry and Leon look at the Federal Budget. In the lead up to the Budget, Treasury has warned the government of the danger of high inflation as the resources boom powers a return to high growth over the next two years. The federal budget is expected to help hundreds of thousands of families with teenagers by delivering Julia Gillard's election promise to increase the maximum family tax benefit for 16 to 19-year-olds by up to $4200 per child per year. The Baillieu government's first budget will double Victoria's public debt as the Coalition delivers the election promises that helped it win power. The Baillieu Government has abandoned its commitment to slash public debt, blaming weak revenue and a determination to deliver its election promises. The Reserve Bank of Australia has left interest rates on hold. Manufacturing activity has contracted in April for a seventh month in the past eight, as the stronger dollar dented local industry. Companies are taking longer to pay their bills. According to the latest Dun & Bradstreet Trade Payment analysis for the March quarter of 2011 reveals that average payment terms have risen to 55.6 days, which is the slowest rate of payment in three years and just slightly behind the 2008 figure of 55.9 days. Australian house prices decline in the first quarter by the most since 2008 as higher borrowing costs curbed demand and floods disrupted the property market in Queensland while the number of new home sales increases by 4.3% in March and building approvals rise 9.1 per cent in March ahead of market expectations. Sales of new vehicles in Australia fall 8.8 per cent in April and retail sales slip 0.5 per cent. Australian banks have posted a profit before tax of $15.7 billion for the 2010-2011 half year, up 8 percent from last year’s $14.5 billion. Westpac’s profit is up 38 per cent to $3.96 billion, ANZ’s rises 38 per cent to $2.64 billion and NAB’s rises 15.9 per cent to $2.428 billion. Westpac has technology problems with its ATMs. Ratings agency Moodys has issued a warning about Australian banks being more dependent on foreign funding than other banks in developed economies. News Corporation Ltd has reported a slump in third quarter net profit, saying film revenue was lower after a record contribution by Avatar in the third quarter last year. News Corporation reported a net profit of $US639 million for the three months to March 31, down from $US839 million. News Ltd has entered into a joint venture with several automotive dealer groups through its car sales website Carsguide.com.au. Fairfax Media has warned that its revenue has fallen and revised its profit outlook. The Maritime Workers Union has warned that there will be further strike action if Patrick Stevedores does not meet some of its demands. Coca-Cola Amatil says the high Australian dollar is wiping between 1-2 percentage points off its first-half profit growth, which is now forecast at 5 per cent and says it might have to move operations offshore. A Federal Court judge has thrown out Fortescue Metals' attempts to get access to Rio Tinto's rail lines in the Pilbara. Explosives and chemicals manufacturer Orica has reported an almost five-fold increase in first-half net profit and says it expects full-year profit above last fiscal year's performance. Macarthur Coal Ltd says record prices for metallurgical coal mean its annual net profit will be $185 million to $205 million, well up from its profit last year.

 Frank Farrall, Director of Online Business at Deloitte Consulting - Talking Business 2011 Ep 14a | File Type: audio/mpeg | Duration: 910

Garry and Leon talk to Frank Farrall, director of Online Business at Deloitte Consulting.

 Predictions of China Surpassing the US as World's Largest Economy - Talking Business 2011 Ep 13c | File Type: audio/mpeg | Duration: 2710

Garry and Leon talk about the prospect of the next American president being the last to preside over the world's largest economy, as the International Monetary Fund predicts China will surpass the US in 2016. All this coincided with Prime Minister Julia Gillard’s trip to China. She has met Premier Wen Jiabao for talks about trade and the regional political outlook. She is there to see a deal where iron ore miner Gindalbie Metals secures additional funding from China to develop its Karara Project in Western Australia. The agreement provides an extra $300 million in loan facilities, plus $300 million in loan guarantees, all from the China Development Bank and Bank of China. A jump in consumer prices has rate rises back on the Reserve Bank's agenda and has increased the pressure on Wayne Swan to deliver tough spending cuts in next month's budget. The 1.6 per cent rise in inflation in the first three months of the year is the highest quarterly rate since the GST was introduced in 2000. Housing credit growth will remain fragile over the next 12 months, forcing banks to try and maintain profit margins by finding better deals on their own borrowing, according to a joint report released on Wednesday by JPMorgan and Fujitsu Australia. The companies building Victoria's multibillion-dollar desalination plant are seeking compensation from taxpayers because of the impact of this year's floods on construction. Hot commodity prices that have propelled the Australian dollar's meteoric rise could soon push it to $US1.10, its strongest since 1982 and a level that several weeks ago was considered unthinkable. But analysts are saying the Aussie could hit a ceiling if the US economy picks up. The Canadian dollar may take over from the Australian dollar as the best performing commodity currency once the US economy and expectations of Federal Reserve policy tightening pick up. The dollar’s rise delivering mixed results for the economy. Treasurer Wayne Swan has blamed the mining sector's rosy future for the need to deliver a Budget next month that will concentrate on spending cuts. Family trusts are tipped to be targeted in next month's budget, in a move experts warn could have a significant impact on Australia's small businesses. An Independent Review of State Finances found Victoria was technically $1 billion in deficit last financial year because of the way one-off federal funds were accounted for. The world's largest scrap merchant, Sydney-based Sims Metal Management, said it expects net profit over the nine months to the end of March to be $123 million, up 74 per cent on the previous year. Breads and spreads maker Goodman Fielder has downgraded its full-year profit guidance after a "soft" third quarter. Australia's top banks are set to report record profits on falling bad-debt charges and out-of-cycle mortgage rate increases, though weak credit demand and rising costs will make it hard for them to repeat those. Telstra has secured exclusive rights to live stream every game of the Australian Football League (AFL) season, including all finals, from 2012 as part of a new five-year deal. The service will be available to Telstra's T-Box customers through mobile devices connected to its Next G network.

 Sinclair Davidson - Inflation Figures and the Tax Summit - Talking Business 2011 Ep 13b | File Type: audio/mpeg | Duration: 1053

RMIT economist Sinclair Davidson talks about the latest inflation figures and the work that needs to be done at the forthcoming Tax Summit.

 Giam Swiegers, CEO of Deloitte in Australia- Talking Business 2011 Ep 13a | File Type: audio/mpeg | Duration: 1207

Leon talks to Giam Swiegers, chief executive officer of Deloitte in Australia. He has led the firm through a period of spectacular growth and cultural change. He has introduced many exciting initiatives at Deloitte, from social networking to an “inspiring women” initiative at the firm which has received lots of acclaim.

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