Category Archives: Business

PwC to repay $800,000 for work on robodebt after damning royal commission report

Posted on by

Embattled consulting firm also reveals it no longer employs partner involved in work on the scheme for the Department of Human Services

The consulting firm PwC will repay more than $800,000 it pocketed for work it completed on the robodebt scheme and has confirmed a partner involved in the work is no longer employed by the embattled company.

The firm’s acting CEO, Kristin Stubbins, confirmed that it would repay the $853,859 it was paid by the Department of Human Services to review the scheme.

Sign up for Guardian Australia’s free morning and afternoon email newsletters for your daily news roundup

Continue reading...

UK house prices fall at fastest annual rate since 2011, says Halifax

Posted on by

Average price of property drops by 2.6% year on year in June as mortgage rates climb

UK house prices experienced their biggest annual fall in 12 years, according to Halifax, the latest sign that soaring interest rates on mortgages is bringing a halt to the housing boom.

The average price of a UK home tumbled 2.6% year on year last month, the largest annual decrease the lender has reported since June 2011, a significant acceleration from the 1.1% decline record in May.

Continue reading...

Older UK workers who retired early in pandemic were ‘forced into poverty’

Posted on by

Thinktank challenges view that those taking early retirement under Covid were relatively well off

Half of older adults who left the UK workforce amid mass redundancies in the first year of the Covid pandemic ended up falling into relative poverty, according to the Institute for Fiscal Studies (IFS).

Britain’s foremost economics thinktank said job losses during the early stages of the crisis, coupled with the additional health risks faced by older workers, were likely to have forced many people into early retirement.

Continue reading...

Robodebt royal commission report handed down – as it happened

Posted on by

This blog is now closed.

Bill Shorten: robodebt commission report will be a ‘vindication’ for victims and their families

The NDIS minister, Bill Shorten, says today “is a vindication” for victims of the robodebt scandal with the royal commission report being handed down. He told ABC’s RN this morning:

The heart of this story today is the fact that real people unlawfully had debt notices … raised against them by the most powerful institution in Australia, the commonwealth government.

Two of these people, after receiving robodebt notices, subsequently took their own lives that I’m aware of.

Today is not the day [their mothers] want. What they really want is their sons to be alive.

One of the challenges we’re seeing across the country is great teacher shortages … COVID brought that timetable forward.

Classrooms are more complex, there is a great diversity of needs across the classroom, and as society changes a lot of teachers and education ministers are testifying about the impact of technology in classrooms.

Continue reading...

London Underground staff to take week of industrial action at end of July

Posted on by

‘Rolling action’ by RMT members between 23 and 28 July likely to cause widespread disruption across capital

London Underground staff will take industrial action over a week at the end of July, spelling widespread transport disruption in the capital.

Members of the RMT union will take “rolling action” between Sunday 23 July and Friday 28 July. The RMT said there would be no strike on Monday 24, with staff in different sections and grades halting work on different shifts on each of the other days.

Continue reading...

PwC Australia allegedly provided confidential tax law information to Google

Posted on by

Google, the first of the firm’s customers directly linked to the tax scandal, was not told the information was confidential and there is no suggestion of wrongdoing by the company

PwC Australia allegedly provided Google confidential information about the start date of a new tax law leaked from Australian government tax briefings, according to two sources familiar with the matter.

This is the first time a company has been directly linked to the national scandal involving the “big four” accounting firm that was revealed in January.

Sign up for Guardian Australia’s free morning and afternoon email newsletters for your daily news roundup

Continue reading...

UPS workers edge closer to strike as talks break down with shipping giant

Posted on by

A strike has already been authorized by union members – who number 340,000 – should negotiations for a new contract fail

UPS workers moved closer to their first strike action in 27 years on Wednesday after the Teamsters Union said United Parcel Service “walked away” from negotiations over a new contract. The shipping giant denied the claim, lobbing its own accusation that the union had stopped negotiating.

The two sides traded salvoes in early morning statements even as they attempted to come to an agreement to prevent a strike when the current contract, which covers about 340,000 workers, expires at the end of the month.

