Summary: Interview with the Small Business Minister Bruce Billson. He reveals the Abbott’s government’s plans to revitalise small business. Interview with economist Saul Eslake on housing prices and bubbles Leon and Garry talk about issues including: · The big threat to the US is debt and a US default. United States Treasury Secretary Jack Lew has warned that Congress is "playing with fire". Mr Lew said the United States will run out of its ability to borrow money on October 17. With only $US30 billion ($A32.03 billion) cash in hand to meet obligations that can run to $US60 billion ($A64.05 billion) a day, it will quickly face default. · Failure by the world’s largest borrower to pay its debt -- unprecedented in modern history -- will devastate stock markets from Brazil to Zurich, halt a $5 trillion lending mechanism for investors who rely on Treasuries, blow up borrowing costs for billions of people and companies, ravage the dollar and throw the U.S. and world economies into a recession that probably would become a depression. · Speaker John Boehner declaring that the Republican-controlled House would not raise the US debt ceiling without concessions from the White House. · In Australia there is a lot more focus now on malfeasance with construction giant Leighton Holdings facing a shareholder class action over allegations of bribery and corruption in Iraq. The writ alleges Leighton breached its continuous disclosure obligations under the Corporations Act by failing to reveal allegations of bribery and corruption against senior officers responsible for a project in Iraq. It also alleges the company failed to disclose an investigation of "misbehaviour" involving senior officers, including "misbehaviour the subject of a claim by Leighton against a former employee for $5.6 million". The company denies there is a "proper basis for the alleged claim" and says it will vigorously defend itself. · Leighton Holdings' losses stemming from alleged corrupt activities in its offshore operations could amount to more than $500 million, including a potentially hefty fine, analysts have warned. Brokerage Deutsche Bank said the ''reputational damage'' stemming from the bribery scandal may ''limit the amount of future work awarded to Leighton'' or lead to cancelled contracts, and could result in a 20 per cent, or $46 million, hit to Leighton's offshore revenues. With the company's shares plummeting, Deutsche has warned that Leighton may also have to write off a $400 million debt it believes the company is still owed from an oil pipeline project in Iraq at the centre of some of the bribery allegations. · Revelations that a Reserve Bank of Australia subsidiary used a frontman to liaise with Saddam Hussein’s brother-in-law in an illegal effort to supply plastic bank notes to the Iraqi government while it was subject to United Nations sanctions. Two whistle-blowers who became police witnesses in the Reserve Bank-note bribery scandal have also broken their silence about the failure of the Australian Securities and Investments Commission to investigate the directors of two allegedly corrupt RBA companies, Note Printing Australia and Securency
