Australia's economic growth slows + KPMG scandal deepens
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What is the main topic discussed in this episode?
A listener production. Hi, Natasha Belling with you and welcome to the afternoon edition of The Briefing. Coming up in our deep dive today, there's a growing scandal at KPMG, one of the big four accounting and auditing firms that's central to the Australian public and private life. A whistleblower revealed that the firm was using confidential documents from one client to secure work with other top clients. Now the CEO has stepped down with more heads set to roll as KPMG risks losing top clients worth tens of millions of dollars as the scandal deepens. All those details in just a moment. But first, let's check the afternoon headlines this Wednesday, the 3rd of June. Anthony Albanese has defended the federal government's controversial tax reforms in question time in Parliament this afternoon.
What recent economic data was released for Australia?
The PM admitting skyrocketing house prices have put the Australian dream of home ownership out of reach.
Since 1999, house prices have risen by more than 400%, more than two times as fast as average incomes.
Mr Albanese claiming the government's changes announced in the budget to negative gearing and capital gains tax are designed to help young people who are, quote, working hard and making sacrifices. Meantime, new economic data was released today showing that Australia's economy is continuing to struggle. In the three months to March, Australia's economy grew by just 0.3% below market expectations. The quarter just beforehand had a growth rate of 0.9%. Overall, Australia's growth over the year to March was 2.5%. Federal Treasurer Jim Chalmers, speaking after the release of the numbers, putting a positive spin on the figures.
This is very solid in the circumstances. Our economy's got no shortage of challenges, but it's also got some very sturdy foundations, and you can see that in today's data.
A major legal setback for Luke Sayers, the former president of AFL club Carlton. Luke, who was also the former chief of PWC Australia, has lost his bid to have a penis pic defamation case launched by his estranged wife to be heard in private. Today's ruling is a win for Kate Sayers, who sought to have the case heard in a public trial as she tries to clear her name. Supreme Court Judge Andrew Watson agreed with Kate, saying it was not in the interests of justice to transfer the proceeding to a private hearing, but he did dismiss her request for a jury trial. Kate is suing her ex-husband for defamation over allegations she was responsible for posting a picture of Luke's penis on his account on social media platform X in January last year.
Luke alleges his account had been hacked. Britain has been rocked by violent protests over the police response to a young white man who had been fatally stabbed. Henry Novak was 18 when he was fatally stabbed in December last year. The protests have erupted after the release of police body cam footage which showed the attacker, a Sikh man, falsely claiming that he had been racially abused by Henry. In a statement outside court, Henry's father described that police footage.
Henry told officers that he could not breathe nine times. He told them he had been stabbed four times.
What are the implications of the KPMG scandal?
The response from one officer was, I don't think you have, mate.
The protests had been promoted by a far-right UK activist, but Henry's father says that the family did not want Henry's death to be politicised.
We do not want his death to be used to create further division, hatred, or tension. We want his story to make our streets safer for everyone.
Now it seems like the US and Iran are back into active fighting. According to the US military, Iran launched multiple ballistic missiles and drones on Kuwait and Bahrain. Those missiles were shot down before they could cause damage, according to the US military. The US has also attacked Iran, US Central Command, saying that they struck a military ground control station in Iran in self-defence. And bear attacks in Japan are on the rise. Last year was a record-breaking year for bear attacks in the country, with 230 incidents reported and 13 people killed.
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Chapters
8 chapters
1
What is the main topic discussed in this episode?
0:02–0:58
2
What recent economic data was released for Australia?
0:58–3:47
3
What are the implications of the KPMG scandal?
3:47–5:25
4
How did the KPMG scandal come to light?
5:25–7:59
5
What are the allegations against KPMG's auditors?
7:59–10:47
6
What impact will the KPMG scandal have on its clients?
10:47–12:22
7
How are whistleblowers treated in the corporate world?
12:22–14:04
8
What cultural issues are highlighted by the KPMG scandal?
14:04–14:26
Speakers
5 identifiedMore from The Briefing
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