Continue reading...

Former KPMG partner urges royal commission into consulting industry following damning report into PwC scandal

Posted on by

Whistleblower tells Senate inquiry into federal government’s use of consultants that ‘self-regulation is failing’ across the industry

A former KPMG partner turned whistleblower has urged the federal government to consider a royal commission into the consulting industry and to formally ban firms that breach legal and ethical standards.

In late 2021, Brendan Lyon told a New South Wales parliamentary inquiry that he was pressured to amend his work, which found the state’s budget was $10bn worse off than Treasury claimed.

Sign up for Guardian Australia’s free morning and afternoon email newsletters for your daily news roundup

Continue reading...

Daniel Kaluuya’s Barney the Dinosaur film to be ‘adult’ and ‘lean into millennial angst’

Posted on by

Mattel says the Barney movie will be inspired by Charlie Kaufman, while Barbie director Greta Gerwig is planning two Narnia movies for Netflix

The Daniel Kaluuya-produced movie featuring Barney the Dinosaur will be an “adult”, “surrealistic” and “A24-type” film inspired by Charlie Kaufman and Spike Jonze, it has been revealed.

In a wide-ranging report on the film-making plans of toymaker Mattel in the New Yorker, Mattel Films executive Kevin McKeon said of the project: “We’re leaning into the millennial angst of the property rather than fine-tuning this for kids. It’s really a play for adults. Not that it’s R-rated, but it’ll focus on some of the trials and tribulations of being thirtysomething, growing up with Barney – just the level of disenchantment within the generation.”

Continue reading...

Food inflation starting to fall, says Sainsbury’s as sales rise

Posted on by

Like-for-like sales up 9.8% in quarter and supermarket says it has put more than £60m into cutting prices of basics

Food inflation is starting to fall, according to the boss of Sainsbury’s, who said shoppers were putting more items in their baskets as it began to cut prices on some basics.

Simon Roberts, the chief executive, said the supermarket was “putting all our energy and focus into battling inflation” as household budgets were “under more pressure than ever”.

Continue reading...

Average rate on five-year fixed mortgage deal in UK climbs above 6%

Posted on by

Rate is at highest level since last November, and average two-year fix is now 6.47%

A typical five-year fixed mortgage deal in the UK now has an interest rate of more than 6%, putting further pressure on borrowers who are hoping to buy a home or reaching the end of their existing deals.

Data from the financial information firm Moneyfacts shows the cost of a five-year deal for homeowners rose to 6.01% on Tuesday, up from 5.97% on Monday. It is the highest level since last November, after mortgage rates had been driven up by the mini-budget chaos of last autumn.

Continue reading...

RBA interest rates: banks split on future rate hikes as uncertain economic outlook prompts pause

Posted on by

Homeowners with a mortgage will be breathing a sigh of relief after RBA paused rate rising at Tuesday’s board meeting

Australian borrowers have had a reprieve after the Reserve Bank paused its interest rate hikes for only the second time in the past 14 meetings, giving the central bank more time to assess the state of the economy.

The RBA left its official cash rate at 4.1% on Tuesday, which is still the highest level in 11 years. Economists had been divided in their forecasts, with about half predicting the pause and the others expecting another 25 basis point increase.

Continue reading...

Watchdog summons UK bank bosses to discuss weak savings rates

Posted on by

Financial Conduct Authority to meet executives on Thursday as part of its investigation into savings market

UK bank bosses have been summoned to a meeting with the financial watchdog this week amid mounting concerns that they are profiting from rising interest rates by offering paltry savings rates to customers.

Executives from the big high street names Lloyds Banking Group, NatWest, HSBC and Barclays, as well as from smaller lenders, are due to attend a meeting at the Financial Conduct Authority (FCA) on Thursday to discuss concerns that savings rates are lagging far behind the soaring costs of mortgages and loans.

Continue reading...

