Unsolicited emails, texts, phone calls - even snail mail - could see your identity hijacked by Peter Ryan

Millions of dollars stolen in tax refund fraud as scammers hijack identities. Inspector-General of Taxation Karen Payne says the "infiltration" rattles confidence in tax system. The ATO says its systems controls are "strong".

The inspector General of Taxation Karen Payne is investigating the theft and hijacking of personal information that's allowed professional scammers to fraudulently claim millions of dollars in tax refunds. A spokesperson for the Australian Taxation Office says they're aware of the Inspector-General's investigation and that the ATO has sophisticated processes across its systems to detect fraud.

Reporter: Peter Ryan, Senior Business Correspondent

Featured: Karen Payne, Inspector-General of Taxation

Australia's unemployment rate has increased to 3.9 per cent despite the creation of more than 60,000 jobs last month, as the participation rate surged to a fresh record high. Also, Australian shares rally after US Federal Reserve chair signaled interest rates have probably peaked and economists pencilled in rate cuts in late 2024.

Reporter: Peter Ryan, Senior Business Correspondent

Featured: Jerome Powell, US Federal Reserve chair

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There's been a surge of confidence on Wall Street this morning after the US Federal Reserve signalled its aggressive interest rate hiking strategy is probably over.

The big question now is when the Fed might start cutting interest rates now that it seems more comfortable that inflation in the US is now steadily slowing.

Also I speak with Pradeep Philip, head of Deloitte Access Economics - who applauds good news in MYEFO, but warns good luck is running out.

Responsible economic management, narrowing deficits and more tax revenue flooding into Treasury coffers - but no handouts just yet for cash strapped Australians struggling from the higher cost of living.

That's the good news theme from the midyear budget update just released by Treasurer Jim Chalmers.

The deficit for the current year is much slimmer at just over a billion dollars .. a massive revision on what last May's budget had been forecasting.

Remember when cash was king? It seems those days are fading fast as the Reserve Bank works to ensure cold hard cash keeping flowing through the economy. The demise is unfolding so quickly that Reserve Bank governor Michele Bullock worries about that consumers might soon be charged for using cash.

Reporter: Peter Ryan, Senior Business Correspondent

Featured: Michele Bullock, governor, Reserve Bank

A day out from the federal government's midyear budget update .. and the dripfeed of new measures continues.

This morning it's more nipping and tucking to cut or "reprioritise" around $10 billion in spending in the battle to help ease inflation.

Finance Minister Katy Gallagher once again plays down a budget surplus being forecast.

The ballooning cost of debt will push the federal government's borrowing costs up by an extra $80 billion over the next decade. That's the one of the big reality checks as Treasurer Jim Chalmers prepares to unveil the midyear fiscal and economic outlook on Wednesday. Dr Chalmers also appears to be backing away from earlier rosy predictions that he'll deliver a budget surplus for the current year. Also it's now 40 years since the Australian dollar was floated on foreign exchange markets - 12 December 1983.

Reporter: Peter Ryan, Senior Business Correspondent

Cisco global security chief Jeetu Patel warns "the bad guys are winning - today, categorically the bad guys are winning". Mr Patel tells AM "significant action" is needed to utilise artificial intelligence "for good" in the face of growing cyber risks that are targeting critical infrastructure.

Reporter: Peter Ryan, Senior Business Correspondent

Featured: Jeetu Pate, general manager of security, Cisco

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