International Energy Agency warns of higher bills this winter

Posted on by

Fatih Birol says China’s economic recovery combined with harsh winter could pile pressure on gas supplies

The head of the International Energy Agency has said energy prices may spike again this winter, forcing government to subsidise bills – just days after state support for UK households fell away.

Fatih Birol said a rapid improvement in the Chinese economy, coupled with a harsh winter, could put pressure on gas supplies and push up bills for consumers.

Continue reading...

GMB accuses gas network of ‘money-grabbing’ cuts to pension scheme

Posted on by

Exclusive: Cadent Gas, owned by Australia asset manager Macquarie, is considering closing its defined benefit scheme

The former owner of crisis-hit Thames Water has been accused by union leaders of staging a “cost-cutting money grab” at another critical UK infrastructure asset under its control, as it emerged that Cadent Gas is considering cuts to its pension scheme.

Macquarie, the Australian banking powerhouse that owned Thames for a decade, has led a consortium controlling Cadent since 2016. Cadent, Britain’s biggest gas network, serving 11 million people, was formerly part of National Grid.

Continue reading...

M&S offers money off children’s clothes in exchange for used school uniforms

Posted on by

Promotion is designed to help parents who are struggling to afford clothes amid cost of living crisis

Families are being offered money off children’s clothes in Marks & Spencer if they donate school uniform hand-me-downs, as part of a push designed to help parents struggling to afford them amid the cost of living crisis.

The second-hand uniform collected will be sold via Oxfam’s high street chain as well as via a new “back-to-school” eBay shop. The tie-up is an extension of M&S’s existing “shwopping” partnership with Oxfam, in which customers drop off old clothing in exchange for loyalty card perks.

Continue reading...

Ex-offenders could help cut UK labour shortages, says report

Posted on by

Good Jobs Project from ReGenerate aims to help ex-prisoners, neurodivergent people, asylum seekers and other groups into work

Unemployed ex-offenders are being overlooked for jobs and could help fill the 1.1 million vacancies in the UK job market, a report has claimed.

Britain is “facing one of the worst labour shortages in its history”, the year-long study said, arguing that the vast numbers of people commonly overlooked for jobs should be targeted.

Continue reading...

US Treasury secretary Janet Yellen to visit China to build ‘healthy’ ties with Beijing

Posted on by

Yellen heads to Beijing this week in move one expert calls an attempt to ‘put some floor’ under strained economic ties

US Treasury secretary Janet Yellen will visit Beijing this week, marking the second trip by a cabinet official to China since ties between the world’s top two economies deteriorated earlier this year.

Yellen is expected to discuss with her counterparts the importance for both countries “to responsibly manage our relationship, communicate directly about areas of concern, and work together to address global challenges”, said the Treasury Department in a statement on Sunday.

Continue reading...

Thames Water shareholder gives backing to crisis-hit firm

Posted on by

USS support for turnaround plan comes as water company buckles under £14bn debt burden

One of Thames Water’s big shareholders has given its backing to the embattled water company, after the surprise departure of its chief executive and crisis talks with the government over its viability.

Thames Water, which is buckling under a £14bn debt burden and has embarked on an eight-year turnaround plan, is owned by a series of pension funds and other governments’ sovereign wealth funds. The second-biggest shareholder is a UK pension fund for academics, the Universities Superannuation Scheme (USS), which holds about 20% and is the first investor to make public its support for the company.

Continue reading...

UK airports say they can reach net zero and still expand. Is it just pie in the sky?

Posted on by

Despite the Climate Change Committee’s warnings to stop growing capacity, Gatwick is gearing up for another try at a second runway

So what bit of “no new airport capacity” did airports not understand? The Climate Change Committee (CCC) spelled it out again on Wednesday: flying accounted for 7% of UK carbon emissions last year, the trend is upwards, and more airport capacity is “incompatible” with national net zero targets.

Of course, they’ve said it before: but as the committee noted in its 2023 progress report, airports have since have been racing to expand. This time, hammering it home, the CCC says that no expansion at all should go ahead until the government sorts out a proper way to manage it.

Continue reading...